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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Auto Loan Solutions

Finanso.Multilogin™

About lender

Auto Loan Solutions is one of the oldest Canadian lending companies that provide customers with loans for vehicle purchases. The company was founded in 1959 and now has thousands of satisfied clients. Its mission is to simplify the vehicle purchase process for Canadian citizens. Customers can contact the company via email or phone or by visiting their office. This company cooperates with over two dozen auto dealerships that provide various new and used vehicles. Auto Loan Solutions has access to more than 5,000 vehicles of different models and types, new and used ones, so that customers can find the most suitable car for them according to their preferences and financial position.

Features

Auto Loan Solutions claims to be Ontario's largest specialty auto loan company.

The company deals with customers who want to purchase vehicles connecting them with 26 auto dealers so that they choose the most suitable car. In addition, Auto Loan Solutions provides loans for new vehicle purchases and lets customers choose used ones if necessary as it is usually cheaper. Moreover, the company has adopted a 30-day exchange policy, which means if a customer is unsatisfied with their new vehicle, they can ask the company to help them find a more suitable one.

Auto Loan Solutions doesn’t decline applications of customers with bad credit. Whether good credit, bad credit, poor credit, consumer proposal, military loans, or bankruptcy, customers can apply online and still may be approved. Moreover, this company can help you establish your credit.

The borrowable loan amount is not limited and depends only on a customer's credit.

Also, the company offers zero downpayment options for qualified applications. The customer’s present credit situation will determine the need for a down payment. Prime buyers with good credit qualify for zero down financing. Subprime buyers in Ontario generally should have at least $500 or 5% down, and what is more, trade-ins count as a down payment. The interest rate charged by Auto Loan Solutions varies between 0% and 29,5% and depends on the credit score.

Pros and cons

However, customers would find it helpful to look through Auto Loan Solutions' advantages and setbacks.

Pros

  • The company provides services that simplify the process of a vehicle purchase;

  • Clients with good credit, bad credit, poor credit, consumer proposal, military loans, or bankruptcy still can be approved;

  • The company has a 30-day exchange policy that allows clients to change their vehicle if they are not satisfied with it;

  • Auto Loan Solutions deals with more than 20 auto dealerships so that clients can choose the most suitable vehicle;

  • The company lets customers choose new or used vehicles;

  • Trade-in can be considered as a downpayment;

  • The application is quick, and funds can be received within 24 hours;

  • The company doesn’t share customers’ data with anybody.

Cons

  • The downpayment is obligatory for clients with a low credit score;

  • Customers with credit scores lower than 629 will have higher interest rates;

  • The company provides loans only for vehicle purchases;

  • The website of the company is poorly crafted as much of the text is covered with the application widget;

  • The company operates only in Ontario.

As we can see, Auto Loan Solutions has many advantages, such as a 30-day exchange policy. Also, they let customers take new or used vehicles and approve clients with bad credit. Also, customers with bankruptcy and consumer proposals can apply.

On the other hand, there are several disadvantages. For instance, they do not operate across the whole country, only in Ontario.

Loan conditions

To start the application process, a customer must fill out the online pre-approval form on the company’s website. They will need to mention several pieces of personal data like name and surname, address, income amount, etc. After that, they will be approached by one of the company’s operators to receive a response and determine the amount they are approved for.

The client needs to meet some basic requirements to be approved by Auto Loan Solutions. They must be at least 18 years old, have a valid Ontario driver's License or a co-signer with one, have a gross monthly income of $2,200 before monthly taxes (minimum), and at least three months on the job to qualify for a car loan.

A credit score above 630 entitles customers to a 9.99% and a lower interest rate. A score between 300 and 629 increases the rate to 10%-29.5% depending on customers’ scores and present personal circumstances such as owning a home and time at the current position. The borrowable amount directly depends on a customer’s credit.

Methods of loan funding

As soon as customers are done with the application, approved, and have the vehicle chosen, the dealer will be informed about their choice, and Auto Loan Solutions will deliver the car directly to them.

FAQ

What is Auto Loan Solutions?

Auto Loan Solutions is a Canadian company that offers loans to purchase vehicles. Clients can choose used or new cars. In addition, the company can approve customers with bad or poor credit or bankruptcies.    

Who owns Auto Loan Solutions?

According to BBB, Mr. Devon Mullen is the owner of Auto Loan Solutions.

How do you qualify for Auto Loan Solutions?

To qualify for the loan, a customer needs to be at least 18 years old; have a valid Ontario Drivers License or a co-signor with one; have a gross monthly income of $2,200 per month before taxes (minimum) and at least three months on the job to qualify for a car loan. 

How much can you borrow from Auto Loan Solutions?

The amount to borrow is not limited but depends on the customer’s credit score.

Is it a legitimate company?

This is a legitimate company registered under the trademark Autoloan Solutions Ltd. Its official address is 3200 Bloor Street West Toronto, ON M8X 1E1. However, it is not accredited by BBB, but according to reviews from Trustpilot and Facebook, most customers are satisfied.

Company documents

Terms & Conditions
Privacy Policy

At Auto Loan Solutions, our number one priority is to provide you with safe reliable transportation and most importantly assist you in establishing and/or re-establishing your credit. 

© Auto Loan Solutions

Financial products

Auto Loan Solutions
Auto Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
set by the dealer
Rate
i

Effective interest rate on the product

0% - 29.5%
Term
i

Loan term for the financial product

set by the dealer

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Calculate loan payments at Auto Loan Solutions

With Auto Loan Solutions calculator you can calculate an approximate payment schedule for the loan

Auto Loan Solutions calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 18.08.2022
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What to pay attention to when applying for a loan from Auto Loan Solutions

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Auto Loan Solutions from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Auto Loan Solutions’s reviews by August 2022
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