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

CarsFast car loan review

Browse thousands of vehicles from dealers across Canada and get matched with financing. Apply online and get your new or used car delivered to your door.

To be eligible, you must have a minimum income of $1,800/month and be employed for 3+ months

No reviews yet. Write a review

4.90% to 29.90%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameCarsFast Car Loans
Interest Rate4.90% to 29.90%
Loan Term12-96 months
Loan SecurityUnsecured
Serviced Provinces/TerritoriesAll provinces
Turnaround TimeGet pre-approved in less than 60 seconds.
Go to site
More Info

30-second take

Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online within minutes to purchase a new or used vehicle and get the vehicle delivered to your door. Enjoy the convenience of car shopping and auto loan shopping from home without any obligation to move forward on the options you’re given.

  • One of the best features of CarsFast is that it gives you easy access to financing, even if you have bad credit. You’ll also be able to pre-qualify for loans from multiple lenders so you can see what rates are on offer from providers that are already willing to finance you.
  • Pick something else if your credit score is in great shape and you can secure financing through traditional lenders at lower interest rates. You should also pick something else if you’re looking to finance motorcycles or private purchases.
  • Keep in mind, CarsFast connects you with local lenders and dealers across Canada and isn’t a direct lender itself.

Expert review

CarsFast is an online comparison platform that gives you access to various financing options for your next car loan. With one 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. Find out more about CarsFast‘s services and start your application today to see if you qualify. Steer away from CarsFast Car Loans if you’re looking for a private loan or lease buyouts.

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 $1,800/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.

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.

What makes CarsFast Car Loans unique?

CarsFast is a convenient way for you to look at the various loan options that you qualify for. With a single application done online, CarsFast connects you with local lenders and dealerships that have already pre-approved you so you can compare your options in one place.CarsFast accepts applications from anyone, even if your credit score isn’t in the best shape. It also accepts trade-ins. It’s also free to use and you are under no obligation to accept any of the quotes you receive.

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 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.

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.

What are the benefits of CarsFast Car Loans?

Easy, secure online application. You’ll be able to apply for quotes from multiple lenders in less than five minutes by filling out an online application.

  • 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.
  • 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 eight years 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. The state of your credit score won’t matter as much if you have a stable job and a steady form of income.
  • 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 two-minute application.

What to watch out for

  • Limited to commercial-sale 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 or dealership you’re interested in will likely require a credit check.

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. Click on the “Apply Now” button or start the process by choosing what your preferred vehicle is (car, truck, van or SUV) in the box below the button.
  2. Answer a series of questions, starting with your financial situation. You’ll be asked for 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. You will also be asked if 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. After these details, you’ll be asked to enter 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. You will then be asked to 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.
  • Credit report. CarsFast will likely need to pull your credit score to assess your creditworthiness.
  • Proof of residency. You’ll typically be required to show that you have a permanent address in Canada before you can get financing.

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.

Compare other car loans

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
4.90% to 29.90%
12-96 months
Min. income of $1,800 /month, 3+ months employed
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
Loans Canada Car Loans
0% to 29.99%
3-96 months
Min. income of $1,800 /month, 3+ months employed
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Car Loans Canada
3.99% to 29.95%
12-84 months
Min. income of $2,000 /month, 3+ months employed
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Coast Capital Car Loan
18-84 months
Able to service debt payment of $300/month
Finance or lease both new and used vehicles with competitive rates and flexible terms from one of Canada's largest credit unions. No credit union membership required for this product.
Canadian Auto News
3.99% to 29.95%
12-84 months
Min. income of $2,000 /month, 3+ months employed
Answer a few simple questions to get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
LoanConnect Car Loans
9.90% to 46.96%
3-120 months
No min. income requirement
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Canada Auto Finance
3-96 months
Min. income of $1,500 /month, 3+ months employed
Canada Auto Finance is a broker that connects borrowers with partnered local lenders. Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
Carloans411 Car Loans
1.90% to 19.99%
Up to 72 months
Min. income of $1,600 /month, 3+ months employed
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
Fairstone Secured Personal Loan
19.99% to 23.99%
36-120 months
Established credit history and own your home
Fairstone offers secured personal loans up to $50,000.

Compare up to 4 providers

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 one 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.

Remember, the service is free to use so you don’t have to commit to the options provided to you. Because of this, it’s a worthy tool to help you on your journey to securing a car loan.

Frequently asked questions

Go to site