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Rating by Finanso®

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's pay off


Repayment of loan

You can decide whether to repay the loan with one installment or with timely monthly payments. Either way, timely auto financing repaying will preserve your credit score. You also may decide to set up a pre-authorized payment where money will be transferred directly from your account to the lender's account on each agreed date of the month.

Loan extension

Canada Drives allows its customers to extend loans over a long time. For that, you need to call the Help Centre toll-free phone 1-888-877-2898 or send a request at the special form on the official website and discuss the possible arrangements. However, as much as this could give you a monthly rate that you are comfortable with, it will raise the interest.

Early repayment

It is quite possible if you would like to pay off the loan earlier than the estimated time. Canada Drives allows the borrowers to add some cash on the loan's regular monthly payment or settle the loan once and for all.

You may also consider refinancing the current vehicle via the company's website.


Debt collection methods

Canada Drives always issues a constant reminder to ensure that paying your loan does not escape your mind when the time comes. However, if it has been 150 days since your last payment and there is no communication, the lender will send your debt to a collection agency.

How can I find out the remaining balance?

  1. Visit Canada Drives official website;

  2. Log into your account;

  3. Enter your car loan details;

  4. Check your loan status, which will include the remaining balance.

You can also contact Canada Drives Help Centre and ask about the remaining loan balance.

What to do if the payment has failed?

If the payment has failed, it could be a minor technical issue that could be solved within minutes. However, it could also be coming from the bank's end. If you have encountered this issue, make a phone call to 1-888-877-2898 and speak to one of Canada Drives agents.

What to do if I missed the payment?

The most important thing to do if you have missed a loan payment is to call Help Centre at 1-888-877-2898, and ensure to make an installment asap to avoid additional penalty charges that might affect the credit score.

Is it possible to arrange a loan restructuring?

When you are going through financial difficulties and you would like Canada Drives Ltd. to make the loan payment terms more manageable, consider entering into a consumer proposal with the company. This feature will give you an option of restructuring the existing debt. You can find more details on the official website of Canada Drives.

Calculate loan payments in Canada Drives

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

Loan amount

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Loan term

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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 September 2022
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