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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 Drives

Finanso.Multilogin™

About lender

Canada Drives Ltd. is a financial technology company that offers 100% online services for British Columbia and Ontario customers. The company was founded in 2010 in Vancouver, British Columbia, under the leadership of Cody Green.

Canada Drives' mission is to help Canadians get approved for auto financing online. For years the service has experienced tremendous growth by enabling millions of customers to enjoy auto purchasing online.

Features

  • The company has the "7-day love it or return it money-back" guarantee policy, which gives the customers a chance to use the vehicle and experience it for seven days to see if it is worth the money.

  • Canada Drives' mission is to ensure it offers a 100% online car shop with such an advantage as same-day delivery.

  • The price of the cars the clients see is what they really pay.

  • There are no hidden fees or other costs on vehicles, which might require the clients to add some additional money once they decide to purchase a car.

  • The customers can choose a payment method and schedule.

  • The ability to pay auto financing in full while waiting for the car delivery or pay partially and complete the rest of the payment once the vehicle has been delivered.

  • No more trips to banks, as Canada Drives provides auto financing for a current vehicle entirely online, and all contracts are reviewed and signed electronically. The purchasing process has been made easy and user-friendly for all the company's website users.

  • Using the service of Canada Drives, Canadians can be sure of their safety; this is done by conducting a 150 Point Safety Inspection on all cars before they are let out into the public.

  • Once you get auto financing at Canada Drives, the vehicle is handled with great care by loading it into a custom enclosed trailer which is then brought to you wherever you are in Canada.

  • Exceptional customer service where clients can get a professional response to any question.

Advantages

  • Delivery at the doorstep. Canada Drives offers same-day delivery of the car to your house or wherever you wish it to be delivered.

  • If you are looking to trade in your next car, the service offers to trade in with Canada Drives to reduce the price of your new vehicle.

  • The company offers brand new cars a 30-day/1,500 km warranty, which can be upgraded to a 24-month or a 48-month warranty package.

  • Canada Drives came up with the pre-approved feature that allows customers to purchase vehicles despite their financial capability. In addition, it will ensure the payment option is tailored to match specific financial circumstances.

Loan terms

Amount: up to $100,000

Interest rate: 3.99% - 19.9%

Term: 24-96 months

Company documents

Privacy Policy
General Terms of Service
Website Terms of Use

Our mission is to be the easiest place to buy and sell your car in Canada.

Canada Drive

Financial products

Canada Drives
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 19.9%
Term
i

Loan term for the financial product

up to 96 months

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650
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$10,000 - $2,500,000
Rate
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Effective interest rate on the product

starting from 1.05%
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Loan term for the financial product

up to 30 years

Calculate loan payments in Canada Drives

Canada Drives 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
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Specify the loan term for the calculation

months
days
24
96

What to pay attention to when applying for a loan from Canada Drives

  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 Drives 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 Canada Drives’s reviews by August 2022
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