Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

CarsFast review

Browse thousands of vehicles from dealers across Canada and get matched with the right financing for your situation.

This review is about CarsFast Canada works with hundreds of dealers across the country to help people find auto financing, especially if they have less-than-perfect credit. To be eligible for a CarsFast car loan, you must have a minimum income of $2,000/month and be employed for 3+ months

No reviews yet. Write a review

4.90% - 29.90%

Interest Rate


Max. Loan Amount


Min. Credit Score

This review is about is owned by Consumer Genius Inc., which also owns brands such as LendingArch, CarMonk, Loanz and Crush Leads.

CarsFast Canada at a glance

  • Compare financing options in 1 place
  • Pre-qualify within minutes of applying
  • Options for bad credit or if you’re in a consumer proposal
  • Financing for motorcycles, boats or ATVs not available
  • High rates for bad credit

What is

CarsFast is an online comparison platform that gives you access to various financing options for your next car loan. With 1 quick application, you can use its free services to compare rates from multiple lenders who have pre-approved you and see what vehicles are on sale from hundreds of dealers.

Is CarsFast legit?

Yes. CarsFast has approved over 350,000 customers across Canada and has also been featured in The Globe and Mail’s 2020 Report on Business Top Growing Companies. It has access to 350 dealerships across the nation and has a network of car loan providers that includes Canada’s Big Six major banks.

CarsFast car loan features

Loan amount$500 – $75,000
Loan term12 - 96 months
Interest rate4.90% - 29.90%
Serviced provincesAll provinces
Basic eligibility criteriaMin. income of $2,000 /month, 3+ months employed
Go to site

What we like about

  • Easy, secure online application. Fill out an online application in less than 5 minutes and get matched with lenders that want to finance you.
  • Multiple lenders. You’ll get quotes from several lenders when you apply, which means you can compare the rates on offer and choose the best loan for you. Partners include TD, RBC, BMO, Scotiabank, CIBC, HSBC, Rifco, General Bank of Canada and more.
  • Quick pre-approvals and financing. You may be able to get financing for your vehicle in a couple of days, depending on the lender you choose and how much you want to borrow.
  • No collateral required. You won’t need a down payment or any collateral like your home, vehicle or a cash deposit to secure your loan.
  • Lengthy terms. You may be able to take up to 96 months to pay off your loan, depending on how much you borrow. Try not to prolong the length of your loan if you don’t need to. Your goal is to get out of debt as quickly as possible.
  • Bad credit doesn’t matter. CarsFast will not place much emphasis on your credit score and will focus on your income instead.
  • Available across Canada. CarsFast compares 350 dealers from all across Canada, so you can get financing from just about anywhere.
  • No fees. You won’t pay any fees for using the CarsFast application process.
  • Trade-ins accepted. CarsFast is happy to work with trade-ins, even if you still owe money on your vehicle. You can also use your trade-in as a down payment to help lower your monthly payments on your new loan.
  • Large inventory. You can choose from new and pre-owned cars, trucks, SUVs and minivans on offer from hundreds of dealerships connected to CarsFast.
  • No sign-up or log-in required. You don’t have to create an account to fill out its 5-minute application.

    What to watch out for

    • Limited to dealership vehicles. You won’t be able to use your financing to purchase private-sale vehicles.
    • Only some lenders showcased. CarsFast has a number of local lenders and dealerships it works with in each region, but you’ll only get quotes from a segment of lenders. This could lead you to miss out on a great deal, so it’s worth requesting quotes from a few options to make sure you’re getting the lowest rates.
    • Potential for additional fees. While CarsFast doesn’t charge any fees for its application process, you may encounter additional fees and extra costs as you go through the loans process with your lender, depending on which lender or dealership you go with.
    • Steep interest rates for bad credit. You may be able to secure auto financing despite having bad credit or no credit at all, but you could end up agreeing to steep interest rates to secure your financing.
    • Credit check. As you move further into the loan process, the lender you’re interested in will require a credit check.

    Alternatives to CarsFast

    Go to site


    0% - 31.99%

    Loan amount

    $500 - $35,000

    Loan term

    24 - 120 months

    Min. credit score


    Go to site


    From 3.90%

    Loan amount

    $7,500 - No Max.

    Loan term

    12-96 months

    Min. credit score


    Summary of reviews

    BBB accreditedNo
    BBB ratingNone
    BBB customer reviewsNo CarsFast reviews available
    Trustpilot scoreNo CarsFast reviews available
    Customer reviews verified as ofMay 24, 2022

    What types of car loans does CarsFast offer?

    CarsFast Car Loans include the following:
    • New and pre-owned car loans. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from dealers across Canada.
    • Bad credit car loans. CarsFast emphasizes that you can still apply for financing and get approved for a loan even if you don’t have credit, your credit isn’t in the best shape or you’ve filed for bankruptcy.
    • Trade-ins. CarsFast is happy to work with trade-ins and asks if you have a vehicle you would like to trade in during the application process. You can also use your trade-in as a down payment to help lower your monthly payments on your new loan.

    It doesn’t offer private auto loans and lease buyouts.

    What provinces are CarsFast Car Loans available in?

    CarsFast can connect you with lenders from across Canada. It compares dealers and lenders from all across the country so you can get financing from just about anywhere. After you provide your address and postal code, it will zero in on local lenders and dealers so it’s more convenient for you.

    Do I qualify?

    To apply for a CarsFast loan, you need to meet the following criteria:

    • Be at least 18 years old (and 19 in some provinces)
    • Be a citizen or resident of Canada
    • Have a steady form of income and consistent employment
    • Must have a gross income over $2,000/month

    Don’t be dissuaded if you have bad credit or no credit at all. CarsFast makes it clear that it can connect you with lenders that provide loans to people with less-than-perfect credit. The emphasis is on having a steady income stream to service your debt repayments.

    How do I apply?

    If you meet the eligibility criteria and you’re ready to apply for a car loan with CarsFast, head to its website and follow the instructions below. The application process shouldn’t take more than five minutes:

    1. Head to the CarsFast page and choose your preferred vehicle (car, truck, van or SUV).
    2. Answer a series of questions, starting with your financial situation. Enter your monthly budget for your auto loan, your employment status, your gross monthly income, how long you’ve been earning this wage, your job title and position, and how much you spend on your monthly mortgage or rental payments.
    3. Answer whether you have a vehicle you would like to trade in. If you do, this may help to offset the amount you need to borrow.
    4. Enter your personal details, including your name, date of birth, email address, home address and phone number. You may need proof of ID and other relevant documents, such as pay stubs or bank statements, as the loan application process progresses.
    5. Choose the type of vehicle you want to purchase from hundreds of dealers across Canada.
    6. Review and submit your application.
    7. At this point, CarsFast will let you know that your pre-approval is ready. You will get a curated list of lenders willing to finance your loan, along with the rates they offer.
    8. Sign up for the loan you’re interested in and negotiate your contract with your lender.
    9. Pay for your vehicle and begin making payments on your loan.

    What documents do I need to apply?

    If you’re ready to proceed with a loan via CarsFast, here’s what you’ll need to provide to your lender:

    • Government-issued ID. You’ll need to provide proof of your identity, such as your driver’s licence or passport.
    • Void cheque. You’ll need to give CarsFast access to your bank account to deposit your funds and deduct your payments.
    • Proof of income. You’ll have to show how much money you make each month with documents like pay stubs and bank statements.
    • Proof of residency. You’ll typically be required to show that you have a permanent address in Canada before you can get financing.

    CarsFast application preview

    The application is user-friendly and takes less than 5 minutes to fill out. After submitting your application, you’ll find out the lenders you’re matched with. You’ll then receive a phone call from the lenders to discuss your loan quotes.

    How much will a car loan with CarsFast cost me?

    Loan amounts start at $500, and APRs sit between 4.9% and 29.9%

    Interest rates on your auto loan will vary based on how much you want to borrow and for how long. They will also fluctuate in line with your unique financial situation. As a rule of thumb, you’ll typically pay less interest on your loan if you have good credit and a steady income. You’ll also save money on interest if you make a down payment on your vehicle or pay your loan off early.

    I got the CarsFast Car Loans. Now what?

    Your repayment options will be outlined in your contract with the lender that is providing the financing for your car. You’ll pay your loan back in bi-monthly or monthly installments. Make sure you are committing to a repayment plan you can stick to and ensure you have sufficient funds to make these payments each month. If you have bad credit or no credit at all, this is a great opportunity to rebuild your credit and show your trustworthiness to lenders.

    You may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster. If needed down the road, you can also ask your dealer about refinancing your loan. Discuss these options with your lender before agreeing to your loan if these are important features for you.

    Bottom line

    If you’re shopping for an auto loan, CarsFast is a useful free resource to get you started. You can apply online quickly and easily, and the service will immediately provide you with a list of lenders that have pre-approved you for various loans. With this platform, you can compare several offers in 1 go and decide on which loan terms best suit your needs.

    It’s also a great resource if you have less-than-perfect credit. If your credit isn’t in great shape, you can compare bad credit car loans on offer to you. Always do your homework before deciding on a loan to secure the best interest rates and loan terms for you.

    Compare CarsFast to other car loan providers

    1 - 8 of 8
    Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
    CarsFast Car Loans
    $500 - $75,000
    4.90% - 29.90%
    12 - 96 months
    Min. income of $2,000 /month, 3+ months employed
    Get a new or used vehicle delivered to your door.
    Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs.
    Loans Canada Car Loans
    $500 - $35,000
    0% - 31.99%
    24 - 120 months
    Min. income of $1,800 /month, 3+ months employed
    Compare rates from 60+ lenders.
    Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered. 0% APR for new cars only, used car rates start at 7.99%.
    Coast Capital Car Loan
    $10,000 - No Max.
    18 - 84 months
    Able to service debt payment of $300/month
    Competitive rates and flexible terms.
    Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
    Clutch Car Loans
    $7,500 - No Max.
    From 3.90%
    12-96 months
    3+ months employed, Max.1 bankruptcy
    Pre-qualify for a loan in under 2 minutes with no impact to your credit score.
    Get approved for financing in under 24 hours for the used car you want. No hidden fees. Get the vehicle delivered to your door.
    Canada Drives Car Loans
    $7,500 - $99,999
    4.75% - 29.99%
    12-84 months
    Min. income of $1,800 /month
    Buy a used car online and get it delivered to your door in under 24 hours.
    Get pre-approved for financing in 3 minutes with no impact to your credit score. No fees or penalties for early loan repayment.
    Carloans411 Car Loans
    $500 - $50,000
    1.90% - 19.99%
    Up to 72 months
    Min. income of $1,600 /month, 3+ months employed
    High application approval rate.
    Get connected with suitable lenders to finance your next car, van or truck. Check eligibility for this loan through LoanConnect.
    Canada Auto Finance
    $500 - $45,000
    4.90% - 29.95%
    3 - 96 months
    Min. income of $1,500 /month, 3+ months employed
    Get financing from partnered local lenders.
    Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
    Splash Auto Finance
    $10,000 - $50,000
    9.90% - 29.90%
    24 - 84 months
    Min. income of $2,200 /month, 3+ months employed
    Apply with any credit score.
    Get financing for a new or used car. Auto loans for borrowers with fair credit, bad credit, no credit or bankruptcy.

    Compare up to 4 providers

    Frequently asked questions

    Go to site