{"id":867863,"date":"2020-07-16T14:21:43","date_gmt":"2020-07-16T18:21:43","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=867863"},"modified":"2025-04-16T23:37:29","modified_gmt":"2025-04-17T03:37:29","slug":"car-loans-canada-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/car-loans-canada-review","title":{"rendered":"Car Loans Canada review"},"content":{"rendered":"

What is Car Loans Canada?<\/h3>Car Loans Canada is an innovative online platform where, by filling out 1 simple application, you access multiple loan offers across many lenders. Getting pre-approved for financing before shopping for a vehicle means you know exactly how much you can spend on a car and at what interest rate. You\u2019ll then be able to shop for your car through Car Loans Canada with the option to have it delivered straight to your home.
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After you fill out your application, you\u2019ll be contacted by a customer service agent and connected to a list of auto financing providers. Interest rates on your car loan will vary based on your personal financial situation as well as the amount and length of your loan.<\/p>

Is Car Loans Canada legit?<\/h3>

Yes, Car Loans Canada is a legitimate company that has served over 1.6 million Canadians since its founding in 2002. The company is headquartered in Toronto, Ontario. Car Loans Canada is partnered with other big names in the vehicle and credit space like Canadian Black Book, Equifax, BMO and CIBC.<\/p>

What are the benefits of a loan with Car Loans Canada?<\/h3>
  • Fast application.<\/strong> Apply for financing within 2 minutes.<\/li>
  • Top partners.<\/strong> Car Loans Canada works with top names in the automotive and financial industry. This includes major financial institutions like some of Canada\u2019s Big Five banks.<\/li>
  • Flexible payment options.<\/strong> You can choose to make your payments weekly, bi-weekly or monthly, depending on your preferences.<\/li>
  • Open-ended loans.<\/strong> You can pay your loan off in lump sums with no penalty for early repayment.<\/li>
  • Long terms.<\/strong> You\u2019ll be able to lock in a term lasting up to 8 years to help bring your monthly payments down.<\/li>
  • No down payment.<\/strong> It\u2019s possible to get a loan without paying any money out of pocket to secure your vehicle.<\/li>
  • Large inventory.<\/strong> You can select from an extensive inventory of vehicles with Car Loans Canada\u2019s certified approval centres.<\/li>
  • All credit is accepted. <\/strong>You have options even if you have bad credit.<\/li>
  • Bankruptcy is considered.<\/strong> If you\u2019re going through bankruptcy or have experienced it in the last few years, you can still qualify.<\/li>
  • SIN not required for pre-approval.<\/strong> You don\u2019t need to provide your Social Insurance Number to get pre-approved.<\/li><\/ul>

    What to watch out for<\/h3>
    • Only some lenders showcased.<\/strong> You\u2019ll only get quotes from lenders that Car Loans Canada works with, which could lead you to miss out on a good deal elsewhere.<\/li>
    • Fee for cancellation.<\/strong> You won\u2019t be able to cancel your loan without penalty since Car Loans Canada doesn\u2019t offer a cooling-off period.<\/li>
    • Additional fees.<\/strong> You may encounter additional fees and extra costs as you go through the loan process, depending on which provider you go with.<\/li>
    • High rates for bad credit.<\/strong> You could end up paying higher than normal rates for your loan if you have a bad credit score.<\/li>
    • Not available in all of Canada.<\/strong> You won\u2019t be able to use Car Loans Canada in Quebec or the territories.<\/li>
    • No online quotes.<\/strong> You\u2019ll have to speak to a customer service representative over the phone to get a list of quotes for your next car loan.<\/li><\/ul>

      What types of car loans does Car Loans Canada offer?<\/h3>

      There are a number of different types of loans you may be able to qualify for when you apply for financing with Car Loans Canada.<\/p>

      • New car loans.<\/strong> Car Loans Canada can connect you with financing to buy a new car.<\/li>
      • Used car loans.<\/strong> You can usually apply for used car financing through Car Loans Canada as well.<\/li>
      • Bad credit loans.<\/strong> You can apply for financing and get pre-approved for a loan even if your credit isn\u2019t in the best shape.<\/li><\/ul>

        Where can I buy my vehicle once I\u2019m approved?<\/h3>

        Once you\u2019re pre-approved for financing, you\u2019ll have the option to purchase the make and model of the vehicle you want through a Car Loans Canada approval centre. These centres are stocked with a massive inventory of vehicles so you can pick and choose which one makes the most sense for you, without breaking the bank.<\/p>

        How do I qualify for Car Loans Canada?<\/h3>

        The exact eligibility requirements needed to qualify for financing from Car Loans Canada will depend on the partner lender reviewing your application.<\/p>

        That said, car loan lenders typically want borrowers to be the age of the majority in your province or territory, have a minimum monthly income of $2,000 or more and be employed for at least 3 months. You\u2019ll also likely need to have a recurring source of income, a valid Canadian bank account and be a Canadian citizen or permanent residence.<\/p>

        On top of this, you may be required to consent to a credit check and submit the following documents:<\/p>

        • Proof of identity (like a driver\u2019s license or passport)<\/li>
        • Proof of income (like bank statements or recent tax returns)<\/li>
        • Your proof of residence<\/li>
        • Your proof of insurance<\/li><\/ul>

          What provinces is Car Loans Canada available in?<\/h4>Car Loans Canada is available in the following provinces: AB, BC, MB, NB, NL, NS, ON, PE, SK. The financing you\u2019ll get and the lenders available to you will vary by province and you may not be able to access financing in remote areas. That said, most major cities will be covered.<\/div>

          Compare other car loans<\/h3>