Canada Drives review
- APR Range
- Varies
- Loan Amount
- $5,000 - $75,000
- Loan Term
- 12 - 96 months
- Min. Credit Score
- 400
Our verdict
Canada Drives connects you with financing pre-approval from local dealerships so you can confidently shop for a vehicle within your budget.Canada Drives is a solid online platform that allows you to apply for a car loan, get pre-approved and get connected to local dealerships where you can shop for cars within your budget. Because it partners with lenders across Canada, it claims to be able to match any borrower with financing no matter their credit.
Best for: Bad credit borrowers who want a streamlined car-buying experience.
Pros
-
Easy online process
-
Competitive financing rates
-
Pre-approval within minutes of applying
Cons
-
High rates for bad credit
-
Limited to partner dealerships
What is Canada Drives?
Canada Drives is an online auto financing platform that allows you to fill out one application to get matched with financing pre-approval offers. Once you know the loan amount you qualify for, Canada Drives will connect you with a local dealership, which will show you a selection of cars that fit your budget.
Is Canada Drives legit?
Yes, Canada Drives is a legitimate car lending platform. The company was established in 2010. Canada Drives placed 186th on the Globe and Mail’s 2020 Report on Business ranking of Canada’s Top Growing Companies, which is based on 3-year revenue growth. You can also find it on social media platforms including Twitter, Facebook and Instagram.
Summary of Canada Drives car loans
| Feature | Details |
|---|---|
| Loan amount | $5,000 – $75,000 |
| Loan term | 12 - 96 months |
| Interest rate | Varies |
| Accepts trade-ins | Yes |
| Serviced provinces | All provinces |
| Eligibility requirements |
|
What we like about Canada Drives
- Easy, secure online application. Fill out a simple online application and get pre-approved for a car loan within minutes so you know exactly how much you have available to shop for a car.
- Trade-ins accepted. If you have a vehicle you’d like to trade in, it can be applied as credit towards your next purchase.
- Financing for all credit types. Don’t shy away from applying for a car loan with Canada Drives. It says it welcomes borrowers with bad credit or no credit at all.
- Large network of dealerships. Count on Canada Drives to connect you with a Canada-wide network of partner dealerships where you can shop from a variety of vehicle makes and models.
What to watch out for
- Limited to partner dealerships. You’ll be limited to choosing a car from one of Canada Drives’ partner dealerships.
- Longer wait times for dealerships. You may have to wait anywhere from 24 to 48 hours for your local dealership to connect with you after you receive pre-approval.
- High bad credit car loan interest rates. While Canada Drives offers financing for bad credit borrowers, you’ll likely be charged a higher APR.
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Summary of Canada Drives reviews
Canada Drives reviews have been mostly positive. People who left positive reviews on sites like Trustpilot talked about its easy process and friendly customer service. A trend that showed up in some negative reviews discussed lowball trade-in offers.
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | F |
| BBB customer reviews | 1.73 out of 5 stars, based on 41 Canada Drives reviews |
| Trustpilot score | 3.5 out of 5 stars, based on 3,463 Canada Drives reviews |
| Customer reviews verified as of | April 22, 2024 |
Do I qualify for a Canada Drives auto loan?
To be eligible for a Canada Drives auto loan, you’ll need to meet the following criteria:
- Be a Canadian resident with a valid Canadian address.
- Have a valid driver’s licence and be of the age of majority in the province you live in.
- Have a valid Canadian bank account to make payments on time.
- Earn a minimum monthly income of typically around $1,800 (other forms of income, such as government assistance, may also be acceptable).
How do I apply for Canada Drives car financing?
If you need a Canada Drives loan to help with your purchase, follow these steps:
- Head to Canada Drives’ website where you can start your application.
- Click ‘Get pre-approved’ and create an account.
- Provide your full name, marital status, date of birth, mailing address and years at your current residence.
- On the next page, provide your employment details, including your job title, employer, length of service, whether you’re part-time or full-time and your gross monthly income.
- Provide details on whether you’d like to include a trade-in or down payment.
- Provide your contact details on the last page. A Canada Drives loan specialist will contact you at the number you’ve provided.
- Read through your application submission and then hit “Submit.”
Frequently asked questions
