Approval Genie review

What is Approval Genie?

Approval Genie is a direct lender that owns a network of used car dealerships. It was founded in 2012.

If you’re shopping for a used car, you can fill out an online application form to pre-qualify for a car loan. Within 45 minutes, Approval Genie will contact you with details of the loan amount and terms you qualify for as well as your vehicle options.

The final step is to make an appointment at your nearest Approval Genie dealership to speak to a salesperson about finding a car that suits your loan budget and needs.

Is Approval Genie legit?

Approval Genie has an established dealership network and is headquartered in Mississauga, Ontario. Addresses and contact details for its dealerships are clearly listed on the Approval Genie website, which also features a privacy policy and terms and conditions.

Approval Genie maintains active social media profiles and has thousands of customer reviews across Google and Trustpilot.

What we like about Approval Genie

• Bad credit is okay. Approval Genie works with borrowers who have all types of credit, so having bad or limited credit won’t stop you from getting a loan. You can also apply if you are in a consumer proposal, have filed for bankruptcy or are a newcomer to Canada. Learn more about bad credit auto loans.
• Seven dealerships. Approval Genie says that all of its used car dealerships are fully certified by OMVIC.
• Large network of lenders. Approval Genie offers access to a network of hundreds of car loan lenders. Lending partners include major banks like RBC and TD, plus providers such as Fairstone, Axis Auto Finance and Rifco National Auto Finance.
• Fast approvals. Once you’ve filled out an online application form, Approval Genie will contact you within 45 minutes to discuss your vehicle and borrowing options.
• Rebuild your credit. Making on-time car loan payments can help improve your credit score. If you stick to your repayment schedule, Approval Genie also offers most people the option to trade in their vehicle after 12 months for another one with a lower interest rate.
• Free credit score. Access your credit score from Equifax for free with Approval Genie.

What to watch out for

• Ontario and Quebec only. While Approval Genie plans to expand to additional provinces, it’s currently only available in Ontario and Quebec.
• High rates for bad credit. Expect high loan interest rates if you have a bad credit score.
• “Guaranteed approval.” The Approval Genie homepage mentions “guaranteed car loan approval,” but any lender will first need to assess your income before deciding whether you can afford to repay a loan.

Alternatives to Approval Genie

CarsFast Car Loans

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Loan Term

12 - 96 months

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APR Range

3.90% - 29.90%

Loans Canada Car Loans

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Loan Amount

$7,500 - No max.

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Loan Term

12 - 96 months

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APR Range

From 8.49%

What are the interest rates of Approval Genie car loans?

Approval Genie interest rates start at 3.9%. However, the rate you get for your car loan will depend on factors such as:

• Your credit score
• Income
• Employment history
• Loan amount
• The vehicle you buy

If you have bad credit, you can typically expect a significantly higher interest rate than a borrower with good to excellent credit.

Summary of Approval Genie reviews

What do Approval Genie reviews say?

Approval Genie reviews are generally quite positive. Customers mention factors such as helpful customer service, fast access to funds and an easy application and approval process. Negative reviewers sometimes mentioned vehicle issues and being unable to test drive cars before buying.

Am I eligible?

Loan eligibility requirements vary between Approval Genie’s lending partners. However, during the online application process, the form mentions that your monthly income should be over $2,000 to get a loan. You’ll also need to be 18 years or older and a Canadian citizen or permanent resident.

How to get a car loan from Approval Genie

Here’s how to apply for an Approval Genie car loan online:

1. Click the green ‘Go to site’ button above to be securely redirected to the Approval Genie website.
2. Choose the type of vehicle you want to buy.
3. Enter your name.
4. Enter your phone number and email address.
5. Enter your date of birth.
6. Provide your occupation and monthly income.
7. Provide your residential address.
8. Specify whether you rent or own your home, and enter your monthly rent or mortgage payment.
9. Tick the box confirming that you are 18 or older and select Get Approved.

You can also apply for a car loan by visiting an Approval Genie location in person.

What to expect once you get your loan

Once you’ve been approved and have purchased your car, manage your budget carefully to make sure you can keep making on-time payments. Many lenders offer a monthly repayment schedule, but a bi-weekly schedule may also be available.

You’ll likely be hit with an NSF fee if you fail to make a payment due to insufficient funds. You can also pay off your loan early if your finances allow, but check your loan contract to find out if you’ll be charged a prepayment penalty.

Bottom line

Approval Genie offers a quick and easy way to finance your next vehicle, even if you have bad credit. We also like the fact that it has picked up plenty of positive customer reviews. But consider other options if you’re not in Ontario, and watch out for high rates if you have bad credit.