![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/3-2.png\" "\\"Image:")
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For most Canadians, buying a car is a major expense. According to Autotrader, the median retail price of a new vehicle is just over $55,000, so it\u2019s not surprising that 1 in 10 car buyers plan to get a car loan in 2023.(1)<\/sup> Despite this need for financing, most car buyers are less than positive about the process of finding and financing a vehicle purchase. Less than 1 in 5 consumers (19%) report a less than transparent process(2)<\/sup> which greatly impacted their overall satisfaction.<\/p> To minimize frustration and boost the chance of a positive experience, many Canadians turn to online reviews, customer testimonials, and word-of-mouth to minimize frustration.<\/p> To tap into this powerful and personalized method of brand recognition, we launched the Finder: Car Loans Customer Satisfaction Awards 2023<\/em>. We asked customers for their honest assessment of leading car loan providers and used this feedback to develop a short list of the best car loan providers operating in Canada in 2023.<\/p> The Finder: Car Loans Customer Satisfaction Awards 2023<\/em> winners were determined based on the results of a customer survey that dictated each brand\u2019s overall customer satisfaction score. You can read our full methodology<\/a> below.<\/p> Here are the winners for 2023:<\/p> As an alternative lender, Rifco offers bad credit or no credit car loans through partner dealerships across Canada. Customers who worked with this car loan alternative lender like the simple online application process and the brand\u2019s commitment to finding the right vehicle at a decent rate. Most Rifco customers report an easy, transparent process with exceptional customer service. As a result, this pushed Rifco to the top of our winner\u2019s list with an overall customer satisfaction score of 82.05% and a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of Rifco National Auto Finance<\/a><\/p><\/div><\/div> Two alternative lenders tied for the Finalist position in this year\u2019s Finder: Car Loans Customer Satisfaction Awards,<\/em> with both brands achieving an overall score of 76.55%. For customers of iA Auto Finance, this alternative car loan lender topped the list because of its unique rate-reducing loan. After 12 consecutive months of payments, iA Auto Finance customers qualify for a reduced interest rate \u2014 making this a cost-effective option for car buyers looking to cut costs. Tied for the Finalist spot was Axis Auto Finance. Customers liked the firm\u2019s simple, easy-to-navigate website, the convenience of the online application process and the reliability this lender offered as a stable, reputable lender in the Canadian marketplace. As such, both iA Auto Finance and Axis Auto Finance topped the list with an overall customer satisfaction score of 76.55% and a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of iA Auto Finance<\/a><\/p> Read our review of Axis Auto Finance<\/a><\/p><\/div><\/div> If an electric vehicle (EV) is your priority, then it\u2019s time to check out Carnex. As a digital platform, the aim of Carnex is to help Canadians buy, sell and learn about EVs. As an online marketplace, Carnex works with EV dealers across Canada to find and match buyers with EVs \u2014 plus the company\u2019s pre-qualification loan application doesn\u2019t impact a client\u2019s credit score. Customers praise the firm for its easy, stress-free car loan application process and appreciate the ongoing support and resources that help borrowers manage their vehicle loans. As a result, Carnex scored high for customer service with an overall customer satisfaction score of 86.67% and a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of Carnex<\/a><\/p><\/div><\/div> \u00a0<\/p> Clutch allows Canadians to find, finance and buy their next vehicle completely online. You can browse inventory from the comfort of your home and reserve a car for up to 72 hours while you complete the financing and purchase application. After-sales service doesn\u2019t stop once the car is delivered with Clutch offering a 90 day\/6,000 km return guarantee if you\u2019re unhappy with the vehicle. Customers appreciate the well-laid-out website, the fast and easy loan application process and the friendly customer service. This focus on customer service helped push Clutch to the top of our rankings with an overall customer satisfaction score of 86.25% and a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of Clutch<\/a><\/p><\/div><\/div> BMO Car Loans tops the traditional lender winner\u2019s list in the Finder: Car Loans Customer Satisfaction Awards 2023<\/em>. As one of Canada\u2019s largest banks, BMO offered competitive rates to borrowers with good to excellent credit scores. Unfortunately, BMO announced it would be shutting down its direct-to-consumer car loan business, effective September 15, 2023(3)<\/sup>; however, Canadians can still access BMO car loans through dealership financing. This is good news, given how past customers praise this traditional lender\u2019s competitive rates and relatively simple application process giving BMO an overall customer satisfaction score of 90.77% and a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of BMO<\/a><\/p><\/div><\/div> TD Car Loans provides fixed and variable-rate auto loans to customers across Canada. Customers appreciate the bank\u2019s flexible payment terms and fair rates, as well as the solid reputation the bank brings to the auto loan space. TD\u2019s overall customer satisfaction score was 87.94% with a \u2605\u2605\u2605\u2605\u2605<\/span> rating.<\/p> Read our review of TD<\/a><\/p><\/div><\/div> Studies show that when overwhelmed with choices, consumers will tune out traditional marketing and focus on word-of-mouth recommendations. This is particularly true for higher-value goods and services, such as vehicles.(4)<\/sup> <\/span><\/p> To capture the importance of personal recommendations, Finder created the \u201cMost Recommended\u201d list of car loan providers in Canada. Unlike the overall customer satisfaction score, the only criterion was the percentage of past customers who would recommend the car loan provider to a friend or family member. The highest score went to the top of the list.<\/p> Here are the top 15 most recommended car loan providers in 2023:<\/p>Winners of the car loan customer satisfaction awards 2023<\/h2>
Best Car Loan Alternative Lender<\/h3>
![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/Rifco-winner.png\" "\\"Image:")
<\/p><\/div>Winner<\/h4>
Rifco National Auto Finance<\/h2>
<\/div>![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/13-1.png\" "\\"Image:")
<\/p><\/div>Finalists<\/h4>
iA Auto Finance<\/h2>
and<\/h4>
Axis Auto Finance<\/h2>
<\/div>Best Comparison Platform<\/h3>
![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/Carnex-winner-1.png\" "\\"Image:")
<\/p><\/div>Winner<\/h4>
Carnex<\/h2>
<\/div>![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/Clutch-finalist-1.png\" "\\"Image:")
<\/p><\/div>Finalist<\/h4>
Clutch<\/h2>
<\/div>Best Car Loan Traditional Lender<\/h3><\/div>
![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/BMO-winner.png\" "\\"Image:")
<\/p><\/div>Winner<\/h4>
BMO<\/h2>
<\/div>![\"Customer](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/09\/TD-Finalist.png\" "\\"Image:")
<\/p><\/div>Finalist<\/h4>
TD<\/h2>
<\/div>Top 15 Finder: Most Recommended<\/em> Car Loan Providers in Canada in May 2026<\/h3>
![\"Most](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/08\/FinderAwardsMostRecommended_Finder_446x456.png\" "\\"Image:")
<\/td>![\"Best-Rated:](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/08\/FinderAwardsBestRated_Finder_446x456.png\" "\\"Image:")
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