Headquartered in Vancouver, Canada Drives is on a mission to become the most convenient place to get pre-approved for auto financing in Canada. Through a state-of-the-art platform, Canada Drives offers Canadians an easy way to complete an auto loan application with great financing options. You can also use Canada Drives to sell your car, allowing you to avoid the hassle of private selling.
Key Points
- Canada Drives allows you to quickly get pre-approved for auto financing.
- Get connected to a local car dealership to find a vehicle that matches your budget.
- If you have a car that you want to get rid of, you can either trade it in or sell it directly to Canada Drives without the trouble of having to find and deal with a private buyer.
What Services Does Canada Drives Offer?
Canada Drives offers the following services:
Auto Financing
Canada Drives helps car buyers get pre-approved for auto financing before selecting a vehicle, ensuring that buyers understand their budget and loan terms before shopping for a vehicle.
It only takes a few minutes to fill out Canada Drive’s online application form. Simply provide a few pieces of information about your financial situation, and you can get pre-approved for a certain loan amount.
Armed with this information, you can narrow down your options so you know what you can qualify for, thereby eliminating the risk of getting your application declined.
Sell Your Car
If you’re looking to sell your vehicle, you can receive instant online offers by providing details about your car. You can then sell your car directly to Canada Drives, making this a safe and convenient alternative to private sales.
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
The interest rate you’re offered depends on your credit score and financial health, and can range quite a bit from 3.99 to 19.9%. New cars tend to come with lower financing rates, while used car financing rates tend to be higher.
The higher the 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
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 works with a wide network of lenders and dealerships across the country, who offer a variety of term lengths. If you’re looking for lower monthly payments, consider opting for longer terms. On the other hand, if you can afford slightly higher monthly payments and want to pay off your car loan quickly, consider a shorter term.
Canada Drives term lengths range from 24 to 96 months. Ultimately, 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 $75,000 |
| 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. Once you’re pre-approved, Canada Drives will connect you with a local dealer to help you find a car that you can afford.
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)
Final Thoughts
Canada Drives simplifies the car financing and selling process by offering a fully online, convenient, and hassle-free experience. Canada Drives is great for both car buyers and sellers looking for an innovative and convenient way to finance or sell a vehicle in Canada.
