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Echo Auto Finance review

Echo Auto Finance offers lease-to-own loans to help Ontarians buy used vehicles from partnered dealerships.

Auto loans range from $3,000 to $75,000 with interest rates starting from 4.49% and terms of 24 months to 96 months. Echo Auto Finance aims to give approval within 3 hours. It finances vehicles as large as 3500 series trucks but not motorcycles, boats, ATVs or mobile homes.

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4.49% - 29.95%

Interest Rate


Max. Loan Amount


Min. Credit Score

Please note: All information about ECHO Auto Finance Car Loan has been collected independently by Finder and this product is not available through this site.

30-second take

  • Pick this if you’re shopping for a used car and not a brand new vehicle. You can apply even if you have bad credit or no credit, you’re a newcomer to Canada, you’ve filed for bankruptcy or you’re self-employed.
  • Pick something else if you prefer to buy a used car via a private sale. You should also look elsewhere for funding if you need to finance motorcycles, boats, ATVs or mobile homes.
  • Bear in mind, you can only shop for used vehicles at dealerships ECHO is partnered with in Ontario.

What should I know about Echo Auto Finance?

ECHO has 2 key unique selling points: it caters to consumers shopping for used cars and it will help borrowers who are facing all kinds of financial circumstances, including those who have been turned away by traditional lenders because of bad credit, no credit, bankruptcies or alternative forms of income. ECHO’s auto loans are lease-to-own. With this type of loan, you make your loan repayments, but you do not own the car until it’s paid off.

Get financing to shop for a used car from a partnered dealer

You can only receive financing via shopping for a used car at a dealership in Ontario that ECHO is partnered with. ECHO prides itself on its flexibility with financing options: you can apply for up to $75,000, with terms of up to 96 months. You can also repay some or all of your loan at any time without incurring any penalties.

Is Echo Auto Finance legitimate?

It is. It’s a registered business in Ontario. EAF owns a handful of financial services companies, including Echo Auto Group, AutoProtect, Northern Light Debt Relief and fintech company EAFdigital. It says it has a wide network of partnered dealerships across the country, including its own auto sales dealership in North York, Ontario that’s open 6 days a week.

What types of car loans does Echo Auto Finance offer?

  • Lease-to-own loans on used vehicles. You can get approved for any used car, SUV, minivan or pick-up truck. ECHO Auto Finance says the largest types of vehicles it finances are 3500 series trucks.
  • Bad credit car loans. ECHO emphasizes that it accepts all credit situations, including bad credit or no credit history at all.

What types of cars does Echo Auto Finance not finance?

ECHO does not finance the following:

  • New vehicles
  • Private sale vehicles
  • Motorcycles, boats, ATVs, RVs or mobile homes

What are the benefits of an Echo Auto Finance vehicle loan?

  • An easy application with quick approvals. Simply fill out an application online or visit a partnered dealership and receive approval in as little as 3 hours.
  • Bad credit doesn’t matter. Your credit score shouldn’t deter you from applying, whether you have bad credit, no credit at all or a history of bankruptcies.
  • Other forms of income available. ECHO notes that if you’re self-employed or have had difficulty verifying your income, you should also try applying too.
  • No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
  • Competitive starting interest rate. If your credit is in great shape, ECHO’s interest rate starts at just 4.49%.

What to watch out for

  • Potential for steep interest rates. Interest rates peak at 29.95%, which could be the rate you secure if your credit is in bad shape.
  • Potential for additional fees. You may encounter additional fees and extra costs as you go through the loan process with your dealer, such as origination fees (a fee to process your loan) and dealership fees. Watch out for these charges because they can drive up the cost of your loan.
  • Only used cars available. ECHO won’t provide financing to help you buy a brand new car.
  • Only available via partnered dealers. If you’re interested in securing financing via ECHO, you must check with your dealer first to make sure it’s partnered with this lender. As always, it’s worth requesting quotes from a few options before you make a final decision.

Compare other car loans

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Name Product APR Loan Amount Loan Term Requirements Long Table Description
CarsFast Car Loans
4.90% - 29.90%
$500 - $75,000
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0% - 31.99%
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0% financing applies to some new models with loan terms up to 60 months. Offer ends May 31, 2023.
Canada Auto Finance
4.90% - 29.95%
$500 - $45,000
3 - 96 months
Requirements: Min. income of $1,500 /month, 3+ months employed
Clutch Car Loans
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only

Do I qualify for an ECHO Auto Finance loan?

To qualify, you need to meet the following criteria:

  • Be at least 18 years old, with a valid driver’s licence.
  • Be an Ontario resident with a valid address and active bank account to set up automatic loan repayments.
  • Have a steady form of income to manage loan repayments with proof of employment.

What provinces and territories is Echo Auto Finance available in?

ECHO is only available in Ontario at the moment.

How do I apply?

To apply for a loan, head Echo Auto Finance‘s website and follow these prompts:

  1. Click on “Get Approved” on the homepage to begin the application.
  2. Fill in your personal information, including your full name, mailing address, phone number, email, date of birth, job title, length of employment and your annual gross income.
  3. Read over the statement of understanding, which reminds you that you’re allowing a credit check. Agree to the terms and submit your application.
  4. You will receive pre-approval from ECHO within hours. Keep in mind, you can also apply for an ECHO loan directly from the dealership.

What documents do I need to apply?

Before you apply, make sure you meet all of the eligibility criteria and have the required information ready. You will need the following:

  • 2 pieces of ID, including a valid driver’s licence.
  • Proof of address (rental agreement, utility bill or phone bill dated in the last 60 months).
  • A void cheque or banking details for pre-authorized payment paperwork.
  • Proof of employment (2 current pay stubs or 3 months of bank statements and a letter of employment).
  • 3 to 5 references, including their names, addresses and telephone numbers.
  • Confirmation of insurance listing ECHO as the lessor of the vehicle.

I got an ECHO Auto Finance Car Loan. Now what?

Make sure you triple-check all of the details on your loan contract before signing off to make sure you’re happy with the interest rate, fees and terms. Once you’ve locked into your loan, your job is to make sure you stick to the repayment schedule. ECHO will make automatic withdrawals directly from the bank account you provided in your application.

Keep in mind, you can pay off some or all of your loan without any penalties. Keep this detail in your back pocket if you have a windfall of cash you can put towards your loan.

Frequently asked questions

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