Canada Car Loans review

What is Canada Car Loans?

Canada Car Loans is an online car loan broker. It offers access to more than 300 loan products from a network of over 15 lenders. Lenders that Canada Car Loans offers access to include:You can apply for an auto loan through Canada Car Loans by completing an online application. Its representative will then contact you to discuss and compare your options and find a loan that suits your needs.

Once approved, you can use the financing at any dealership within the 200-strong Canada Car Loans network. However, if you have your heart set on a certain vehicle, Canada Car Loans can make exceptions to reach out to those dealers to help you get the car you want.

Is Canada Car Loans legit?

Yes, Canada Car Loans is a legitimate provider. Established in 2011, it is registered as a limited company in Nova Scotia.

Canada Car Loans has an A+ rating from the Better Business Bureau (BBB) but is not BBB-accredited.

Summary of loans from Canada Car Loans

Feature	Details
Minimum loan amount	$7,500
Maximum loan amount	No maximum
Loan terms	12 - 96 months
Rates	2.99% - 34.99%
Fees	No establishment, monthly or express payment fees. Additional fees subject to lender discretion.
Brief eligibility criteria	Minimum credit score: 300 Minimum income: $1,900 a month Minimum of three months in current job
Turnaround time	24 hours
Serviced provinces	Available nationwide

What we like about Canada Car Loans

• Simple application process. You can apply for a car loan through Canada Car Loans in less than 10 minutes by filling out an online form.
• Large lender network. With over 300 loan products from a network of more than 15 lenders, Canada Car Loans offers plenty of borrowing options.
• Large dealership network. You can use Canada Car Loans financing at the 200 auto dealerships within its network around the country.
• Loans that meet your needs. Once you apply, a Canada Car Loans representative will contact you to discuss your financial situation and borrowing needs. They’ll then help match you with a loan that suits your requirements.
• Bad credit accepted. If your credit history is less than perfect, you can still apply and get approved for a loan.
• No fees. There are no establishment or monthly administrative fees to worry about when you take out a loan.
• Get funded in 24 hours. With a turnaround time of 24 hours, you can get fast access to the funds you need to buy your next set of wheels.
• Available nationwide. Canada Car Loans provides loans for borrowers in all provinces and territories.

What to watch out for

• $1,900 per month minimum income requirement. You’ll need income of at least $1,900 per month to apply. Some lenders have lower income criteria.
• Not a direct lender. Canada Car Loans is a broker and not a lender, so you don’t borrow directly from this provider.
• High rates for bad credit. If you’ve got a low credit score, lenders will typically offer you higher interest rates and lower loan amounts. Learn more about bad credit auto loans.

Summary of Canada Car Loans reviews

There are limited reviews for Canada Car Loans online. We couldn’t find any reviews on sites such as the Better Business Bureau or Google.

However, Canada Car Loans does have an average of 5 out of 5 stars from over 270 Facebook ratings.

Feature	Details
BBB-accredited	No
BBB rating	A+
BBB customer reviews	–
Google reviews	–
Facebook reviews	5 out of 5 stars based on 271 reviews
Customer reviews verified as of	February 13, 2023

Am I eligible for a loan?

If you want to apply for a car loan through Canada Car Loans, you’ll need to meet the following criteria:

• Minimum credit score of 300
• Minimum income of $1,900 per month
• Have been in your current job for at least three months

How to apply with Canada Car Loans

When you’re ready to apply for a car loan, here’s what you need to do:

1. Click through to the application page on the Canada Car Loans website and then click “Start”.
2. Select the type of vehicle you want to buy (car, truck, van or SUV).
3. Select your monthly budget range.
4. Estimate your credit rating.
5. Specify whether or not you have ever had a vehicle repossessed.
6. Enter your name, phone number and email address.
7. Provide your address and specify how long you’ve lived there.
8. Enter the monthly cost of your rent or mortgage.
9. Enter your Social Insurance Number (SIN).
10. Provide your date of birth.
11. Specify whether you are looking to trade in a vehicle.
12. Enter your employment and income information.
13. Submit your application.

A Canada Car Loans representative will then contact you to help you find the right vehicle and loan.

How much will a car loan from Canada Car Loans cost?

Use the calculator below to work out your monthly payment amount and the total cost of a loan.

Related: Car loan rates in Canada

Bottom line

If you’re in the market for a car loan, it’s worth checking out what Canada Car Loans has to offer. However, make sure you compare car loans from a range of providers to find affordable financing for your next set of wheels.

Compare other car loan options