Carloans411 Car Loans review

• Think about Carloans411 if you want to get financing from a local car dealership or you’d prefer to pay your loan off early.

• Pick something else if you’d like to purchase a vehicle from a private owner or you would rather compare quotes manually.

Expert review

Carloans411 is an easy-to-use online platform that lets you get financing from a local dealership near you. All you need to do is fill in some basic personal information to get started. From there, Carloans411 will match you with a loan provider that will contact you to discuss your financing options.

Once you’ve been approved, you can use the money you borrow to purchase a vehicle from that dealership’s inventory. After you buy your vehicle, you’ll start to pay your loan back with automatic monthly withdrawals from your bank account.

First, do I qualify?

To be eligible for financing from Carloans411, you’ll be required to demonstrate that you meet the following criteria:

• You must be the legal driving age in the province you reside in and have a valid driver’s licence for that province.
• You must be a Canadian citizen or permanent resident.
• You’ll need to be employed at the same job for at least 3 months, with a minimum of $1,600 per month in income.
• You’ll have to have a valid bank account where Carloans411 can withdraw payments.
• You’ll be required to consent to a credit check.

What makes Carloans411 unique?

Carloans411 is unique because it matches you with a car dealership in your area. It also works behind the scenes to get you the best rates on the market for your loan. This means you’ll pay less interest on the money you borrow without having to negotiate with your lender.

This platform also sets itself apart because it works with dealerships across Canada to find you the best car for your needs. You can also choose to pay your loan off early if you want to make lump-sum payments to get rid of your debt as quickly as possible.

What types of car loans does Carloans411 offer?

Carloans411 offers a couple of different types of loans through its dealerships. The type of loan that makes the most sense for you will depend on your credit score and on whether you want the option to make early payments.

• Simple interest loan. You’ll have the option to repay your loan early and only pay interest on the outstanding balance.
• Pre-computed loan. Your loan will be pre-calculated and interest rates will be spread over a set period of time (with no option for early repayment).
• Secured loan. You’ll have to secure your loan with the vehicle you purchase, which means it can be repossessed if you don’t make your payments.
• Unsecured loan. Your loan and interest rates will be based on your credit score, and your score will go down if you don’t repay your loan on time.

What are the benefits of a loan with Carloans411?

• Fast approvals. You’ll get a call within minutes of filling out an application and you may even get same-day approval for financing.
• Open-ended loans. You can pay your loan off in lump sums with no penalty for early repayment if you choose a simple interest loan.
• Free service. You won’t have to pay any hidden fees or charges to apply for financing, and Carloans411 will get you the best rates from its lenders for free.
• High approval rates. You’re likely to get approved even if you have bad credit or no credit history at all.
• Long terms. You’ll be able to lock in a term lasting up to seven years to help bring your monthly payments down.
• No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.

What to watch out for

• No control over rates. Carloans411 will pick the best rates and dealership for you and you won’t get to decide between your options.
• Additional fees. You may encounter additional fees and extra costs as you go through the loan process, depending on which lender you go with.
• High rates for bad credit. You’ll likely pay high rates if you have bad credit, and you may need to secure your loan with the vehicle you purchase.
• No online quotes. You’ll have to speak to a customer service representative from the dealership over the phone to figure out whether you qualify for financing.

How do I apply?

To apply for a loan with Carloans411, click the green “Go to site” button above to be securely redirected to begin your online application. Please note that you will be redirected to the LoanConnect website to complete the application to check if you qualify for an offer from CarLoans411. You’ll need to fill out some personal information in the online application. You’ll then get a call from a customer service agent to discuss your options. They will open a file for you and find the best rates on offer for your unique personal and financial situation.

Once you’re pre-approved, they will pass your information on to a dealer in your area. You’ll then have access to that dealer’s inventory of vehicles. You’ll be able to use the financing you get from Carloans411 to purchase the vehicle of your choice from that inventory.

I got the loan. Now what?

You’ll start to repay your loan as soon as you use it to purchase your new vehicle. Your monthly payments will simply get withdrawn from your bank account on the same day each month. Your interest rates and the amount of time you’ll have to pay back your loan should be stipulated in your loan agreement.

Depending on what type of loan you pick, you could also be eligible to pay your loan back early without penalty. This is a good option if you have extra income coming in and you want to reduce the amount you pay in interest.

Frequently asked questions about Carloans411

• How long does it take to apply?

  Your loan application with Carloans411 will take less than five minutes from start to finish. You can choose to fill it out online or you can call into the toll-free customer service hotline. If you choose to fill it out online, you’ll receive a call to discuss your car loan needs as soon as you hit submit.

• Where can I buy my vehicle once I'm approved?

  Once you’re pre-approved for financing, you’ll be able to buy your vehicle from any of the dealerships that Carloans411 works with in your area. These dealerships offer a wide array of vehicles for you to choose from, based on your preferences and needs.

• Can I get a loan if I have bad credit?

  You should be able to lock in a car loan with Carloans411 even if you have bad credit. That said, your rates will typically be higher and you may need to secure your loan with the vehicle you purchase. This means that your car can be repossessed if you fail to make your repayments on time.

• Can I trade my car in to get a better deal?

  Yes. Trade-ins are accepted with most dealerships and can be used to bring the cost of your monthly repayments down.