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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.

Car Loans Canada's application

Finanso.Multilogin™

How to apply

Requirements

What do you need to apply for a loan with Car Loans Canada?

First, you need to provide your payment information. Then, to finalize your payment transfers, they ask you to provide a void cheque or pre-authorization payment form from your bank.

Second, you need to verify your income. While employment income is preferable with most lenders, government benefits like pension or disability payments also qualify as income sources. Be ready to provide proof of income, such as a bank statement.

Next, to apply for a loan, you need to have a valid driving license issued in the province you are living in.

Finally, you should have a valid Canadian address to qualify for a loan. Make sure your address matches the address on your Driver’s License.

Application details

Filling out an online application for pre-approval on the Car Loans Canada website takes as little as two minutes. Once you complete an application and have a conversation with an agent, Car Loans Canada will send your request to the network of their partner lenders.

Upon your application approval, you will receive funds directly into your bank account within one business day. However, depending on the time of submitting your application, the timeframe for receiving funds may shift to the next business day.

Now that we know how to qualify for a loan with Car Loans Canada, we can outline the possible reasons for rejection:

  • Being under 18 years old

  • Not having a driving license

  • Failure to verify a valid Canadian address

  • Having a monthly income of less than $2,000

  • Not having a bank account

  • Living in a province outside of Car Loans Canada coverage

While rejections are not as common on the Car Loans Canada platform, certain factors impact getting the best loan terms. For example, if your credit history is far from being stellar, lenders will hardly offer you an attractive interest rate.

To start applying for a car loan online, you can hit any of these buttons placed throughout the website pages:

  • “Get started”

  • “Apply now”

First of all, you will need to specify the type of vehicle you are looking for:

  • Car

  • Truck

  • SUV

  • Mini Van

After that, you should enter your date of birth. Then, you should assess your current credit — whether it is great, good, fair, or poor. There is also an option to say that you’re not sure.

Next, select the employment status that describes you best:

  • Employed

  • Self-employed

  • Student

  • Other

In the following steps, specify your monthly income and how long you’ve been earning it:

  • Less than three months

  • Three months — two years

  • Over two years

Then, enter your employer’s name. After that, fill in your home address and specify how long you’ve been living there — less or more than two years.

Finally, enter your name, contact email, and phone number. The system will send you a verification code to your specified phone number. Enter this code to complete your registration.

As indicated in this online application form, applying for a loan should take just 2 minutes of your time. Once you finish, an agent will contact you shortly to discuss your eligibility. Then, within one business day, you can get the desired financing directly into your bank account.

FAQ

How long does it take to get approved by Car Loans Canada?

With the Car Loans Canada platform, you can expect same-day approval on your loan. Filling out the online application form on their website takes just two minutes. After you complete an application, an agent will reach out to you to tell you whether you qualify for a car loan. After getting approval, you can receive funds directly into your bank account within one business day. If you’ve applied outside of a lender’s designated business hours, allow for additional time to deposit the funds.

How trustworthy is Car Loans Canada?

Established in 2002, the Car Loans Canada platform has gained popularity among Canadian borrowers. According to the website, 1.6 M Canadians have already used this online car loan platform.

Car Loans Canada works with a network of trusted dealerships and financial institutions. To name a few: 

  • Bank of Montreal

  • Carfinco

  • Ford Credit

  • Scotia Dealer Advantage

  • TD Canada Trust

Does Car Loans Canada verify income?

Car Loans Canada doesn’t limit the eligible incomes to employment income only. If you are self-employed or receive government benefits (pension, disability payments, maternity and parental benefits), you can qualify for a car loan as well.

The minimum monthly income required to get auto financing is $2,000. Be ready to provide proof of income — most likely, a lender will ask you to provide a bank statement.

Does Car Loans Canada hurt your credit score?

As long as you make your loan payments on time, you have nothing to fear about your credit score.

What makes Car Loans Canada so popular among Canadians is that they can refer you to a partner that accepts customers with bad credit. If a lender who gave you the loan regularly reports your payments to the credit bureau (Equifax or TransUnion), you have a great opportunity to rebuild your credit history.

At the same time, if your credit history is not stellar, think carefully before applying for a loan. Poor financial health, as a rule, results in higher interest rates. 

Use the car loan calculator offered by Car Loans Canada to calculate the potential payments. Consider the additional‌ fees that a lender offering you a loan may charge you — administrative fees, dealership fees, GST, HST, and other taxes. Make an informed decision about whether you can afford the loan payments. Otherwise, you may ruin your credit history.

Financial products

Car Loans Canada
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
$7,500 - $59,995
Rate
i

Effective interest rate on the product

up to 31.99%
Term
i

Loan term for the financial product

up to 96 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
i

Enter the desired loan amount

CAD
CAD
USD
7500 $
60000 $
Loan term
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Specify the loan term for the calculation

months
days
12
96

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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