Best Car Repair Loans in Ontario 2021
Owning a vehicle is pricey. While gas, registration, and insurance make up a significant portion of your costs, repairs are often the most expensive p...
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:
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.
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.
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:
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:
Frequently Asked Questions
What types of vehicles can you buy through Canada Drives?
Will a car loan affect my credit score?
What are the pros and cons of applying with Canada Drives?
Drawbacks
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Car Loan | $500 - $35,000 |
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| Age of majority in your province Permanent Canadian resident |
I had a great team of people who help me out and getting me I car I really love. These guy’s go above and beyond to help me out Canada Drive is a grea... read more
I had the pleasure of meeting Adam from Canada Drives based out of their Kingston office and purchased a Kia Forte without any issues. He made the sal... read more
This is a trusted service provider in Canada.
These guys are legit helped me out when no one else would.
Canada Drives helped me get a new car to drive my kid around, thank you Canada Drives!
I needed a truck and they helped me out, would recommend them.
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Owning a vehicle is pricey. While gas, registration, and insurance make up a significant portion of your costs, repairs are often the most expensive p...
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan.