Carloans411 Reviews, Ratings And Fees February 2023

Based on 1
Customer Reviews
4950 Yonge St. Suite 2200
Toronto, Ontario
M2N 6K1
  • Monday-Friday 9 am to 11 pm (EST)
  • Saturday-Sunday 9 am to 9 pm (EST)

Who Is Carloans411

Created in 2008, is an online vehicle financing brokerage based in Toronto (ON). After you fill in some basic information and get approved, their customer service department will happily connect you with a local participating auto dealer in your area. Currently, their network has hundreds of dealers and reaches these provinces:

  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Newfoundland & Labrador
  • Nova Scotia
  • Ontario
  • Prince Edward Island  
  • Quebec
  • Saskatchewan 

What Does Car Loans 411 Offer?

While the exact financing options and features available will vary from dealer to dealer, are some other notable features that Car Loans 411 has to offer:


If you own a car and are interested in trading it in for a lower price on your next vehicle, Car Loans 411 can accommodate you. Here, you have the option of using your car as a down payment or opting for reduced monthly payments.      

0% Down Payments 

A down payment can lower your debt and allow you to qualify for a larger car loan with a better rate but you don’t have to put any money down to apply with Car Loans 411. They can help you find car options with $0 down.   

Variety Of Vehicle Types 

After you pass the pre-approval process, a Car Loans 411 agent will connect you with a local car dealer that suits your preferences. The dealer can then guide you through their inventory and assist you in finding the right car.    

Interest Rates

Car Loans 411 is a brokerage, so they don’t really offer financing. The dealer calculates your rate based on things like your credit, finances, and car loan conditions. Rates can also vary according to the loan type: 

  • Precomputed Loan – Here, your dealer would pre-calculate your car loan payments and divide your total interest amount evenly over a fixed term. You can’t make early payments unless you’re willing to pay a penalty fee.  
  • Simple Interest Loan – This is often the cheapest way to finance a car, as you can repay your loan early (penalty-free) and interest is only charged to your unpaid balance, both of which can reduce the final cost of your loan.

How Does Car Loans 411 Work?

Applying for a loan can be long and complicated, especially when a large amount of financing and a valuable asset are involved, as is the case with car loans. Thankfully, getting car financing through Car Loans 411 is relatively simple. All you have to do is:

  1. Submit Your Application – This part is free and can be done entirely online in a few minutes. There are no obligations and you don’t have to enter your SIN. Just don’t forget to prepare your finances, credit and job history for inspection. 
  1. Wait For Approval – After you submit your application, Car Loans 411 will run it through their network and find a suitable partner dealer near you. Then, you just need to pass your dealer’s assessment, which may feature other requirements.
  1. Choose Your Car – If you qualify for a reasonable loan, the last thing to do is pick a vehicle from the auto dealer’s inventory. Some dealers have numerous cars in storage and plenty of different financing plans for any kind of driver. 
  1. Get Driving – If all goes well with the approval and financing process, you may be able to visit your chosen dealer and drive off in your new or used car within 48 hours. Typically, the process is faster if you’re a strong, well-prepared candidate.

Benefits Of Car Loans 411

Here are some of the main things drivers will enjoy about Car Loans 411: 

High Approval Rates 

Car Loans 411 accepts clients from all walks of life, so whether you have bad credit, no credit, a low income or debt problems, they can surely help you find an auto dealer, vehicle and a car loan that fits your situation. 

Speedy Applications

If your application is good, a Car Loans 411 customer representative will contact you a few minutes later to confirm it. Strong applicants may even be able to receive their car loan within the same business day.  

No Fees To Apply

Applying for vehicle financing through Car Loans 411 is free. There are zero hidden fees during the application or pre-approval process. You only have to start paying once you officially agree to take on a car loan. 

Good Customer Service & Security

Car Loans 411 is a longstanding broker network with experienced customer service agents, hundreds of participating auto dealers and reasonable security measures to keep your information safe. 

Flexible Terms

Depending on your eligibility, preferences and dealer, you may get approved for a car loan lasting up to 7 years. If you select a simple-interest loan, you can even get an open-ended term with no prepayment penalties.

No Down Payment Or Cosigner Required

Although making a decent down payment or finding an eligible cosigner can definitely help you qualify for a better car loan and interest rate neither is necessary to apply with Car Loans 411.

How To Apply For Vehicle Financing With Car Loans 411

Applying for a car loan is quick and easy when you do it through Car Loans 411. You don’t have to give away your Social Insurance Number (SIN) or pay any fees to apply and get a quote. Just submit your application online, then wait for a customer service agent to call you and discuss the potential vehicle financing process.

Eligibility Requirements

To complete your application, you must fill in the following information:

  • Full name
  • Email address
  • Phone number
  • Date of birth
  • Residency details (address, postal code, etc.) 
  • Living status & monthly payment (rent, owner, etc.)
  • Employment status & monthly income 

To get approved for vehicle financing with Car Loans 411, you’ll also need:

  • A valid driver’s license 
  • To be over the age of majority in your province (18 or 19+)
  • To be a Canadian citizen or permanent resident
  • To be employed at the same job for at least 3 months
  • A minimum monthly income of $1,600
  • A valid bank account with direct withdrawals (for your loan payments)
  • To pass a regular credit check  

Once you pre-qualify and confirm your desire for a car loan, your service agent will connect you with a local auto lender that works for your lifestyle. You can then browse their inventory, choose your vehicle and begin their separate approval process.

Car Loans 411 FAQs

How long is the Car Loans 411 pre-approval process?

With Car Loans 411, you can apply for auto financing in as little as 3 minutes. If all your information is valid, this will bring you to the pre-approval process, where a customer service agent will call you and connect you with a suitable lender at your request. Note that it may take up to 24 hours to match you with the best local dealership in your area.  

Does Car Loans 411 require a credit check?

Yes, anyone who applies for vehicle financing through Car Loans 411 must agree to a credit check. That’s because looking at your credit score, current debts and payment history are some of the main ways to know if you’re qualified to handle a car loan.

Is Car Loans 411 a lender?

Car Loans 411 is not a lender. This means they don’t provide vehicle financing but will connect you with a reputable dealership.

Where can I buy my vehicle once I get my car loan?

Car Loans 411 is partnered with a wide range of first and second-hand auto dealers in every major province. Some dealers offer home delivery options, others may be right around the corner, so you can visit, take a test drive and get your car in about two days.  

Can I get a car loan with bad credit?

Absolutely, as long as you fill out your application honestly and pass any approval requirements, like having a minimum monthly income of $1,600. If your credit is extremely bad, however, you may need to offer your auto dealer some type of security to get approved for a reasonable car loan (down payment, cosigner, etc.). 

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Auto Loan

Interest Rate
Term (Months)
12 – 72
Funding Time
At least 24 hours
Funding Method
Repayment Options
  • Legal driving age in your province
  • Permanent Canadian resident
  • Employed for at least 3 months
  • Make at least $1,600 a month

Reviews & Ratings

See what others have to say about Carloans411

Got my first car loan ever with Carloans411 and it was a good experience.

- Martin (June 11, 2019)


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