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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%
Term24 months to 96 months
Payment FrequencyMonthly or bi-weekly 
FeesNo hidden fees or surprise costs
RepaymentPre-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?

The online application to get pre-approved takes around 2 minutes to complete. You’ll get an email or text within a few hours with your approval terms. Many customers receive their approval details within an hour. 

What kind of repayment options does Canada Drives offer?

Depending on your financial situation you can choose a car loan with terms from 24 months to 96 months. You can also choose to make payments on a monthly or bi-weekly basis, which are automatically debited from your bank account.

Does Canada Drives offer doorstep delivery across Canada?

Currently, doorstep delivery is available in British Columbia and Ontario and should be available to most of Canada by the end of 2022.

What if I don’t want to finance with Canada Drives? 

Canada Drives is extremely flexible with purchasing and financing options. If you see a car you want to finance, you have the choice to do so with Canada Drives or with your own bank. 

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. 

Priyanka Correia, BComm avatar on Loans Canada
Priyanka Correia, BComm

Priyanka Correia is a Marketing Coordinator and personal finance expert at Loans Canada. Priyanka completed her Bachelor's degree in Marketing at Concordia University and has published work that has been mentioned in various news media. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives.

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