AutoLoanProviders review

Do I qualify?

To be eligible, 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
• Make more than $1,800/month with verification via bank statements or pay stubs
• Have a valid Canadian bank account to make payments on time

What types of car loans does AutoLoanProviders offer?

AutoLoanProviders connects you with lenders that can provide the following options:

• New and pre-owned car loans. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from dealers partnered with AutoLoanProviders. You can choose from over 4,000 vehicles, with various makes and models in stock from brands such as GMC, Dodge, Audi, Honda, Hyundai, Chevrolet, Nissan and more.
• Bad credit car loans. AutoLoanProviders encourages all applicants to apply, regardless of your credit situation. It will help you find financing and get approved for a loan even if you don’t have credit, your credit isn’t in the best shape or you’ve filed for bankruptcy. Learn more about bad credit car loans.
• Trade-ins. AutoLoanProviders is happy to work with trade-ins too, even if you still owe money on your vehicle. You can also use your trade-in as a down payment to help lower your monthly payments on your new loan.

It doesn’t provide auto refinancing loans.

What are the benefits of car loans from AutoLoanProviders?

• Anyone can apply. Whether you have bad credit or no credit history at all, AutoLoanProviders encourages Canadians to apply to receive auto loan quotes from various local lenders that can provide you with the financing you need.
• An online-only application process with a quick turnaround on loan decisions. With a 2-minute online application you can fill out on your smartphone or desktop, you’ll take the first step towards getting the vehicle you can afford.
• No fees. You won’t pay any fees for using the AutoLoanProviders application process.
• Large inventory. You can choose from more than 4,000 new and pre-owned cars, trucks, SUVs and minivans on offer from hundreds of dealerships partnered with AutoLoanProviders.
• Lengthy terms. You’ll be able to lock in a term lasting up to 8 years to help bring your monthly payments down.
• No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
• Trade-ins accepted. One of the first questions AutoLoanProviders asks is whether you have a car you’d like to trade in. You can use your trade-in as a down payment to help lower your monthly payments.
• Special promotions. Watch out for offers on the AutoLoanProviders website, which include perks like up to 6 months no payments, cashback and $0 down payment.

What to watch out for

• Not available in all of Canada. AutoLoanProviders is only available in Ontario.
• Only some lenders showcased. AutoLoanProviders is partnered with local dealerships across Ontario, so you’ll only get quotes from those it’s working with. This could lead you to miss out on a great deal, so it’s worth requesting quotes from a few options to make sure you’re getting the lowest rates.
• Steep interest rates. Interest rates can climb to as high as 47% if you’re in a bad credit situation. With interest rates this high, you could be paying thousands of dollars in interest over the lifetime of your loan.
• Potential for additional fees. While AutoLoanProviders is completely free to use, you may encounter additional fees and extra costs as you go through the loans process with your lender, depending on which dealer you go with.
• No in-person interaction. Because AutoLoanProviders is an online-only dealer, you can’t visit a physical storefront to receive in-person customer service.

Compare car loans

How do I apply?

If you’re ready to apply for an auto loan via AutoLoanProviders, follow these steps:

1. Head to the AutoLoanProviders homepage to start your application. On the right-hand corner, answer the prompts, including what kind of vehicle you’re looking for, how much you can afford per month, a rough estimate of your credit score and whether you’re currently driving a vehicle you’d like to trade in. Submit to head to the next page of the application.
2. Answer the next series of prompts, including your employment status, your home address, your monthly gross income and your date of birth. Click submit to head to the next page of the application.
3. Provide your contact information, including your full name, phone number and email address. Click submit to head to the next page.
4. Select your preferred type of vehicle. AutoLoanProviders lets you choose from sedans, hatchbacks, minivans, SUVs, pickup trucks and coupes.
5. Submit your application. AutoLoanProviders will email you with your pre-approval options. You’ll also receive a phone call from a loan specialist who will help you with the next steps.

What documents do I need to apply?

To apply for a car loan via AutoLoanProviders, you’ll need:

• 1 piece of primary identification. This could include your passport or citizenship card.
• Your driver’s license.
• Employment and income verification. This could be via pay stubs or bank statements. You’ll need to prove that you earn at least $1,800/month.
• Proof of address.

I got the AutoLoanProviders car loan, now what?

AutoLoanProviders doesn’t issue your loan, but will connect you with lenders who can provide the financing you need. Your repayment options will be outlined in your contract with the dealership that is providing your financing and your car. You’ll pay your loan back in weekly, bi-monthly or monthly installments.

You may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster. If needed down the road, you can also ask your dealer about refinancing your loan.

AutoLoanProviders notes that this is a great opportunity to rebuild your credit if you’re in a bad credit situation. Take note of your payment due dates, make sure you have adequate funds in your account to make loan repayments on time and within a few months, your on-time payments will be reflected in your credit history.

Bottom line

AutoLoanProviders helps you determine how much you can afford to pay in car loan payments before you begin car shopping. It also accepts applications from anyone, even if your credit score isn’t in great shape. The application is free to use too and with 1 application, you’ll receive a handful of quotes that you’re under no obligation to accept.

Frequently asked questions

• Is AutoLoanProviders safe?

  It is. It’s an offshoot of Automobile Finance Centre, which has been providing auto loans to Ontarians of all credit backgrounds for the past 20 years. It has a head office in Aurora, Ontario and a call centre that’s serviced 6 days a week. Customers even have a 30-day exchange program if they’re unhappy with the vehicle they select on the first try.

• Will I be approved for a loan even if my credit score isn't great or if I have no credit?

  Yes, you might be able to. AutoLoanProviders doesn’t have a minimum credit score threshold, while other more traditional lenders do.

• Do I have to pay any fees?

  You won’t pay any fees for using the AutoLoanProviders application process and you are under no obligation to accept what you have been approved for. However, if you take out a loan with one of the dealers it’s partnered with, you may come across fees and charges for setting up your car loan, late or missed payments and non-sufficient funds. Check with your lender about these details before committing to a loan.