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LoanConnect Car Loans review

Looking to buy a new or used vehicle? Compare your lending options to lock in big savings with this innovative car loan broker.

To be eligible, you must be the age of majority in your province and a Canadian citizen or resident with a minimum credit score of 550.

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9.90% to 46.96%

Interest Rate

$50,000

Max. Loan Amount

550

Min. Credit Score

Details

Product NameLoanConnect Car Loans
Interest Rate9.90% to 46.96%
Loan Term3-120 months
Loan SecurityUnsecured
Serviced Provinces/TerritoriesAll provinces.
Turnaround TimeGet pre-approved in as little as 60 seconds, and receive money in as little as 24 hours from the time of your application.
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More Info
  • Best for comparing multiple lenders at one time so that you can find the best interest rates and terms for your car loan.
  • Pick something else if you want to apply to borrow money directly since LoanConnect does not provide loans itself, but instead connects you to lenders who can.

Expert review

LoanConnect Car Loans are unique because you can borrow up to $50,000 at one time and you may be able to qualify with bad credit. You don’t need collateral to secure financing, and you can compare several lenders with a single application. You can apply in less than 5 minutes, and you may even be able to get approved for financing in as little as 24 hours.

Do I qualify?

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.

What provinces are LoanConnect Car Loans available in?

LoanConnect works to connect you with loan providers all across Canada. It has partners in all Canadian provinces and territories, and you can apply from anywhere in the country. Just be aware that the rules governing your loan will vary based on which province you live in.

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 types of car loans does LoanConnect offer?

LoanConnect lets you browse secured and unsecured loans from multiple providers. You may be eligible for the following types of car loans with this platform:
  • New car loans. You may be able to borrow money to buy a new vehicle if you have decent credit and are willing to secure your loan with an asset.
  • Used car loans. You could qualify for an unsecured loan to purchase a used car if you want to borrow under $20,000.
  • 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 rates on your remaining balance.

How much money can I save?

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 the best 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.

What are the benefits of LoanConnect Car Loans?

  • Easy application. It’s easy to apply for the loan you want in minutes and you may get money deposited in as little as 12 hours.
  • More choice. LoanConnect works with multiple lenders to help you find the best 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 no credit history.
  • Wide loan term range. Loan term is 3-120 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.
  • Personal info required. You’ll be required to input sensitive information online that will be forwarded to the lenders you match with.

Compare other car loans

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
$500
4.90% to 29.90%
12-96 months
300
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
$500
0% to 29.99%
3-96 months
300
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
$7,500
3.99% to 29.95%
12-84 months
300
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
$10,000
Varies
18-84 months
650
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
$7,500
3.99% to 29.95%
12-84 months
300
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
$500
9.90% to 46.96%
3-120 months
550
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
$500
4.90%-29.95%
3-96 months
300
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
$500
1.90% to 19.99%
Up to 72 months
300
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
$5,000
19.99% to 23.99%
36-120 months
560
Established credit history and own your home
Fairstone offers secured personal loans up to $50,000.
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Compare up to 4 providers

How do I apply?

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, proof of ID and relevant documents.
  3. Review and submit your application.
  4. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

What documents do I need to apply for a loan?

  • 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 full 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

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