Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия
Україна
Lender
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.

Canada Car Loans

Finanso.Multilogin™

About lender

Canada Car Loans was founded in 2009. The company cooperates with an impressive number of certified financial lending partners and an extensive network of dealers in every Canadian region, allowing it to provide its clients with competitive auto loans. Canada Car Loans states that it prides itself on being a brand built on consumer trust.

By now, about one million Canadians have trusted Canada Car Loans. However, the company understands that everyone's circumstances are different. The lender works with customers with excellent credit history and those burdened with a less than perfect credit score or bankruptcy. Canada Car Loans considers every applicant and has a 99% approval rate.

Features

The company is positioning itself as a one-stop shop for automotive financing. With a wide range of models available, the company could get every customer the vehicle he needs.

The company works with public and private Canadian lenders to ensure its clients get the best financing rates.

As an additional plus, there are the following factors:

  1. It is an entirely free Canadian service

  2. Its interest rates start as low as 3.49%.

  3. The company offers a rapid turnaround – it has a simple application form that can be filled out within two minutes.

  4. The company's experts are doing all the hard work for its clients, saving their time and headaches. The company matches the customers’ requirements with the best possible car loan options from multiple lenders, ensuring that the customers’ interest rate is competitive while offering various flexible repayment options.

In addition, Canada Car Loans also offers insurance, leasing, and warranty.

The Safety of customers’ personal and financial information is essential to Canada Car Loans; due to this fact, the company is safeguarding the information with the following means:

  • Its website offers 256-bit SSL encryption, McAfee security, and various site scanning technologies and tracking metrics.

  • It adopts appropriate data collection, storage, processing practices, and security measures to protect against unauthorized access, alteration, disclosure, or destruction of the personal information, username, password, transaction information, and data stored on our Site.

The list of the company’s lender partners comprises the following companies: CIBC, Carfinco, Eden Park, General Bank, iA Auto Finance, National bank of Canada, Source One, RBC, BMO, TD, AC, Desjardins, Scotia Bank.

Pros and cons

An overview of the company’s strong and weak sides could help make a balanced decision about whether to use its services.

Pros

  • An extensive network of dealerships in every region in Canada.

  • A large panel of lenders offers rates individually tailored to each request.

  • The company offers loans in all regions of Canada.

  • The company serves clients even with poor credit: missed payments, bad credit, bankruptcy, double bankruptcy status, or no credit history at all.

  • The company has a 99% approval rate.

Cons

  • Even approving requests for customers with bad credit Canada Car Loans still performs credit checks on its customers. Furthermore, credit checks are not limited to one inquiry per customer.

  • The customer must be a permanent resident in Canada.

  • The customer must have a valid driver’s license.

  • The customer must earn at least $1,500 before taxes.

  • The customer must have been earning his income for at least three months.

  • The customer must have no repossession in the last year.

Loan conditions

While Canada Car Loans doesn’t disclose which documents the customer will need for the application, these documents are typically required to verify the identity and financial information:

  • Proof of identity via a valid driver’s license and other forms of government-issued ID.

  • Employment and income verification via pay stubs, bank statements, CRA notice of assessments, or benefits letters.

  • A void cheque or direct deposit form for the bank account the customer wants his car payments to come from.

  • A copy of the customer’s car insurance faxed or emailed to his dealer.

  • The customer should also be a Canadian citizen and be of legal age.

Methods of loan funding

Customers’ requests processing is fully automatized. After the approval procedure is done, the customer is typically funded within 24-48 hours.

There is no specific information regarding the way of customers’ funding. Usually, the financing of the customer in most lending companies happens via direct deposit on the customer's bank account.

FAQ

What is Canada Car Loans?

Canada Car Loans is a financial services company with a wide range of certified lending partners and an extensive network of dealers in every Canadian region that allows it to provide its clients with competitive vehicle loans. In addition, the company offers an easy, quick, and trusted way to get funded.

Who owns Canada Car Loans?

On August the 25th, 2021, Canada Car Loans was acquired by John and Ben Smith – Fairley & Stevens Ford company owners.

How do you qualify for Canada Car Loans?

To qualify for Canada Car Loans, the customer needs to correspond to the following requirements:

  • Must be the age of the majority in the province of residence.

  • Must be a permanent resident in Canada.

  • Must have a valid driver’s license.

  • Must earn at least $1,500 before taxes.

  • Must have been making his income for at least three months.

  • Must have no repossession in the last year.

How much can you borrow from Canada Car Loans?

The loan size depends on the car's market price the potential borrower is interested in.

Is it a legitimate company?

The company corresponds to all the requirements for such financial institutions and seems entirely legitimate. The company’s website states that over 1 million Canadians trust Canada Car Loans. In addition, the company has processed over 250,000 loan requests.

The company has an extensive dealer chain around Canada and a wide range of well-known Canadian lenders serving its clients. Currently,t Canada Car Loans is owned by a reputable company called Fairley & Stevens Ford.

Company documents

Privacy Policy
Terms of use

Canada Car Loans has streamlined vehicle financing for consumers, making it easier than ever to get you on the road!

© Canada Car Loans

Financial products

Canada Car Loans
Car 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
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 34.99%
Term
i

Loan term for the financial product

up to 60 months

Similar products

Scotiabank
Scotia Plan® 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
Goeasy
Easyhome 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
$500 - $20,000
Rate
i

Effective interest rate on the product

29,99% - 46,96%
Term
i

Loan term for the financial product

24 - 240 months
Goeasy
Easyfinancial 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
$500 - $75,000
Rate
i

Effective interest rate on the product

APR 9.99% - 46.96%
Term
i

Loan term for the financial product

24 - 240 months
Kingcash
Cash 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
$500 - $750
Rate
i

Effective interest rate on the product

APR 22%
Term
i

Loan term for the financial product

up to 120 days
Leap Financial
Home Equity 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
$10,000 - $2,500,000
Rate
i

Effective interest rate on the product

4.95% - 12.99%
Term
i

Loan term for the financial product

up to 30 years
Leap Financial
Mortgage 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
$10,000 - $2,500,000
Rate
i

Effective interest rate on the product

starting from 1.05%
Term
i

Loan term for the financial product

up to 30 years

Calculate loan payments in Canada Car Loans

Canada Car Loans calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
5000 $
100000 $
Loan term
i

Specify the loan term for the calculation

months
days
12
60

What to pay attention to when applying for a loan from Canada Car Loans

  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 Canada Car Loans 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.
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Canada Car Loans’s reviews by August 2022
Leave feedback

Similar companies

Goeasy
33 City Centre Dr #510, Mississauga, ON L5B 2N5
1 844 446 3279
Kingcash
TD Canada Trust Tower, 161 Bay St. 27th Floor, Toronto, ON M5J 2S1
1-844-895-8808
Auto Loan Solutions
3200 Bloor Street West Toronto, ON M8X 1E1
1-800-610-2391
Driven
License No. 6482091
130 Adelaide St W, Suite 3100, Toronto, Ontario, Canada, M5H 3P5.
1-866-889-9412
Symple Loans
161 Bay Street, Suite 2700 Toronto, ON, M5J 2S1
1-888-479-2292