Car Loans Canada has been working with Canadians for over 10 years, to help them get behind the wheel of the right vehicle. Their easy to manage online application allows consumers to apply anywhere at any time. Car Loans Canada matches applicants with a network of dealers and lenders so both their financial and vehicle needs will be met. Whether you’re looking for a new or used vehicle and regardless of your credit situation, Car Loans Canada can help.
Unlike most personal credit products, a vehicle-based loan can add up to a relatively large sum of money for the average lender to dish out. Because of that, it may be somewhat harder to qualify for financing if you don’t have outstanding finances and a decent credit score.
Fortunately enough, Car Loans Canada’s approval requirements may be slightly more lenient. In fact, they state that over 50% of their clients are borrowers who have imperfect credit and lower financial health.
Nonetheless, there are a few things that you may need in order to get pre-approved for financing through Car Loans Canada, such as:
You may also have to submit to a credit check and present copies of the following personal/financial documents:
Essentially, the more qualified you are to handle your future payment plan, the more credit and better car loan conditions you can access. Offering a respectable down payment can also go a long way toward reducing the overall cost of your auto loan debt and securing a lower interest rate.
While Car Loans Canada does accept clients who are self-employed or have less-than-perfect credit, the best loan conditions are traditionally earned by having strong finances. If your financial health isn’t stellar, you might also want to contact them to ask if you can offer collateral or get someone to cosign your application.
Similar to many present-day lending networks, Car Loans Canada has a website where prospective customers can apply for financing any day of the week. For more information, you can also contact them by email, telephone, or live web chat (services may vary based on their business hours).
Currently, Car Loans Canada accepts clients from the following provinces:
According to their website, it will only take a few minutes to fill out an application for pre-approval, which will be quickly sent to more than 300 different lenders that they’ve partnered with across the country.
Once you’ve been approved, your funds should be deposited directly into your bank account within one business day, although wait times may be somewhat longer if you apply outside of their designated business hours. They might even be able to set you up with in-house financing options through specific dealerships.
As previously mentioned, Car Loans Canada is less of a traditional lending institution and more of a network that refers drivers to various lenders across the country. They can also provide you with other services, such as insurance packages (through Sonnet) and free credit score monitoring.
However, they do provide a few details about the vehicle loans they can connect you with. Here are a few features these loans may offer up:
You can even enter your down payment amount, as well as the trade-in value of your current vehicle into their loan calculator to get a better price quote.
Remember, Car Loans Canada’s main goal is to refer you to various lending institutions and vehicle financing options throughout the country. As such, the overall cost of your particular loan will vary greatly depending on what type of vehicle you want to buy, how strong your finances are, and what province you live in.
Nonetheless, there are several basic costs that any borrower might be subject to once they’re approved for their car loan, including but not limited to:
Always keep in mind that a car loan is a significant financial responsibility to take on, no matter how much money you borrow or what vehicle you end up buying. So, before you finalize your loan with Car Loans Canada, make sure to get a proper price quote and factor your potential payments into your budget to be certain you can afford them.
After all, the car you purchase can also take a huge toll on your bank account and credit report, especially if you default on too many payments. In fact, going into loan default can result in vehicle repossession and further unmanageable debt problems.
It’s no secret that a car loan of any size can have an impact on your financial health. This is why it’s important to make sure you ask the right questions, both of yourself and your potential lender, before taking on this type of debt.
Choosing the right vehicle to finance is not always a quick or easy process. Actually, a lot of time and research should go into your final decision. During your search, don’t forget to consider these factors:
One good thing about applying with Car Loans Canada is that they can refer you to an auto lender that accepts clients who have bad credit (a credit score of 300-600). Although approval is possible, you’ll be considered a riskier client, especially if you have a history of defaulting on your previous credit products.
So, not only will you receive a hard inquiry on your credit report following the credit check, but lenders will be less likely to approve you for a large loan at an affordable rate. Instead, loans will be smaller, more expensive, and have stricter repayment terms.
That said, any loan payments that you complete will gradually elevate your credit score, as long as you’re working with a lender that reports to at least one of Canada’s major credit bureaus (Equifax or TransUnion).
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
|---|---|---|---|---|---|
Car Loan | $7500 - $59,995 |
|
| Valid drivers license Canadian citizen 18+ years of age Minimum income of $1700 / month Minimum 3 months employed | Valid drivers license (mandatory) Recent pay stubs (on request) T4 / tax filings (on request) |
Yes, thank you so much. Got a car and the loan I needed to buy it.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
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