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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

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4.90% - 29.90%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameCarsFast Car Loans
Interest Rate4.90% - 29.90%
Loan Term12 - 96 months
Loan SecuritySecured,Unsecured
Serviced Provinces/TerritoriesAll provinces
Turnaround TimeGet pre-approved in less than 60 seconds.
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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 buy a new or used vehicle and get it delivered to your door. Enjoy the convenience of car shopping from home with no obligation.

  • Consider CarsFast if you want easy access to financing, even if you have bad credit or you’re in consumer proposal. Also, you can pre-qualify for loans from multiple lenders and browse their offers.
  • Pick something else if your credit score is in great shape and you can secure financing through traditional lenders at lower interest rates.
  • Keep in mind, CarsFast connects you with local lenders and dealers across Canada and isn’t a direct lender itself.

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

Expert review

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. Steer away from CarsFast Car Loans if you’re looking for a private loan or lease buyouts. CarsFast also does not finance motorcycles, boats and ATVs.

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 1 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 5 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. 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 8 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. 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 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.

    Compare other car loans

    Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements Table description
    Loans Canada Car Loans
    $500 - $35,000
    0% - 29.99%
    3 - 96 months
    Min. income of $1,800 /month, 3+ months employed
    Compare rates from multiple lenders.
    Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered.
    goPeer Car Loan
    $1,000 - $25,000
    8.00% - 31.00%
    36 - 60 months
    Min. income of $40,000 /year
    P2P platform with competitive rates.
    Canada's first regulated consumer peer-to-peer lending platform that connects creditworthy Canadians looking for a loan with Canadians looking to invest.
    $7,500 - $85,000
    3.99% - 29.99%
    12 - 96 months
    Min. income of $1,800 /month, 1+ months employed
    Available in Ontario only.
    Apply online and get your new vehicle delivered to your door anywhere in Ontario free of charge. All credit scores considered.
    CarsFast Car Loans
    $500 - $75,000
    4.90% - 29.90%
    12 - 96 months
    Min. income of $1,800 /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.
    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.
    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.
    LoanConnect Car Loans
    $500 - $50,000
    9.90% - 46.96%
    3 - 120 months
    No min. income requirement
    Pre-approval in as little as 60 seconds.
    Get access to 25+ lenders through this brokerage. Get your funds in as little as 24 hours.
    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.
    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.

    Compare up to 4 providers

    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.

      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.

      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.

      Frequently asked questions

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