Canada Drives Reviews, Ratings And Fees May 2021

What Does It Take To Qualify With Canada Drives?

As mentioned, Canada Drives can connect you with vehicle-based financing from various lenders across the country. 

In order to be approved by Canada Drives, you must:

• Be at least the age of majority in your province or territory (18 – 19+)
• Be a permanent Canadian resident
• Possess a valid Canadian driver’s license
• Have a steady source of employment for at least 3 months
• Earn a minimum monthly income of $1,500
• Present a stamped pre-authorized debit form or VOID cheque
• Show proof of your address and active bank account (most recent paychecks and bank statements) 

One of the best benefits of the Canada Drives network is that they accept clients who have bad credit. However, the best way to access good approval chances, large loan amounts, low-interest rates, and decent repayment term conditions is by applying with a solid income, a decent credit score, and strong finances overall.

While it isn’t necessary to put any money down when you apply, offering a solid down payment can also go a long way in helping you secure favourable car loan conditions. After all these requirements have been met, your loan should be deposited as a lump sum directly into your bank account. However, you may also be able to apply for an in-house financing package through one of Canada Drives’ dealership partners.   

How Can Prospective Borrowers Apply With Canada Drives?

Although Canada Drives does have a help centre that you can call toll-free, as well as a head office located in downtown Vancouver, the majority of their business is done through their website, which is where you’ll need to apply. Don’t worry, because the application process is relatively simple and only takes a few minutes to complete. 

Once you’ve submitted your application and gained pre-approval, it shouldn’t take them more than 48-hours to connect you with one of their dealership partners. Depending on which lender you apply with, your loan may even be deposited within the same day and applications can be filled out from anywhere in the country.

What Features Can You Access With a Car Loan Through Canada Drives?

Remember, Canada Drives is technically a credit network, so their main goal is to set you up with an auto loan lender or vehicle dealership in your area. Luckily, they are partnered with over 350 different dealerships country-wide, so finding the right vehicle financing solution won’t be too difficult. 

In addition, you can gain access to all of these helpful features and services:

• Vehicle loans of $500 – $35,000
• Adjustable interest rates of 29.99% – 46.96%
• A variety of credit cards (guaranteed, rewards, low interest, etc.) 
• Freedom to use the Canada Drives Car Loan Calculator
• Flexible repayment terms of 9 – 60 months (longer terms may be possible) 
• The option of making weekly, bi-weekly, or monthly payments
• Possible in-house financing options through certain dealerships

What Costs May Be Included With a Car Loan?

Once again, it’s important to keep in mind that Canada Drives will connect you with one of their third-party auto lenders or dealerships, each of which will have a different way of doing business and approving potential clients. As a result, the overall costs associated with your particular vehicle loan could vary from source to source. 

That said, here are some of the common costs that you may have to factor into your budget once you’re approved for a car loan:

• The loan principal
• Your interest rate 
• Administrative fees
• Loan origination fees
• Defaulting penalties (for late, short, or missed payments) 
• Various dealership fees