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Finder: Car Loans Customer Satisfaction Awards 2023
We don't decide the winners of these awards – the customers do! Find out which lenders are loved by their customers.
Welcome to the Finder: Car Loans Customer Satisfaction Awards 2023
For most Canadians, buying a car is a major expense. According to Autotrader, the median retail price of a new vehicle is just over $55,000, so it’s not surprising that 1 in 10 car buyers plan to get a car loan in 2023.(1) Despite this need for financing, most car buyers are less than positive about the process of finding and financing a vehicle purchase. Less than 1 in 5 consumers (19%) report a less than transparent process(2) which greatly impacted their overall satisfaction.
To minimize frustration and boost the chance of a positive experience, many Canadians turn to online reviews, customer testimonials, and word-of-mouth to minimize frustration.
To tap into this powerful and personalized method of brand recognition, we launched the Finder: Car Loans Customer Satisfaction Awards 2023. We asked customers for their honest assessment of leading car loan providers and used this feedback to develop a short list of the best car loan providers operating in Canada in 2023.
Winners of the car loan customer satisfaction awards 2023
The Finder: Car Loans Customer Satisfaction Awards 2023 winners were determined based on the results of a customer survey that dictated each brand’s overall customer satisfaction score. You can read our full methodology below.
Here are the winners for 2023:
Best Car Loan Alternative Lender
Winner
Rifco National Auto Finance
As an alternative lender, Rifco offers bad credit or no credit car loans through partner dealerships across Canada. Customers who worked with this car loan alternative lender like the simple online application process and the brand’s commitment to finding the right vehicle at a decent rate. Most Rifco customers report an easy, transparent process with exceptional customer service. As a result, this pushed Rifco to the top of our winner’s list with an overall customer satisfaction score of 82.05% and a ★★★★★ rating.
Two alternative lenders tied for the Finalist position in this year’s Finder: Car Loans Customer Satisfaction Awards, with both brands achieving an overall score of 76.55%. For customers of iA Auto Finance, this alternative car loan lender topped the list because of its unique rate-reducing loan. After 12 consecutive months of payments, iA Auto Finance customers qualify for a reduced interest rate — making this a cost-effective option for car buyers looking to cut costs. Tied for the Finalist spot was Axis Auto Finance. Customers liked the firm’s simple, easy-to-navigate website, the convenience of the online application process and the reliability this lender offered as a stable, reputable lender in the Canadian marketplace. As such, both iA Auto Finance and Axis Auto Finance topped the list with an overall customer satisfaction score of 76.55% and a ★★★★★ rating.
If an electric vehicle (EV) is your priority, then it’s time to check out Carnex. As a digital platform, the aim of Carnex is to help Canadians buy, sell and learn about EVs. As an online marketplace, Carnex works with EV dealers across Canada to find and match buyers with EVs — plus the company’s pre-qualification loan application doesn’t impact a client’s credit score. Customers praise the firm for its easy, stress-free car loan application process and appreciate the ongoing support and resources that help borrowers manage their vehicle loans. As a result, Carnex scored high for customer service with an overall customer satisfaction score of 86.67% and a ★★★★★ rating.
Clutch allows Canadians to find, finance and buy their next vehicle completely online. You can browse inventory from the comfort of your home and reserve a car for up to 72 hours while you complete the financing and purchase application. After-sales service doesn’t stop once the car is delivered with Clutch offering a 90 day/6,000 km return guarantee if you’re unhappy with the vehicle. Customers appreciate the well-laid-out website, the fast and easy loan application process and the friendly customer service. This focus on customer service helped push Clutch to the top of our rankings with an overall customer satisfaction score of 86.25% and a ★★★★★ rating.
BMO Car Loans tops the traditional lender winner’s list in the Finder: Car Loans Customer Satisfaction Awards 2023. As one of Canada’s largest banks, BMO offered competitive rates to borrowers with good to excellent credit scores. Unfortunately, BMO announced it would be shutting down its direct-to-consumer car loan business, effective September 15, 2023(3); however, Canadians can still access BMO car loans through dealership financing. This is good news, given how past customers praise this traditional lender’s competitive rates and relatively simple application process giving BMO an overall customer satisfaction score of 90.77% and a ★★★★★ rating.
TD Car Loans provides fixed and variable-rate auto loans to customers across Canada. Customers appreciate the bank’s flexible payment terms and fair rates, as well as the solid reputation the bank brings to the auto loan space. TD’s overall customer satisfaction score was 87.94% with a ★★★★★ rating.
Top 15 Finder: Most Recommended Car Loan Providers in Canada in April 2024
Studies show that when overwhelmed with choices, consumers will tune out traditional marketing and focus on word-of-mouth recommendations. This is particularly true for higher-value goods and services, such as vehicles.(4)
To capture the importance of personal recommendations, Finder created the “Most Recommended” list of car loan providers in Canada. Unlike the overall customer satisfaction score, the only criterion was the percentage of past customers who would recommend the car loan provider to a friend or family member. The highest score went to the top of the list.
Here are the top 15 most recommended car loan providers in 2023:
Award
Loan Provider
Finder: Most Recommended Score
BMO
BMO customers appreciate this traditional lender’s efforts to keep rates competitive and fair and the bank’s relatively simple loan application process. Paperwork is straightforward and customer service representatives are helpful and polite. As such, 96.15% of BMO customers would recommend this traditional lender to a friend or family member. While Canadians no longer have an option to get a car loan directly with BMO, they can still access BMO auto financing through select vehicle dealerships.
Carnex is a relatively new comparison platform that specializes in electric vehicles. Canadians looking to buy, sell or finance an EV will appreciate the lender’s commitment to providing resources and education for anyone interested in switching (or updating) to an electric vehicle. Customers appreciate the firm’s easy, stress-free application process along with the brand’s willingness to find competitive rates for car loans and vehicle leasing.
Rifco customers appreciate how this alternative car loan provider consistently focuses on providing an easy, stress-free application process. In particular, borrowers with fair to poor credit appreciate the brand’s commitment to working with them to find the best car loan options — even when other lenders have rejected prior applications. This commitment to finding solutions is what prompts customers to recommend this lender to friends and family members. (Note: Rifco National Auto Finance now owns Splash Auto Finance.)
Canada Drives is a comparison platform that helps customers get pre-approved for a car loan, connect with local dealerships and shop for cars within their budget. Customers praise the brand for “amazing” customer service, transparent communication and an easy application process that sometimes requests less paperwork or application requirements than competitors.
TD is a traditional lender that is part of TD Bank, one of Canada’s largest traditional banks. Customers appreciate TD’s commitment to providing all relevant information, to help a customer make the best possible car loan decisions. Customers also appreciate how flexible TD is when it comes to loan repayment schedules.
Loans Canada is a comparison platform that offers customers a quick and easy application process to a variety of car loan lenders. Customers appreciate the simplicity of car loan financing using Loans Canada, with its one-and-done application process, as well as the comparison platform’s commitment to finding competitive rates and terms.
RBC customers appreciate the competitive interest rates, the helpful branch representatives and the security a large, well-capitalized bank brings to the car loan process.
Clutch is somewhat unique in the comparison platform car loan space. The firm specializes in allowing customers to browse, reserve and finance a car purchase all through an online process. The firm’s after-sales service and well-laid-out website, prompts accolades from past customers, who are quick to recommend to friends and family.
Scotiabank customers describe this traditional lender as “helpful” and “efficient.” Former customers appreciate Scotiabank’s low rates, personalized service and solid reputation. As a result, this traditional lender is often recommended to friends and family.
Autorama is a major used car dealership in the Greater Toronto Area (GTA). While, Autorama offers the traditional in-person shopping experience, it also serves as an online marketplace with a wide range of vehicles from various manufacturers. Customers appreciate the pre-approval funding option as well as the company’s fast financing process, along with Autorama’s commitment to helping borrowers with fair to poor credit scores find competitive rates.
CarDoor specializes in offering customers wide access to used vehicles through a completely online portal. Customers appreciate the variety, the one-step shop and financing process, as well as the door-to-door service offered by CarDoor.
Auto Credit Deals specializes in helping Canadians with poor to fair credit scores obtain competitive car loan financing. By working with local dealers, this comparison site helps borrowers find a dealer and vehicle that matches their budget. Customers appreciate the variety of lending options and the competitive rates within the sub-par lending market.
CIBC customers tend to develop a strong sense of loyalty to this traditional lender, with some reporting exceptional service when shopping for an auto loan. Past clients appreciate the solid reputation of this lender and the ongoing customer service CIBC representatives offer clients.
Ford customers were impressed with the speed of the loan application and approval with many describing the process as “easy” and “fast.” Even clients with less than impressive experiences at a specific dealership were impressed with this traditional lender’s efficiency during the loan process.
iA Auto Financefocuses on serving clients with less than good credit scores. While this means the rates offered by this alternative lender are not the lowest, customers do report being offered competitive rates with decent terms. Others appreciate the fast and professional service offered by this lender.
Top 15 Best Rated Customer Satisfaction Car Loan Providers in Canada in April 2024
In this digital age, almost all consumers read and review online reviews before purchasing a good or service. To capture the importance and weight of customer testimonials, Finder created the “Best-Rated” list of car loan providers in Canada. The only criterion was how strongly customers rated their experience with a car loan provider. The highest scores would top the list.
Here are the Top 15 Best-Rated car loan providers in 2023:
Award
Loan Provider
Finder: Best-Rated Score
BMO
BMO customers like that this traditional lender offers a stable lending environment and that staff are thorough and helpful in explaining different loan options and rates. As a result, 85.38% of BMO customers were “very satisfied” when working with this traditional lender. While Canadians no longer have the option of getting an auto loan directly with BMO, they can still access BMO auto financing through select vehicle dealerships.
TD customers appreciate the reliability and consistency offered by TD, when it comes to car loans. When you combine this variety with TD’s fair rates, flexible terms and variety of lending options and it’s no surprise that customers tend to be loyal to TD over the years.
LoanConnect is a comparison platform that helps borrowers find the right car loan for their needs. Customers love LoanConnect’s easy-to-navigate site and the polite and courteous manner LoanConnect representatives take when dealing with client requests and needs.
Scotiabank customers like this bank’s competitive car loan rates and its commitment to consistent and responsive customer service. In particular, clients appreciate how bank representatives are willing to take the time to explain options, work through problems and obtain solutions that really work for the bank’s clients.
Clutch specializes in online car shopping and buying and this includes financing. Customers like the intuitive online website and the after-sales service all of which prompts high customer satisfaction scores from past customers.
CarsFast customers report an easy and fast process when applying and getting approved for car loans. Past customers like the brand’s competitive interest rates, quick and easy online application process and the fact that this car loan search platform provides a wealth of useful information to its customers. As a result, CarsFast was awarded a 4.5-star rating.
Loans Canada customers appreciate this lender’s simple and intuitive application process that allows clients to fill out one application while shopping for the best rates and terms from various lenders.
Desjardins offers car loans through its network of partner dealers. Customers of this credit union like the online access to loan statements and account history, as well as the variety of financing options and use of personal finance management tools.
Canada Auto Finance is a great option for borrowers with less than good credit. Past customers appreciate this comparison platform’s commitment to customer service with many describing the firm as “very helpful” with “good customer service.”
Autorama customers appreciate the pre-approval funding option as well as the fast financing process. However, it’s Autorama’s commitment to helping customers find the right vehicle while securing competitive financing that prompts high customer service scores.
Car Loans Canada customers appreciate the fast loan process and the competitive rates with many describing their experience as “hassle-free” and customer service that went “above and beyond.”
Axis Auto Finance customers appreciate this lender’s commitment to Canadians who need to buy a vehicle but also need to improve their credit score. As a result, customers give high marks to this lender due to its professional, reliable and easy to manage borrowing process.
Carnex specializes in showcasing inventory from a variety of electric vehicle (EV) sellers and then matches buyers to the best deals and financing. As an online marketplace, customers appreciate the pre-qualification option and the ongoing support and resources to help manage the car loan.
Finder: Car Loans Customer Satisfaction Awards 2023 — Selection Criteria
The initial step in determining the survey’s short list of car loan providers was to list non-prime, alternative and traditional lenders along with comparison platforms specializing in car loans operating in Canada.
Finder experts ran this list of car loan brands through an independent search traffic database to eliminate niche or smaller-market auto loan providers and matching platforms. Only brands with a monthly search volume of 10,000 or more were shortlisted. Finder experts then added market leaders to guarantee that brands specializing in servicing borrowers with fair to poor credit were included in the consumer survey. The final result was a list of 27 car loan providers and comparison platforms that were part of the customer satisfaction survey.
While we endeavour to assess the majority of product providers in the car loan marketplace, this is not always possible, and, as a result, not every product or brand found in the Canadian market was included in our customer satisfaction assessment.
Finder: Car Loans Customer Satisfaction Awards 2023 — Survey Methodology
Between April and June 2023, Finder experts ran an independent customer satisfaction survey. Almost 950 customer responses (949) were recorded — with respondents providing detailed opinions on their current lender experience.
In particular, survey respondents were asked to assess, measure and rank their experience with their car loan providers based on the following criteria:
How satisfied were you when working with the lender?
Would you recommend this provider to a friend or family member?
Explain the rationale for your individual score of this car loan provider or platform.
To keep customer experience current and relevant, only customers with experience working with a car loan provider in the last 24 months were included in the survey results.
To be eligible for a Finder Award and 5-Star Rating, brands had to receive a minimum of 15 responses.
Finder: Car Loans Customer Satisfaction Awards 2023 — Rating Methodology
The Finder: Car Loans Customer Satisfaction Awards 2023 recognizes Canada’s best car loan brands across three main categories: Alternative lenders, comparison platforms and traditional lenders.
Each car loan provider was pre-sorted into an appropriate category type before calculations were completed to determine winners.
While the definition of these categories follows industry standards, for the sake of transparency these are the definitions used by Finder experts:
Traditional lender. An institution that follows a business model where consumers would traditionally go for financing when it came to purchasing a vehicle. For car loans, traditional lenders include banks, credit unions, dealerships and the financing arm of a vehicle manufacturer.
Alternative lender. A company or brand that offers lines of credit or car loans through in-house financing. This can include private firms as well as publicly traded companies. While there are many different business models in the alternative lender category, the common element for these lenders is that they have access to their own source of funding and, as a result, do not partner with traditional lenders or shop the market on behalf of their clients.
Comparison platform. A comparison platform is a relatively newer category in the car lending marketplace. These companies specialize in matching customers to the right vehicle, the right loan, or both.
To determine the list of winners, Finder experts converted recommended and satisfaction rankings into scores, which were then used to calculate each provider’s overall customer satisfaction score. The breakdown of this calculation was as follows:
50% of the overall customer satisfaction score is derived from the average customer satisfaction score
50% of the overall customer satisfaction score came from the average “would you recommend” score
In each of the three categories, the car loan provider with the highest overall customer satisfaction score was awarded the title of Winner, while the highly acclaimed runner-up was awarded the title of Finalist. Brands had to receive at least 15 responses to be eligible for an award.
To obtain a 5-star rating, the overall customer satisfaction score was converted using the following five-star rating range:
Car loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
The car loan providers or comparison platforms with the highest scores are the winners of the Finder: Car Loans Customer Satisfaction Awards 2023.
Most Recommended and Best-Rated Winners List
To keep the emphasis on the customer’s voice, Finder experts also chose to publish two “top” lists:
Top 15 Most Recommended Car Loan Providers — a ranking of all car loan providers and comparison platforms based on the highest “would you recommend” score and the
Top 15 Best-Rated Car Loan Providers — a ranking of all car loan providers and comparison platforms based on the highest “customer satisfaction” score.
These two lists recognize the importance of real-world customer satisfaction and the power of personal recommendations.
No commercial partnerships influenced the results of the Finder: Car Loans Customer Satisfaction Awards 2023.
Finder: Car Loans Customer Satisfaction Awards 2023 — Survey Margin of Error
The results of the Finder: Car Loans Customer Satisfaction Awards 2023 survey were collected through an online third-party survey provider. The customer survey was conducted between April and June 2023. The survey asked 511 respondents, representing a stratified representation of Canadians above the age of 18, about their opinions and experience with a car loan provider. The estimated margin of error for the survey is +/- 3.19%, 17 out of 20 times.
About Finder
Finder is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians – and more than five million globally – with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on thousands of products and services.
As a global fintech website and app, Finder provides consumers free access to smart money content. Whether it's expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances while saving time and money.
Finder is available to consumers in Canada, Australia, America and the United Kingdom. Initially launched in 2006 by three Australians – Fred Schebesta, Frank Restuccia and Jeremy Cabral – Finder's global reach now includes thousands of products and services in hundreds of financial categories and provides expert content and independent reviews to more than five million users each month.
Romana King is the Canada Group Editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022.
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