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CarsFast review

Get matched with the right auto financing for your situation.

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This review is about is owned by Consumer Genius Inc., which also owns brands such as LendingArch, Loanz, Approval Nation and ComparisonGenius.

Our verdict

CarsFast Car Loans is a useful, free car loan shopping resource. 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. You can then easily compare several offers in one go. If your credit isn't in great shape, you can also compare bad credit car loans on offer to you.

Best for: People with less-than-stellar credit who want to compare multiple loan offers at once.

  • See multiple financing options at once
  • Pre-qualify within minutes of applying
  • Options for bad credit or if you're in a consumer proposal
  • No financing for motorcycles, boats or ATVs
  • High rates for bad credit

Loan Amount

$500 - $75,000

Loan Term

12 - 96 months

Interest Rate

3.90% - 29.90%


CarsFast Car Loans

Learn more on CarsFast's secure site

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Carsfast was included in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 82.50%

What is

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.

Is CarsFast legit?

Yes. CarsFast has approved over 350,000 customers across Canada. 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’s CEO was featured in the 2021 Auto Finance Innovator Awards list of Top 100 Auto Finance Innovators.


CarsFast secured a spot in the Finder: Car Loans Customer Satisfaction Awards 2023 Top 15 Best-Rated list with a customer satisfaction score of 80.63%.

CarsFast car loan features

Loan amount$500 – $75,000
Loan term12 - 96 months
Interest rate3.90% - 29.90%
Serviced provincesAll provinces
Basic eligibility criteriaMin. income of $2,000 /month, 3+ months employed

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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 on the market. 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 opt for.
  • 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.

Summary of reviews

Unfortunately, since CarsFast is a relatively new venture, we couldn’t find very many independent online reviews from previous CarsFast customers. Reviews left on CarsFast’s Facebook page average out to 4.8 stars out of 5 based on 26 reviews.

It may be helpful to know that CarsFast’s parent company, Consumer Genius Inc., has mostly positive reviews online. It has a 4.5/5 star review on Trustpilot, generally praising its customer service (although most reviews appear to be from partners in its broker network). Consumer Genius Inc. was also named on The Globe and Mail’s list of Canada’s Top Growing Companies 2022.

Compare CarsFast to other online alternatives

CarsFast Car Loans logo

CarsFast Car Loans

Go to site

Loan Amount

$500 - $75,000

Loan Term

12 - 96 months

Interest Rate

3.90% - 29.90%

Loans Canada Car Loans logo

Loans Canada Car Loans

Go to site

Loan Amount

$500 - $35,000

Loan Term

3 - 60 months

Interest Rate

0.99% - 46.96%

Clutch Car Loans logo

Clutch Car Loans

Go to site

Loan Amount

$7,500 - No max.

Loan Term

12 - 96 months

Interest Rate

From 8.49%

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.
CarsFast doesn’t offer private auto loans.

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.

Am I eligible for auto financing through CarsFast?

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

  • Be at least 18 years old (or 19 in some provinces)
  • Be a citizen or resident of Canada
  • Have a driver’s license
  • Provide proof of income of at least $2,000/month
  • Provide proof of residence

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 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.
  3. Enter your monthly budget for your auto loan.
  4. Answer a series of questions about your financial situation including your employment status, your gross monthly income, how long you’ve been earning this wage, your company’s name and job title, and how much you spend on your monthly mortgage or rental payments.
  5. 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.
  6. Choose the type of vehicle you want to purchase from hundreds of dealers across Canada.
  7. Review and submit your application.
  8. 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.
  9. Sign up for the loan you’re interested in and negotiate your contract with your lender.
  10. 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.
  • 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, using documents like a utility bill or business correspondence, before you can get financing.
  • Proof of insurance. In order to get a car loan from CarsFast you’ll likely need to provide proof that you have car insurance.

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 can reach as high as $75,000 with APRs between 3.9% 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.

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I got a CarsFast car loan. 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.

Compare CarsFast to other car loan providers

1 - 5 of 5
Name Product Ratings APR Loan Amount Loan Term Requirements Long Table Description
CarsFast Car Loans
Customer Survey:
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
Loans Canada Car Loans
Customer Survey:
0.99% - 46.96%
$500 - $35,000
3 - 60 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Clutch Car Loans
Customer Survey:
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only
Drive Away Car Loans
Not yet rated
3.90% - 29.99%
$300 - $75,000
12 - 96 months
Requirements: Min. income of $2,500 /month, employed
Canada Auto Finance
Customer Survey:
4.90% - 29.95%
$500 - $45,000
3 - 96 months
Requirements: Min. income of $1,500 /month, 3+ months employed

Frequently asked questions about CarsFast auto financing

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