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.

Apply For Clutch

Advertiser Disclosure

How to apply for a loan?

Apply online through the Clutch official website.

  1. Get pre-qualified. Select «Financing» in the side menu. Then, press the «Get pre-approved» button. You will find out how much you could be approved for without fees and credit score impact.

  2. Fill out your name, address, postal code, date of birth, phone number, and annual income. 

  3. You will need to log in with your Clutch account or sign in. 

  4. Browse and select a needed car. Check it out online. 

  5. Select «Financing» as your preferred payment method during checkout, and you'll be guided through all the steps to complete your application. 

  6. Once you complete your financing application, Clutch will send it to partner lenders for approval. If potential lenders require additional information, documents, or co-applicant, Clutch's advisor will contact you to provide them. 

  7. Get your car delivered.

Requirements

To be eligible for a car loan, you must:

  • Be a Canadian resident

  • Have a valid Canadian ID such as a driver’s license, passport, citizenship card, or permanent resident card 

  • Be the age of majority in your province or territory 

  • Have a valid Canadian bank account

  • Provide proof of income and proof of address

(Without a stable income source qualified co-applicant is necessary)

  • A good or excellent credit score may guarantee quick approval. Otherwise, other documents, a co-signer, or a more significant down payment may be required 

  • Social Insurance Number (SIN) is optional but could help to get approved faster. 

Application details

Clutch does not provide financing but offers assistance and finds the best partner financial institutions to help customers with different backgrounds, experience, age, and income to buy a dream car. 

You may apply entirely online. The minimum loan amount is $7,500 and doesn’t have limits. The minimum loan term is 12 months, and the maximum is about 96 months. The interest rates for clients with good credit scores may vary from 5% to 8%. 

If you have a good or excellent credit score, you may get approved within 24 hours. However, it takes longer when you need to provide the additional documents or your credit history isn't good enough and requires a co-borrower, cash down payment, etc. 

Your SIN is not mandatory, although it can help move your application along faster as it allows the bank to pull your credit history more quickly. If you do not enter your SIN, the bank may come back and ask for it if their initial effort at recovering your credit history was unsuccessful.

Fees vary by province: no service fees are charged to Alberta, Ontario, and Saskatchewan customers; British Columbia customers pay a $599 fee; Nova Scotia, New Brunswick, and Prince Edward Island pay an $899 fee. Government and financing fees and taxes are listed under the Pricing tab of an individual car’s display page.

Reasons for rejection

Clutch itself doesn't provide a loan — it helps to get the best rates with a great variety of financial institutions which lend money for your auto loan. Clutch can't guarantee that you will be approved. But Customer Advisors could assist you in every step of car financing. 

Your loan application could be rejected if you don't qualify for loan requirements. Ensure that you have read all the eligibility criteria, have accurately filled out the form, and provided all the needed documents. If the information in your application doesn't match your documents or credit history, your application will be rejected. 

Evaluate some factors that could affect your application status: credit history, province of residence, employment status and history, residency status, down payment and loan amount, application information, co-signers, vehicle price, model, and year.

Clutch application

FAQ

How long does it take to get approved by Clutch?

You may get a decision on your application approval within 24 hours. The term depends on your credit history and score. Customers who get the fastest approval have an excellent or good credit score, SIN inputted at the application, stable income, and employment. 

However, you could still get a loan if you could provide the info, documents required by the lender (proof of income, address, employment, SIN), qualified co-applicants, make a down payment, and meet the requirements.

How trustworthy is Clutch?

Clutch is a legitimate online vehicle financing corporation assisting in selling or buying cars. It has been BBB-accredited since 2017 with an A+ rating. The company has accounts on Facebook, Twitter, Instagram, LinkedIn, and TickTock. In addition, Clutch is a General dealer registered with Ontario’s Vehicle Sales Regulator.

There are over 2,500 cars sold to Clutch. In addition, it works with lenders such as CIBC, Desjardins, Scotiabank, and TD. 

Clutch claims that all cars are examined within a detailed 210-point inspection and reconditioning process. As a result, customers may be sure that vehicles offered through Clutch are safe to drive. In addition, a free 90-Day Protection Plan proves the platform's quality.

Does Clutch verify income?

Proof of income and credit history are required to verify your creditworthiness. SIN is not mandatory, but your application could be approved faster. SIN allows financial institutions to pull your credit history more quickly. When you don't input your SIN, the bank may ask to provide it. 

If you are a Newcomer to Canada without a Canadian credit score, you may still qualify for special programs some banks offer. However, if you don't have a fixed income, it is usually required to have a co-borrower who meets all needed loan criteria.

Does Clutch hurt your credit score?

A financing application submission slightly impacts your credit score by a few points within a short period. Clutch’s pre-approval is a soft check; you may choose it to estimate your potential auto loan amount. However, when the company submits your information to the banks, there could be a potential hard check. Your SIN also may be required to provide faster credit checks.

Financial products
Clutch
Car financing
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
from $7,500
Rate
i

Effective interest rate on the product

3.9% per annum
Term
i

Loan term for the financial product

up to 96 months
Similar 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
Rifco
Auto financing
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 31%
Term
i

Loan term for the financial product

up to 86 months
Eden Park
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
$1,000-$50,000
Rate
i

Effective interest rate on the product

up to 22.9%
Term
i

Loan term for the financial product

up to 84 months
iA Auto Finance
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-$50,000
Rate
i

Effective interest rate on the product

up to 29.99%
Term
i

Loan term for the financial product

up to 84 months
Coast Capital Savings
Auto finance
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
Rate
i

Effective interest rate on the product

from 4%
Term
i

Loan term for the financial product

from 84 months
Calculate loan payments in Clutch

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

Clutch calculator
Interest rates are given in accordance with the rates of the Clutch of 15.06.2024
Loan amount
i

Enter the desired loan amount

CAD
CAD
USD
7500 C$
100000 C$
Loan term
i

Specify the loan term for the calculation

months
days
12
96
Province
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 Clutch’s reviews by june 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
-
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne
-