5 Companies Like Canada Drives

Canada Drives is a car financing platform that connects buyers like you with car loan offers from nearby dealerships. It’s a popular and convenient way to get the financing you need, but it’s not your only option. Check out these companies like Canada Drives for when you need online auto financing.

1. Loans Canada

Loans Canada is a loan search platform where you can fill out a single application and compare car loan offers from multiple lenders. Like Canada Drives, all types of credit are accepted, while Loans Canada’s network features dozens of lending partners. Best of all, the platform is free to use.

Who it’s best for: Car buyers who want to compare financing offers from a variety of lenders.

Where it’s available: Across Canada.

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2. Clutch

Clutch is an online car dealer that lets you buy and finance your next set of wheels without leaving home. You can browse its inventory of over 3,000 vehicles online, and all models listed have undergone a 210-point inspection. Financing is available from a network of lenders if needed, and Clutch can deliver the car you choose to you at home. There’s also a money-back guarantee if you decide the vehicle isn’t right for you during a trial period of 10 days/750 km.

Who it’s best for: Car buyers who want to shop online and have the vehicle delivered to their door.

Where it’s available: ON, NB, PEI, BC and NS.

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Best used car sites

3. Carsfast

Like Canada Drives, Carsfast is an online financing platform designed to make it simple and convenient to get your next car. It partners with a large network of car dealerships across Canada, allowing you to fill out a single application and compare rates from multiple lenders. All types of credit are accepted, and there’s no obligation to proceed with any offers you receive.

Who it’s best for: People with less-than-perfect credit looking for an easy way to compare car loan offers.

Where it’s available: Across Canada.

Bad credit car loans

4. Autoloans.ca

Autoloans.ca is a vehicle financing platform and car delivery service. You can apply online 24/7, and bad or limited credit won’t stop you from getting a loan through the platform’s network of lending partners. The vehicle you buy can also be delivered to you, and there’s an exchange period of 30 days if you decide the car is not right for you.

Who it’s best for: Buyers with less-than-perfect credit who want a completely online car buying experience.

Where it’s available: ON.

Car loans in Ontario

5. Canada Auto Finance

Canada Auto Finance offers online car financing for buyers right across Canada. You can apply online regardless of your credit history, self-employment income is accepted, and the platform can help you find the right car loan from one of its dealer partners. It’s free to apply and Canada Auto Finance offers same-day approvals.

Who it’s best for: Car buyers with poor credit or no credit.

Where it’s available: All of Canada.

How to get a car loan from companies like Canada Drives

These Canada Drives alternatives aim to make it simple and convenient to get auto financing. The exact process for getting a loan varies between platforms, but you will usually start either by:

• Browsing the provider’s inventory of vehicles, selecting one and applying for financing; or
• Filling out an online application and then being matched with vehicles that fit your budget.

You’ll need to provide your personal information and contact details along with details of your income, employment, the car you want to buy and your down payment amount. You will then be contacted within the next 24 hours to find out if you have been pre-approved for financing and what rates you qualify for.

In some cases, you’ll need to visit a dealership in person to sign your loan paperwork and collect your vehicle. However, some other providers offer a completely online application process and will deliver the car to your door.

Alternative auto financing options

Not sure whether an online car loan is right for you? There are a couple of other options to consider.

• Banks and credit unions. Many major banks and credit unions offer auto financing, which can be convenient if you like to keep all your financial products with the same institution. You’ll find low interest rates if you have excellent credit, but you most likely won’t qualify for a loan if you have poor credit.
• In-house at a dealership. You can get a loan in person at a dealership when you visit to buy a car. This is a convenient option, bad credit is OK, and you may be able to negotiate a better rate. But you’ll need to watch out for hidden fees or repayment conditions, plus compare rates before you visit the dealership to make sure you get a good deal.

Learn more in our guide to financing a used car.

Bottom line

There are several other sites like Canada Drives that offer flexible online car financing in Canada. These platforms allow you to find the right loan without moving off your couch, and it’s possible to qualify even if you have bad credit. Compare rates, fees and loan terms and conditions before deciding where to apply.

Frequently asked questions

• Can I buy a car from Canada Drives?

  No, Canada Drives does not sell cars directly. However, you can apply and get pre-approved for car financing online with Canada Drives, and the platform will then connect you with a dealership near you to shop vehicles that fit your budget.

• Can I arrange car financing pre-approval before visiting a dealership?

  Yes, you can organize financing pre-approval first by using an online loan search platform, going directly through an online lender, or applying for a car loan from a bank or credit union. This gives you the flexibility to shop around for the best rate, lets you shop for a car knowing how much you can afford, and gives you negotiating power if you want to try to secure a lower rate at the dealership.

• How much does auto financing cost with Canada Drives?

  The annual percentage rate that applies to your car loan varies depending on a variety of factors, such as:

  • The lender you are matched with (remember, Canada Drives is not a direct lender and instead matches you with finance providers)
  • Your credit score
  • Your income and employment situation
  • Your debt-to-income ratio
  • Whether you're buying new or used and the price of the vehicle
  • The size of your down payment

• Can I get a car loan with Canada Drives if I have bad credit?

  Yes, you can get bad credit car loans through Canada Drives. You'll need a minimum income of $1,800 per month to qualify for a loan, and you'll also need to be aware that loans for bad credit come with higher interest rates.