LoanConnect Car Loans review

Our verdict

Our verdict

LoanConnect helps you compare multiple lenders at one time so that you can find competitive interest rates and terms for your car loan. LoanConnect is a loan broker that does not provide loans itself, but instead connects you to lenders who can.

Best for: People looking to compare multiple loan options at once

Pros

• Can apply with bad credit
• Quick application times
• Compare several lenders at once

Cons

• High rates for bad credit
• Not a direct lender

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Loan Amount

$500 - $50,000

Loan Term

72 - 84 months

Interest Rate

6.99% - 46.96%

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LoanConnect Car Loans

Learn more on LoanConnect's secure site

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

Overall customer satisfaction score: 76.30%

How do LoanConnect Car Loans work?

LoanConnect operates an online auto loan platform designed to give you hassle-free access to a wide range of suitable financing options. All you need to do is fill out some basic personal information along with details about your current financial situation.

You’ll then be matched to a curated list of providers willing to lend you money. This list is broken down by factors such as how much you’ll pay in interest, how long your term will be, your average monthly payments and the amount of money you can qualify for. From there, you can choose your favourite provider and apply for a pre-approved loan.

What are the benefits of LoanConnect Car Loans?

• Easy application. It’s easy to apply for a LoanConnect Car Loan. Get pre-approved in as little as 60 seconds, and receive money in as little as 24 hours from the time of your application.
• More choice. LoanConnect works with multiple lenders to help you compare a variety of competitive rates and terms for your car loan.
• High loan amounts. You’ll be able to apply for auto loans for amounts up to $50,000 using this user-friendly online platform.
• Few eligibility requirements. You should be able to qualify for some loans even if you have bad credit, a low income or little credit history.
• Wide loan term range. LoanConnect offers loan terms of 72 - 84 months.

What to watch out for

• Limited providers. You’ll only be able to see the loans on offer from companies that are partnered with LoanConnect.
• Computer-based. You’ll have to be a little bit tech-savvy to navigate the online application and document upload process.
• Potential for high interest rates. Your APR could get as high as 46.96% if you have bad credit.

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Name	Product	Ratings	APR	Loan Amount	Loan Term	Requirements	Long Table Description
CarsFast Car Loans 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		Go to site More Info	Compare	loading Fetching your data...
Loans Canada Car Loans 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		Go to site More Info	Compare	loading Fetching your data...
Ontario Clutch Car Loans Clutch Car Loans	Ontario	Customer Survey: ★★★★★	From 8.49%	$7,500 - No max.	12 - 96 months	Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only		Go to site More Info	Compare	loading Fetching your data...
Ontario Drive Away Car Loans Drive Away Car Loans	Ontario	Not yet rated	3.90% - 29.99%	$300 - $75,000	12 - 96 months	Requirements: Min. income of $2,500 /month, employed		Go to site More Info	Compare	loading Fetching your data...
Canada Auto Finance 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		Go to site More Info	Compare	loading Fetching your data...

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What provinces are LoanConnect Car Loans available in?

What types of car loans does LoanConnect offer?

• New or used car loans. You may be able to borrow money to buy a new or used vehicle. If you have bad credit and it may help to secure your loan with an asset.
• Lease buyouts. You may be able to access financing to buy out your lease if you want to get rid of your contractual obligations.
• Auto refinancing loans. You could be eligible to take out an auto refinancing loan to lower your monthly payments or interest rate on your remaining balance.

How much money can I save using the LoanConnect broker platform?

The amount of money you can save by comparing auto loan providers depends on your unique financial situation as well as on the size of the loan you need. But no matter who you are, it’s likely that you can save money and find a good deal by comparing multiple lenders through LoanConnect‘s tech-driven platform.

Interest rates on your auto loan will vary based on how much you want to borrow and for how long. 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.

Do I qualify for a LoanConnect Car Loan?

Although the different lender partnered with LoanConnect will have their own unique eligibility requirements, you should be able to qualify for most of the loans on LoanConnect‘s platform as long as you meet the following criteria:

• You’re at least 18 years old (and 19 in some provinces and territories)
• You’re a Canadian citizen or permanent resident
• You have a credit score of at least 550

How do I apply with LoanConnect?

You can follow these steps to apply for a car loan with LoanConnect:

1. Visit LoanConnect's website and fill out an online application.
2. Input personal information such as your name, email address, date of birth, employment information and housing status.
3. Review and submit your application.
4. Review your auto financing options and proceed with your lender of choice.

What documents do I need to apply for a loan?

Required documentation may vary based on the LoanConnect partner lender you opt for, but you’ll likely need to provide some or all of the following documents:

• Government-issued ID. You’ll have to show proof of ID like your driver’s licence or passport.
• Proof of income. You’ll be required to submit documents such as pay stubs and letters of employment to verify how much money you make.
• Other financial documents. You may be asked to submit other documents like bank statements or tax forms to give a full picture of your financial health.

I got the LoanConnect Car Loan. Now what?

Once you get your LoanConnect Car Loan, you can spend it on a new or used vehicle. You’ll then repay your loan with automatic withdrawals from your bank account. You’ll have to make repayments with interest for the entire duration of your term until your loan is paid back in full.

Bottom line

LoanConnect offers a specialized platform to help you compare lenders for your car loan. This will help you find the best deal and terms for your loan without needing to manually compare quotes. Find out what you need to apply for a LoanConnect loan and start your application today to see if you qualify.

Frequently asked questions about LoanConnect Car Loans

• Am I guaranteed to be approved if I apply for an auto loan with LoanConnect?

  Not necessarily. LoanConnect works with lenders to find the best auto loan for your unique needs and budget. But your ability to get approved will depend on a number of factors, such as your credit score, income, employment status and debt/asset ratio.

• How much does a loan with LoanConnect cost?

  Your interest rates will vary depending on factors like your credit score and the term of your loan. That said, you can expect to pay 6.99% - 46.96% APR per year on your loan.

• Can I get a LoanConnect Car Loan if I have bad credit?

  Yes. The lenders that work with LoanConnect tend to put more of an emphasis on factors like your income and job stability to determine your loan eligibility. Your credit score and bankruptcy history will impact your loan decision, but it's often not the deciding factor in whether you receive a LoanConnect Car Loan.

• How do I make my payments?

  That depends on the lender you decide to go with. Most LoanConnect partner lenders will set up an automatic pre-authorized payment plan to make it easier for you to submit your payments on time. This means that the amount you owe will be automatically withdrawn from your account every month.

• Can I refinance an existing auto loan with LoanConnect?

  It's possible. LoanConnect may be able to offer auto refinancing that could save you money with a lower rate or better terms.