Axis Auto Finance Review
- APR Range
- Not disclosed
- Loan Amount
- Varies
- Loan Term
- 12-72 months
- Min. Credit Score
- N/A
Our verdict
Online lender Axis Auto Finance offers vehicle financing and a wide inventory of used cars in Ontario.
Axis Auto Finance is a fintech with a focus on making used vehicle buying and financing simpler and faster, particularly for fair to poor credit buyers. Its direct-to-consumer portal, DriveAxis, specializes in offering Ontarians a unique online platform where they can get financing, shop for a vehicle and purchase a car all from the comfort of home. If you've had trouble getting approved for auto financing elsewhere, Axis is worth considering.
Best for: People with a less-than-perfect credit score who want to shop for used cars online
Pros
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Accepts all types of credit
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Inventory of thousands of used vehicles
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7-day return or exchange guarantee
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The entire process can be completed online
Cons
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Only available in Ontario
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Only offers used cars
Overall customer satisfaction score: 76.55%
What is Axis Auto Finance?
Founded in 2012, Axis Auto Finance is a subprime car loan provider. Through its direct-to-consumer platform, DriveAxis.ca, customers can apply for auto financing, shop for a vehicle and arrange to have the car delivered to them, all entirely online.
Is Axis Auto Finance legitimate?
It is. With a head office in Etobicoke, Ontario, Axis Auto Finance has been in business for over 10 years and says on its website that it has helped more than 80,000 customers purchase a vehicle. It’s accredited by the Better Business Bureau with an A+ rating.
It also has round-the-clock customer service via an online chat function. You can also contact Axis via email or over the phone.
Finalist: Alternative Car Loan Lender
Axis Auto Finance received the Finalist award in the Best Car Loan Alternative Lender category in the Finder: Car Loans Customer Satisfaction Awards 2023 with an overall customer satisfaction score of 76.55%.
What are the benefits of an Axis Auto Finance vehicle loan?
- Easy online application with quick pre-approvals. Simply fill out an application online and receive a pre-approval decision within minutes.
- Bad credit doesn’t matter. Your credit score shouldn’t deter you from applying, whether you have bad credit or no credit at all.
- Loan matching guarantee. If you get financing approval from a reputable third-party lender, DriveAxis.ca will match your financing offer and give you an additional $500 off the price of the vehicle.
- 7-day exchange or refund guarantee. If you don’t like the vehicle you selected online, you have 7 days to arrange a refund or exchange. You’ll receive a refund for the full price you paid for the vehicle, minus the return shipping fees.
- Vehicle price match. Let’s say you find the same vehicle at a lower price elsewhere, DriveAxis.ca states that it will offer you the same vehicle at $500 lower than that updated price.
- Accepts cryptocurrency. You have the option to pay for your vehicle with a variety of cryptocurrencies using any digital wallet.
- Vehicle delivery. All Axis vehicles undergo a 300-PT inspection for Quality Assurance when they’re ready for delivery. You can choose to have your car delivered to your home at a scheduled time or go pick it up yourself at an Axis fulfillment centre.
What to watch out for
- Interest rates aren’t disclosed online. Axis doesn’t say what its APR range is, so you’ll need to apply to learn what interest rates it’s pre-approving you for.
- Potential for additional fees. You may encounter additional fees and extra costs as you go through the loan process. Watch out for these charges because they can drive up the cost of your loan.
- Only used vehicles on offer. While Axis’s inventory includes thousands of vehicles, they’re all pre-owned vehicles. If you prefer to buy new, look elsewhere.
- Limited availability. Although Axis states that it plans to expand into other provinces, it currently only operates in Ontario.
Compare car loans
What types of car loans does Axis Auto Finance offer?
- Car loans for pre-owned vehicles. Get approved for a loan to buy a pre-owned car, pick-up truck or SUV. Axis says it has thousands of vehicle listings from a variety of manufacturers, including Audi, BMW, Dodge, Ford, GMC and Kia.
- Bad credit loans. Axis emphasizes that it accepts all credit situations, including bad credit or no credit history at all.
- Trade-ins. Axis asks if you have a vehicle to trade in towards the purchase of your new car. To confirm the value of your trade-in, Axis will schedule a trade-in vehicle inspection at its fulfillment centre.
How does buying a car through Axis Auto Finance work?
Axis moves the vehicle-buying process completely online, so you can secure financing and shop for your dream car without ever heading to a dealership. Here’s a quick summary of how it works:
- Complete a short online application and receive a quick pre-approval decision.
- With financing secured, browse through thousands of pre-inspected vehicles from Axis’s partnered dealers. Axis conducts a comprehensive 300-point inspection before used vehicles are put back on the market. You can check on each vehicle’s specs, including its mileage and pricing.
- Once you’ve made your pick, choose a delivery date for your new vehicle. You can also opt for picking up your new car at Axis’s fulfillment centre.
- Work with Axis to arrange your auto financing repayment plan. You can choose to trade in a vehicle or apply with a down payment.
Keep in mind, you do not have to opt for financing via Axis. You can buy your vehicle in cash or finance with a third party. Axis says that if you're approved for financing from a third–party lender, it will match your offer and give you $500 off the vehicle price.
If you find an identical vehicle with a lower price, Axis will also match the updated price tag and give you an additional $500 off.
Do I qualify?
Although Axis Auto Finance doesn’t list details about its financing requirements, you’ll likely need to meet the following criteria to apply:
- Be 18 years old, with a valid driver’s licence.
- Be an Ontario resident with a valid address and active bank account to set up automatic loan repayments.
- Have a steady form of income to manage loan repayments.
How to apply for an Axis car loan
To apply for a loan, head to Axis Auto Finance’s direct-to-consumer website, DriveAxis.ca, and follow these prompts:
- Click on “Get Approved Today” to begin the application.
- Fill in your personal information, including your full name, phone number, email, date of birth and marital status.
- Provide your home address, monthly rent/mortgage payments and how long you’ve lived at this residence.
- Provide your employment information, including the name of your employer, whether you work full or part time, your monthly gross income and how long you’ve been employed there. You have the option to include additional sources of income.
- Indicate whether you have a vehicle to trade in. Indicate the year, make, model and mileage to estimate your trade-in value.
- Review your application and hit “Submit.” You will receive pre-approval from Axis within minutes. After that, you can browse through vehicles you’ve been pre-approved for.
What documents do I need to apply?
To apply, you’ll likely need to provide Axis Auto Finance all or some of the following documents:
- Primary identification, such as your passport or citizenship card
- Your driver’s licence
- Employment and income verification, such as pay stubs or bank statements
- Proof of address
I got an Axis car loan. Now what?
Before signing off on your loan, triple-check that you’re happy with the interest rate, fees, terms and repayment plan. Because these details aren’t clearly listed on Axis’s website, this vital information will be revealed when you’re offered a loan. Axis allows you to schedule your repayment plan, according to monthly withdrawals that suit you. Make sure you stick to these terms outlined in your contract.
Frequently asked questions about Axis Auto Finance
Frequently asked questions
