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CarMonk review: Car purchase and financing platform

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Shop for cars and get at-home delivery when you buy or finance a vehicle with this online dealer. 

CarMonk is an online car purchase and financing platform that operates only in Ontario. It offers a small inventory of used vehicles with at-home delivery. Get pre-approved for financing in less than 5 minutes to see how much money you can borrow to buy your next car. 

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What is CarMonk?

CarMonk is an online car dealer that lets you shop and pay for a vehicle completely online. It maintains a rotating inventory of cars, vans, trucks and SUVs. You can pay in cash or with debit/credit, external financing or in-house financing. Once you pay, your car will be delivered straight to your doorstep.

Is CarMonk legitimate?

It is. CarMonk is a registered business in Ontario and can be found in the Ontario business registry. It is owned by Consumer Genius Inc., which also owns other brands in the lending space like Cars Fast and Loanz. However, CarMonk‘s website is less user-friendly and developed compared to similar providers.

Summary of CarMonk cars and financing

InventoryLess than Less than 100 currently but numbers fluctuate regularly cars
Trial period7 days
Exchange policyNot specified
Warranty90 days/5,000 km
Serviced provincesOntario
Are vehicle prices negotiable?No
Free CARFAX report?Yes
Loan amountNot specified
Interest rateNot specified
FeesNot specified
Accepts trade-ins?Yes
Eligibility requirementsCanadian citizen, age of majority, employed with enough income to cover payments

What we like about CarMonk

Take advantage of the following benefits when you shop with CarMonk:

  • Fast application. Fill out an application to buy a car and/or get in-house financing in less than 15 minutes.
  • Trial period. Test your car out for 7 days and if it doesn’t meet your standards, set a return date and CarMonk will pick it up within 72 hours.
  • Warranty coverage. Take advantage of a warranty of 90 days/5,000 km to protect against mechanical issues in your first few months.
  • Thorough inspection. CarMonk provides a 172-point inspection for every car to make sure it’s in good working order.
  • Free delivery. Arrange free delivery to your house as soon as you organize payment.
  • $0 down payment. There’s no need to put money down to buy a car with CarMonk.
  • Long financing terms. Apply for a term of up to 7 years to spread the cost of your vehicle out over a longer period of time (but be prepared to pay more interest).

What to watch out for

Consider these drawbacks before buying a car with CarMonk:

  • Small inventory. CarMonk‘s inventory has less than Less than 100 currently but numbers fluctuate regularly cars at the time of writing.
  • Underdeveloped website. CarMonk‘s website isn’t very intuitive or user-friendly (it has some broken links) when compared to similar providers.
  • Difficult to find online reviews. There’s very little information about CarMonk available online, other than what’s provided on the company’s website.

Do I qualify?

You’ll need to meet the following criteria to qualify for CarMonk financing:

  • Be a Canadian citizen or resident who is at least 18 years old.
  • Have a valid Canadian mailing address and active bank account.
  • Be regularly employed and meet monthly income requirements.

How does buying a car through CarMonk work?

Buy a car quickly and easily with CarMonk by following these steps:

  1. Sign up for an account. Input a phone number to sign up for an online account.
  2. Select the car you want. Shop around and choose the vehicle you want to apply for to start the application process.
  3. Input trade information. Input information about an eligible vehicle you’d like to trade in (if applicable).
  4. Identify your payment method. Indicate if you’ll pay for the car with cash, by debit/credit or with external or in-house financing.
  5. Provide ID and upload sales documents. Negotiate your contract and upload any required documentation to prove your eligibility.
  6. Organize insurance and registration. Work with CarMonk to figure out how to get your insurance and registration in place.
  7. Arrange for home delivery. Once your car is paid for and your contract signed, arrange a time to get your car delivered and test it out for 7 days to see if it’s the right fit.

How does financing a car through CarMonk work?

Follow the process below to sign up for car financing through CarMonk:

  1. Get pre-qualified. Learn how much you’re eligible to borrow by inputting your contact information and details about your residence and employment history.
  2. Speak to an agent. Wait to hear from a CarMonk agent, who will walk you through the full application process.
  3. Fill out an application online. The agent will likely have you fill out a more detailed application online after discussing your needs.
  4. Upload documents. Submit all required documents online and sign your financing agreement when you’re happy with your rates.

What types of vehicles can you buy through CarMonk?

CarMonk financing can help you finance the following types of vehicles:
  • Used vehicles. Buy used cars, trucks, vans and SUVs, and get them delivered to your house for free.
  • Trade in vehicles. Request an appraisal to trade your old car in to get a better price on one of CarMonk‘s vehicles (or to keep the cash for yourself).

What types of vehicles does CarMonk not finance?

CarMonk doesn’t sell recreational vehicles such as boats, RVs, ATVs or motorcycles.

Bottom line

CarMonk is worth considering if you live in Ontario and looking to buy a car completely online. Like its competitors, its cars go through inspection, come with a free CARFAX report and can be delivered to your doorstep. You also have a week to “test own” your car and return it if you’re not satisfied. However, CarMonk has a small inventory and less user-friendly site compared to its competitors.

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