{"id":897543,"date":"2021-01-20T09:56:12","date_gmt":"2021-01-20T14:56:12","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=897543"},"modified":"2025-05-22T15:16:22","modified_gmt":"2025-05-22T19:16:22","slug":"canada-drives-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/canada-drives-review","title":{"rendered":"Canada Drives review"},"content":{"rendered":"
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\nMust read: <\/span>Best car loans in Canada<\/a>\n<\/div>\n<\/article>

What is Canada Drives?<\/h3>

Canada Drives is an online auto financing platform that allows you to fill out one application to get matched with financing pre-approval offers. Once you know the loan amount you qualify for, Canada Drives will connect you with a local dealership, which will show you a selection of cars that fit your budget.<\/p>

Is Canada Drives legit?<\/h3>

Yes, Canada Drives is a legitimate car lending platform. The company was established in 2010. Canada Drives placed 186th on the Globe and Mail\u2019s 2020 Report on Business ranking of Canada\u2019s Top Growing Companies, which is based on 3-year revenue growth. You can also find it on social media platforms including Twitter, Facebook and Instagram.<\/p>

Summary of Canada Drives car loans<\/h3>
Feature<\/th>Details<\/th><\/tr><\/thead>
Loan amount<\/td>$5,000 \u2013 $75,000<\/td><\/tr>
Loan term<\/td>12 - 96 months<\/td><\/tr>
Interest rate<\/td>Varies<\/td><\/tr>
Accepts trade-ins<\/td>Yes<\/td><\/tr>
Serviced provinces<\/td>All provinces<\/td><\/tr>
Eligibility requirements<\/td>
  • Be a Canadian resident and of the age of majority in your province<\/li>
  • Have a valid Canadian address and an active bank account<\/li>
  • Have a valid driver\u2019s licence<\/li>
  • Have a steady income typically of at least $1,800 a month<\/li><\/ul><\/td><\/tr><\/tbody><\/table>

    What we like about Canada Drives<\/h3>
    • Easy, secure online application.<\/strong> Fill out a simple online application and get pre-approved for a car loan within minutes so you know exactly how much you have available to shop for a car.<\/li>
    • Trade-ins accepted.<\/strong> If you have a vehicle you\u2019d like to trade in, it can be applied as credit towards your next purchase.<\/li>
    • Financing for all credit types.<\/strong> Don\u2019t shy away from applying for a car loan with Canada Drives. It says it welcomes borrowers with bad credit or no credit at all.<\/li>
    • Large network of dealerships.<\/strong> Count on Canada Drives to connect you with a Canada-wide network of partner dealerships where you can shop from a variety of vehicle makes and models.<\/li><\/ul>

      What to watch out for<\/h3>
      • Limited to partner dealerships.<\/b> You\u2019ll be limited to choosing a car from one of Canada Drives\u2019 partner dealerships.<\/li>
      • Longer wait times for dealerships.<\/strong> You may have to wait anywhere from 24 to 48 hours for your local dealership to connect with you after you receive pre-approval.<\/li>
      • High bad credit car loan interest rates.<\/strong> While Canada Drives offers financing for bad credit borrowers, you\u2019ll likely be charged a higher APR.<\/li><\/ul>

        Compare other car loans<\/h3>