How long does it take to apply with Loans Canada?

It will take you only a few minutes to apply with Loans Canada Car Loans from start to finish. From there, your application will be assessed and you should get a call from the lenders who are willing to finance you.

How much do Loans Canada car loans cost?

Loans Canada does not fund loans but matches you instead with lenders. It's free to use. However, the lender you go with will charge interest on your car loan, and you may encounter extra fees such as late payment fees, NSF fees and prepayment penalties.

Should I get a loan if I have enough money to pay for my vehicle upfront?

That depends on what else you might need that money for. For example, you might not want to put all of the money in your bank account down on a new vehicle just in case an emergency comes up. That said, you should make sure you aim to get the lowest interest rate possible if you decide to get a loan so that you don't end up paying thousands of dollars more than you should for your vehicle.

Am I guaranteed approval for a Loans Canada car loan?

Not necessarily, no. While Loans Canada will do everything in its power to get you approved, there are certain circumstances where you won't be able to borrow money. These include if you're in bankruptcy, if you're not a Canadian citizen/permanent resident or if you don't meet the age of majority in your province (which is 18 or 19 years old, depending on where you live).

Can I cancel or prepay my car loan without fees?

That will likely depend on the lender you choose. Some lenders allow for prepayment with no penalties. Others will charge you for putting a lump sum down on your loan unexpectedly or for cancelling your loan altogether.