Headquartered in Vancouver, Canada Drives is on a mission to become the most convenient place to buy a car in Canada. Through a state-of-the-art platform, Canada Drives offers Canadians an easy way to purchase a car online with great financing options, total transparency, and no hidden fees.
As a five-time winner of the Deloitte Fast 50 program, Canada Drives is known to be one of the fastest-growing tech companies in Canada. Since the company’s inception in 2010, it has become the largest online car finance company in Canada and has helped more than a million Canadians buy a great vehicle through its easy-to-use platform.
What Services Does Canada Drives Offer?
Canada Drives allows customers to purchase a car 100% online and organize financing online too.
You can search hundreds of cars in Canada Drives’ online showroom, and either pay for your vehicle with a debit card, credit card, or bank draft. You can also choose to finance your purchase—with Canada Drives or through your own bank—at checkout. After that, you simply need to e-sign all the documents necessary to seal the deal. You can have your vehicle delivered straight to your doorstep.
Canada Drives Financing
If you decide to finance your car through Canada Drives, you can get approved for up to $100,000. To find out if you qualify, simply fill out their 2-minute online application form. In order to understand how much you can qualify for, you can choose to get pre-approved before even browsing their vehicle listings. This is a unique feature to Canada Drives as typical dealerships first have you choose a car, new or used, and then check to see if you qualify for financing. This can lead to a disappointing experience if you’re denied financing for a car that you had your heart set on.
When you pre-qualify for financing with Canada Drives, you receive approval terms so you can narrow down your options to what you know you can qualify for, thereby eliminating the risk of getting your application declined.
Benefits Of Canada Drives Financing
There are many benefits to purchasing and financing a car with Canada Drives, including easy applications, fast approvals, and extra perks like doorstep delivery, 7-day money-back return policy, and free 30-day warranty.
Large Selection Of Vehicles
No matter what type of car you’re looking to finance, you’re likely to find one that meets your needs whether it be a sedan, an SUV, a coupe, or anything in between. With over 35 makes and 170 models, Canada Drives inventory of used vehicles is extensive.
Variety Of Payment Methods
Canada Drives has a variety of payment options. You can choose to pay upfront with a credit card, debit card, or bank draft. You can also choose to pay in installments by financing your car purchase through your bank or through Canada Drives.
Fast Pre-Approvals
Find out how much you can qualify for with Canada Drives’ 2-minute pre-approval application. Once you’re pre-approved, you can filter your list of vehicle choices to match your financing qualifications. That way you can shop for your car with confidence.
7-Day Easy Returns Policy
Many car buyers shy away from purchasing a car online because they don’t get to test drive it. Canada Drives wipes away such insecurities with their 7-day ‘love it or return it’ policy. If you are unhappy with your car for any reason (i.e. you changed your mind about the colour), you can return it for a full refund. Canada Drives will even come and pick it up.
Security And Warranty
All of Canada Drives’ vehicles undergo a 150-point vehicle inspection, so you can rest assured that all vehicles are in peak condition. Moreover, they come with a free CARFAX vehicle history report and a free 30-day warranty. You can also opt for their more comprehensive warranty packages (24 and 48 months) if you want more protection.
Trade-In
You can trade-in your current car to reduce the amount of money you owe on your new car. Simply choose the option when checking out and you’ll get a personalized offer based on market values immediately.
$0 Down Payment
If you’re looking for a zero-down financing option, then you’ve come to the right place. Canada Drives lets you buy a car with zero down payment, making it easier to buy a vehicle sooner than later.
Canada Drives Financing Costs
If you decide to finance your car, there are a few factors to consider when calculating your monthly payments. In general, there are three main variables to take into account:
Interest Rates
Depending on your financial health, rates can vary between 3.99% to 19.9%. The higher rate you get the more expensive your loan will be. Increasing your income stream, paying down debt and building your credit score are just a few general ways that can help you qualify for a lower rate.
Fees
Loan origination, administrative fees, NSF fees, and other miscellaneous fees are a concern for many Canadians. But with Canada Drives, there are fewer fees to worry about because of its online-only business model. With no brick-and-mortar stores to fund, savings get passed on to the customer.
Term Length
Canada Drives offers term lengths between 24 months and 96 months. Those looking for lower monthly payments can opt for longer terms, while those who want to pay off their car loan quickly can choose a short term. However, it’s important to note that while longer terms can make payments more affordable, you will ultimately be paying more for the car in the long run. In general, the longer your loan term, the more interest you’ll pay over the course of the loan. The shorter your loan term, the less interest you’ll ultimately pay.
Canada Drives Financing Overview
| Amount | $5,000 to $100,000 |
| Interest | 3.99% – 19.9% |
| Term | 24 months to 96 months |
| Payment Frequency | Monthly or bi-weekly |
| Fees | No hidden fees or surprise costs |
| Repayment | Pre-authorized debit |
How Do You Apply For Canada Drives Financing?
To apply with Canada Drives, you simply have to fill out their online application form. It can take as little as 2 minutes to complete. At checkout, you can also add warranty protection, book home delivery, and get an instant offer for your trade-in.
Documents Required For Canada Drives Financing
To apply for Canada Drives financing you’ll need to provide certain documents to complete the process. This includes:
- A driver’s license
- Paystubs, bank statements or other documents that can show proof of Income.
- Banking Details (Connect online or upload a void cheque)
Canada Drives Financing FAQs
How long does it take to get pre-approved?
What kind of repayment options does Canada Drives offer?
Does Canada Drives offer doorstep delivery across Canada?
What if I don’t want to finance with Canada Drives?
Should You Choose Canada Drives?
Canada Drives is a great choice if you’re looking for a convenient and no-pressure environment to purchase your next vehicle. Save both time and money with their fast applications, easy approvals and great terms.
