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LoanConnect car loan review

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Looking to buy a new vehicle? Compare your lending options to lock in big savings with this innovative online platform.

If you’re looking to purchase a new vehicle but you’re not sure where to find the best deal, you might like to check out LoanConnect. This specialized online lending platform puts all your financing options in one place, so you can compare offers side-by-side and make the best choice for you.

10.00% to 46.96%

Interest Rate

$50,000

Max. Loan Amount

550

Min. Credit Score

Details

Product NameLoanConnect Car Loans
Interest Rate10.00% to 46.96%
Loan Term6-60 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

If you’re looking to purchase a new vehicle but you’re not sure where to find the best deal, you might like to check out a LoanConnect car loan. This specialized online lending platform puts all your financing options in one place, so you can compare offers side-by-side and make the best choice for you.

How does a LoanConnect car loan 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 very straightforward and breaks each provider down by a number of factors. These include how much you’ll pay in interest, the maximum length of your term, the average monthly payments you’ll have to cover and the amount of money you can qualify for. From there, you can choose your favourite provider and apply for a pre-approved loan.

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.

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 process.

Instead of requesting quotes from various providers manually, you’ll get a comprehensive list of providers willing to pre-approve you for a loan. This means that you’ll save time and energy, and get access to the best rates and terms for your loan with one simple click of your mouse.

The only thing you should keep in mind while you’re searching for the best deal is that LoanConnect only advertises the rates of companies they work with. For this reason, it might make sense to go online and request quotes from a few unlisted options to make sure you’re getting the lowest rates.

Pros and cons

Pros

  • Easy application. It’s easy to apply for the loan you want from the comfort of your own home in a matter of minutes.
  • More choice. LoanConnect works with multiple lenders and will match you with as many as possible so you can pick the one that best suits your needs and budget.
  • Free service. LoanConnect is paid by the lenders that offer loans on the site so the service is free of charge.
  • Transparent terms. The online platform is laid out in a way that allows you to clearly see the rates and terms that apply to each loan.
  • High loan amounts. You’ll be able to apply for auto loans up to $50,000 using this user-friendly online platform.
  • Quick deposits. You may be able to get your money deposited in as little as 12 hours once you get approved for a loan.
  • No collateral required. All of the loans listed by LoanConnect are unsecured, so you won’t need to put up an asset or collateral.
  • 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.

Cons

  • Limited providers. You’ll only be able to see the loans on offer from companies that are partnered with LoanConnect, which could mean you get less competitive rates.
  • 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.
  • Fewer options for bad credit. There are typically fewer financing options available for borrowers with bad or no credit.

What do borrowers say about LoanConnect auto loans?

LoanConnect gets mostly positive feedback on user-review sites like TrustSpot and the Better Business Bureau. For the most part, borrowers indicate that they are particularly happy with the high level of customer service offered by the online platform. This includes quick response times, courteous staff and the provision of useful resources.

What should I know before I apply

How to apply

If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow these simple steps.

  1. Use the online application to provide personal information, such as your name, email address, proof of ID and relevant documents.
  2. Review and submit your application.
  3. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

Bottom line

LoanConnect provides a simple and transparent platform to help you get the best deal on your next auto loan. Find out how you can sign up today to begin comparing lenders.

Frequently asked questions

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