My Auto Approval review: Rates, features, pros and cons
- APR Range
- 0% - 35.00%
- Loan Amount
- $5,000 - $75,000
- Loan Term
- 12 - 96 months
- Min. Credit Score
- 300
Our verdict
Compare car loan offers for all types of credit from a network of lenders, but watch out for high interest rates if you have bad credit.
My Auto Approval is a loan search and financial services comparison platform designed to help Canadians with less-than-perfect credit access auto financing. Once you fill out a single online application, you can get pre-approved for financing from My Auto Approval's network of lenders. You'll then be matched with a suitable vehicle that matches your pre-approved loan amount from the platform's nationwide network of partner dealerships.
My Auto Approval is free and easy to use, and it's worth a look if you're searching for car loans with bad credit. Just be aware that it's a loan search platform, not a lender, and that a high interest rate may apply if you have bad credit.
Pros
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Easy online application process
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Loans for all types of credit
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Loans for a wide range of vehicles from a nationwide dealership network
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Run by an established brand
Cons
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High rates for bad credit
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Not a direct lender
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Limited information online
Is My Auto Approval legit?
My Auto Approval is owned by Loans Canada, a well-known online loan search platform that was established in 2012. It works with a network of lenders and dealerships across the country to help Canadians with less-than-perfect credit finance a vehicle.
Learn more about the company behind My Auto Approval in our Loans Canada review.
What we like about My Auto Approval
- Easy online application. It’s quick and easy to get pre-approved online by filling out a simple application.
- Bad credit is okay. My Auto Approval specializes in helping people it calls “credit-constrained Canadians” find car loans, so you can qualify for financing even if you have bad credit. Learn more about bad credit car loans.
- Compare multiple offers. As a loan search platform, My Auto Approval matches you with loan offers from its network of lenders.
- Financing for a wide range of vehicles. From cars, SUVs, vans and trucks to motorcycles and powersports vehicles, My Auto Approval offers access to loans for a wide range of vehicles.
- National dealership network. My Auto Approval can help you find a vehicle from its nationwide network of partner dealerships.
- Multiple income types accepted. In addition to employment income, My Auto Approval also accepts disability benefits, employment insurance and child tax benefits.
- Borrow up to $75,000. Loans of up to $75,000 are available to help you get your next set of wheels.
- Free to use. My Auto Approval does not charge any fees for using its loan search platform.
What to watch out for
- High rates for bad credit. If you don’t have good to excellent credit, you can expect a higher interest rate on your loan.
- Not a direct lender. My Auto Approval is a loan search platform, not a lender, so if you take out a loan, you will be doing so from a third party.
- Limited information online. There’s only limited information available on the My Auto Approval website about loan amounts, lending partners and its inventory of vehicles.
- No phone number. If you want to get in touch with My Auto Approval, there’s no phone number listed on its website.
Alternatives to My Auto Approval
9.1 Excellent
Loan Amount
$5,000 - $75,000
Loan Term
12 - 84 months
APR Range
3.90% - 29.90%
What are the interest rates of My Auto Approval?
My Auto Approval interest rates range from 0% to 35%. The rate you’ll get for your loan will vary depending on factors like your credit score, income, employment and debt-to-income ratio. You’ll need good to excellent credit to qualify for a low rate, while borrowers with poor credit can expect high interest rates.
Your loan amount, term and whether you buy a new or used vehicle may also impact your interest rate.
What types of vehicles can you finance?
My Auto Approval provides access to financing for the following types of vehicles:
Am I eligible?
You’ll need to meet the following criteria to qualify for a loan through My Auto Approval:
- Be 18 years of age or older
- Be a Canadian citizen or permanent resident
- Receive minimum income of at least $1,800 per month
- Have been employed for at least three months
- Meet credit score requirements (which may vary depending on the lender)
How to apply for a My Auto Approval loan
If you want to apply for a car loan through My Auto Approval, here’s what you need to do:
- Visit myautoapproval.ca and select Apply now.
- Select the type of vehicle you want to buy.
- Specify your monthly budget.
- Estimate your credit score.
- Select your main source of income as well as any additional forms of income you receive.
- Enter your monthly employment income, your employer’s details and how long you’ve held your current job.
- Enter your residential address and specify how long you have lived there.
- Specify if you are a homeowner and enter your monthly rent or mortgage payment.
- Select your citizenship status and enter your date of birth.
- Provide your name, address and phone number before submitting your application.
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