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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.

Car Loans Canada


About lender

Car Loans Canada is an online auto financing platform aimed at helping customers find a car loan that will work best for them.

Car Loans Canada is a car loan comparison platform connecting borrowers with optimal financing solutions. While the platform doesn’t provide auto financing directly, it matches borrowers with the car loan products that are right for them—the company partners with a vast network of top-rated dealerships and lenders across Canada.

Car Loans Canada helps customers avoid the hassle of visiting various dealers and lenders to find the best financing deal. Instead, based on your objectives and financial situation, the platform will match you with a lender that can offer you the best loan conditions.

Founded in 2002, Car Loans Canada has served 1.6 M Canadians already. Currently, the platform is available in the following Canadian provinces:

  • Alberta

  • British Columbia

  • Manitoba

  • New Brunswick

  • Newfoundland & Labrador

  • Nova Scotia

  • Ontario

  • Prince Edward Island

  • Saskatchewan

Pros and cons

Why are so many Canadians choosing in favor of Car Loans Canada? Here are the main pros of getting a car loan through this platform:

  • Access to various financing options — the platform connects you with different dealerships and lenders to find the best solution for you.

  • There are tons of time saved — no need to move from one dealership to another searching for the best offer.

  • Pre-approval before shopping — avoid rejection when finally finding the car you want.

  • Fast and convenient application process — the lender promises a two-minute application and a quick and convenient application process approval.

  • No credit score requirements — get access to financing, even with a bad credit history.

  • Options with no down payment available — become a car owner with zero initial investment.

  • Flexible repayment schedule — monthly, semi-monthly, bi-weekly, or weekly payments.

  • Favorable early payoff conditions — make lump sum prepayments or full repayment at no extra cost.

  • Built-in car loan calculator — get an idea of what your payments will look like.

Despite the benefits listed above, there are certain cons to be aware of:

  • At first, a strict monthly income requirement — you need to earn at least $2,000 monthly to qualify for a loan.

  • Higher rates in case of bad credit — as you are a riskier client for a lender, they will hardly offer you an attractive rate.

  • If you decide to cancel your loan, you’ll have to pay a penalty fee.

  • Additional costs and fees — different loan providers may charge extra fees on their services (administrative fees, dealership fees, GST, HST, and other taxes).

  • Not available across the country — you can get financing only in the nine provinces listed above.

  • Not a completely online application process — you still have to interact with an agent to complete your application.

  • A lot of personal information is required — not everyone is comfortable sharing lots of data with third-party companies.

The most significant advantages of Car Loans Canada are exposure to a wide range of financing deals and time saved on comparing the alternatives. However, while getting a loan through this platform is quick and easy, you will still need to communicate with their representative to get a quote. The significant disadvantages are a monthly income requirement and additional costs that third-party lenders may charge you.

To ensure that the whole process goes smoothly, do your research beforehand. Use the car loan calculator on the Car Loans Canada website to get an idea of your payments and the total cost of your loan. Consider the additional fees charged by a lender.

Loan conditions

The Car Loans Canada platform is free to use. However, to get a car financed, you need to apply for a loan online and wait for a credit expert to contact you. After assessing your eligibility, an expert will offer you an optimal solution based on your budget and vehicular needs.

The great thing here is getting pre-qualified for a loan before car shopping. This way, you will know in advance what you can count on and avoid the frustration of a refusal during car shopping.

The Canadian lenders offer car loan terms ranging from 12 to 96 months. While monthly payments are smaller with longer terms, the interest rates are also higher.

The rates offered by lenders that Car Loans Canada partners with are in a range between 3.99% to 31.99%. Remember that interest rates change frequently, so check the up-to-date values before applying.

The actual interest rate will significantly depend on your credit score. A bad credit record will result in a higher interest rate, as a lender will consider you a risky client. To give customers an idea of where they stand with their credit, Car Loans Canada provides the following reference points:

  • With an excellent credit score, you can count on the interest rates of 3.98%-7.98%

  • With a rebuilding credit history, you can expect an interest rate of 20.99%

If you are looking for a $0 down car loan, Car Loans Canada can help you.

As for income requirements, Car Loans Canada states that borrowers should have a monthly income of $2,000 and higher. Not only employment income but also self-employment income and government benefits are eligible. Be sure to have proof of income at hand.

As for the payment frequencies, they are pretty flexible. You can choose to pay weekly, bi-weekly, or monthly. Besides, you can get an open loan and repay it penalty-free anytime you want.

Methods of loan funding

To get the desired car financing, you will need a bank account. Upon your loan application approval, a lender should deposit funds directly into your bank account in just one business day. If you apply outside of their business hours, allow for additional time for the funds to appear in your bank account.


What is Car Loans Canada?

Car Loans Canada is an online platform designed to help borrowers find the optimal financing options. With this platform, you can save vast amounts of time you would spend on visiting multiple dealerships and lenders. Regardless of your credit history, the platform will match you with the dealers and lenders offering the best loan conditions for you. Car Loans Canada is free to use.

Who owns Car Loans Canada?

Car Loans Canada is an Ontario-based private company. The company’s headquarters is at 10 Lower Spadina, Toronto, Ontario, M5V 2Z2. The CEO of Car Loans Canada is Andrew Lemoine.

How do you qualify for Car Loans Canada?

To qualify for financing through Car Loans Canada, you must meet the following requirements:

  • Be at least 18 years old

  • Have a valid driving license 

  • Have a valid Canadian address matching the address in your driving license or other identification documents 

  • Have a monthly income of at least $20,000 

  • Have an active bank account‌ for loan repayment 

  • Live in any of the nine provinces where Car Loans Canada operates

The more qualified you are, the better loan conditions you can count on. Although incomes other than salary are acceptable, having strong finances will help you secure a lower interest rate.

How much can you borrow from Car Loans Canada?

As stated on the Car Loans Canada website, the amount of your loan will depend on the book value. Financial institutions in Canada use the Canadian Black Book to identify the vehicle’s value.

Is Car Loans Canada a legitimate company?

Car Loans Canada has been providing financing solutions to Canadians since 2002. According to the stats on their website, the platform gets 11,900 loan approvals to its customers monthly.

The address of Car Loans Canada is 10 Lower Spadina, Toronto, Ontario, M5V 2Z2. 

Their customer service works 24/7, and you can reach out to them by the following contacts:

+1 888 536-4210

Company documents

Terms of use
Privacy Policy

Car Loans Canada provides customers with a non-embarrassing, non-confrontational approach to Canadian car loans.

© Car Loans Canada

Financial products

Car Loans Canada
Car loan
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.

Recommended FinScore™
$7,500 - $59,995

Effective interest rate on the product

up to 31.99%

Loan term for the financial product

up to 96 months

Similar products

Coast Capital Savings
Auto finance
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.

Recommended FinScore™

Effective interest rate on the product

from 4%

Loan term for the financial product

from 84 months

Calculate loan payments in Car Loans Canada

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

Loan amount

Enter the desired loan amount

7500 $
60000 $
Loan term

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

  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 Car Loans Canada 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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