Canada Auto Finance Reviews, Ratings And Fees January 2023

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Who Is Canada Auto Finance

Canada Auto Finance is a hassle-free car financing and auto loan provider. Whether you want a car, truck, SUV, or minivan, Canda Auto Finance has an offer that will likely meet your needs. They understand that when you have bad credit or are struggling financially, it can be very hard to obtain a loan from traditional banks. So, they work hard to provide you with auto financing options that cater to each individual’s financial circumstances. Moreover, their application is designed to be fast, easy, and hassle-free. 

How Does Canada Auto Finance Work? is partnered with a vast network of leading finance auto dealers from coast-to-coast. Each of their affiliated auto dealerships has a sizable inventory of vehicles and is ready to help you with whatever resources or expertise you need in order to find the best deals possible on car loans in your region. 

All auto loans are processed and used for purchasing vehicles through their local participating dealers. The approval process is easy and only involves 3 basic steps: 

  1. Apply – When applying for a car loan through Canada Auto Finance, there are several eligibility requirements that you must pass for approval, like having a minimum gross monthly income of $1,500 if your credit score is lower than 625.
  1. Get Approved – After you pass the minimum requirements, you’ll be contacted by one of Canada Auto Finance’s local lenders, who can pre-approve you for a suitable car loan. Keep in mind that this could involve another approval process.
  1. Choose Your Car – Once approved, the final step is to pick a vehicle based on the type of financing you qualify for. Be sure to choose something affordable and reliable, that comes with a good interest rate, as well as a flexible payment plan. 

Benefits Of Working With Canada Auto Finance

Before you apply for any kind of auto financing, it’s best to weigh the pros and cons. For example, getting your car loan through Canada Auto Finance offers up these benefits:

They Accept Bad Credit

While approval requirements may vary from lender to lender, one of the most positive things about Canada Auto Finance is that drivers with credit scores under 600 can qualify, if they meet the minimum income limit. 

Fast Approvals

If you qualify for financing, you may be approved for a car loan of up to $45,000 in as little as 30 seconds. On the same day, you’ll also receive a call from a lender to arrange the pre-approval process through a local dealership.

Low Requirements

Qualifying with Canada Auto Finance is easy compared to many other car financing brokerages. No co-signer, S.I.N., down payment, or extra fees are required to apply. Even drivers with no credit can get approved. 

Large Network & Inventory

Not only does Canada Auto Finance serve clients in every province and territory, but they also have a huge network of dealers and lenders, which means there could be thousands of different vehicles to choose from.

What Does It Cost To Get A Car Loan Through Canada Auto Finance?

When buying a car, it’s important to get an accurate idea of what it could cost you over time, especially once you add fuel, insurance and repairs to the mix. For instance, the cost of a Canada Auto Finance car loan can vary based on several factors, including:

  • Principal/Loan Amount – The largest portion of a car’s cost is its sales price. As mentioned, Canada Auto Finance can help you access loans of up to $45,000. 
  • Interest Rate – This network offers rates of 4.90% – 29.95%, which vary according to your car’s year, the size of your down payment, how good your credit is and other factors. 
  • Down Payment – A down payment isn’t mandatory but may be beneficial when applying. Normally, a down payment of at least 20% will give you the best results.    
  • Fees – There could be many fees associated with the financing and dealership process, such as service fees, vehicle preparation fees and documentation fees. 
  • Term Length – It’s also essential to think about how long you could be in debt for. Some car loans can take years to pay off and the lengthier your term is, the more interest you’ll pay.

Canada Auto Finance Car Loan Requirements

Although the approval process can be relatively quick and easy, you must meet a number of requirements to qualify for a car loan with Canada Auto Finance, like:


Before they’ll approve you, most lenders want you to be steadily employed at the same job for at least 3 months (i.e. past any probation periods). Additionally, your income should be enough to cover your car loan payments


If your credit score is below 625, you need a minimum monthly income of $1,500 too. However, if you don’t earn enough traditional income, some lenders will accept other types, like government benefits (disability, alimony, etc.). 

Age & Driver’s License

Like most financing sources, Canada Auto Finance won’t approve you for any type of car loan unless you have a valid driver’s license and are past the age of majority in your province or territory (18 – 19+). 

Address & Bank Account

To apply, you must also be a Canadian resident and have a bank account with direct deposit. While other methods may be accepted, the simplest way to make payments is generally by automatic monthly debits.

Bankruptcies & Repossessions

With Canada Auto Finance, prior debt problems are acceptable but you need to be discharged from all bankruptcies and not have any car repossessions on your record within the last year to qualify.   

Extra Security

Though none of these are required, you may have an easier time qualifying if you offer your lender a down payment, an asset to secure the loan or a strong cosigner (particularly if you have bad credit or a low income).

How To Apply For A Car Loan With Canada Auto Finance

Another easy thing about Canada Auto Finance is their pre-qualification process, which can be done online in just a few minutes. The application is broken down into 3 parts:

Personal & Residential Information

Remember, you must be a Canadian resident over the age of majority to apply for a car loan with Canada Auto Finance. Personal and residential details you’ll have to fill in are:

  • Full name
  • Email address
  • Primary phone number
  • Date of birth
  • Street address
  • City
  • Province
  • Residence type 
  • Time at address 
  • Monthly payment (rent/mortgage amount)

Employment Information

A minimum monthly income of $1,500 is passable but having a full-time job and a larger income can help you qualify for a better car loan and interest rate. For that reason, you’ll need to enter these other details when you apply with Canada Auto Finance:

  • Employer name
  • Occupation (job title) 
  • Work phone number
  • Employment type
  • Time with employer
  • Monthly income

Authorization & Certification

Once you’ve entered all the required information, the last steps are to read the general conditions of your application, check off any permissions and submit your loan request. 

By completing this portion, you’re giving Canada Auto Finance consent to examine your personal and financial profiles, as well as share your information with participating dealers in their network. Here, you can also add a co-signer or co-buyer and choose to accept promotional communications.

Canada Auto Finance FAQs

Does Canada Auto Finance accept drivers who have bad credit?

Yes, bad credit (a credit score of 300 – 600) is acceptable when you apply for a car loan with Canada Auto Finance. However, this can result in higher interest rates for smaller loans with shorter repayment terms because you could be seen as a higher-risk client.

Can I get a car loan through Canada Auto Finance if I’ve declared bankruptcy?

Yes, as long as you’ve been discharged (i.e. finished your bankruptcy duties). A recent bankruptcy means you’ve dealt with debt problems and are a more risky client, which can lead to high rates and less appealing car loans.  

What types of vehicles can I finance through Canada Auto Finance?

If you qualify for a car loan that you’re comfortable with, you can pick from any sedan, SUV, truck or minivan that you can find through the Canada Auto Finance dealership network. That said, there are several financing options they don’t support, including: 
  • Financing for motorcycles
  • Financing for private purchases
  • Refinancing for current loans
  • Financing through non-network dealers

Looking To Finance A Car?

Then Canada Auto Finance might be the perfect dealership network for you. No matter what type of vehicle you’re trying to get a loan for, they should be able to help you find a make and model that suits your lifestyle and budget.     


Offered Services

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Loan Range
Rate & Terms
Product Details
Requirements & Documents

Auto Loans

$5000 -  $45,000
Interest Rate
4.90 % - 29.95% APR
Term (Months)
36 - 72 
Funding Time
24+ hours
Funding Method
Repayment Options
Must be a Canadian Resident Must be 18+ years old Must have a monthly income of at least $1,500, if the applicant's credit score is less than 625 Applicants with bankruptcies must be discharged. Must have had no repossessions in the last year  

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