Carbooth review

What is Carbooth?

Carbooth partners with over 20 dealerships around Canada to provide access to a selection of new and used vehicles. You can browse for your next car online and have it delivered to your home. The marketplace also allows you to add a listing to sell your own car.

Headquartered in Ottawa, Carbooth also offers financing and insurance options for car buyers. Online financing pre-approvals are available in as little as a minute, with loans available from lenders such as Scotiabank and the National Bank of Canada.

Is Carbooth legitimate?

Carbooth is a registered corporation in Ontario, active since March 23, 2022. It has an active presence on Instagram and is also on Facebook, but Carbooth is not BBB-accredited.

What we like about Carbooth

• Easy to use. If you’re searching for your next set of wheels, it’s easy to navigate the listings on the Carbooth marketplace. You can also filter search results based on factors such as make, model, location, price, fuel type, transmission type and more.
• Fast pre-approvals. Carbooth offers online car loan pre-approvals within a minute once you provide a few simple details. It also claims to have a 99.8% approval rate.
• 24/7 live customer support. If you have a question or need help using the platform, Carbooth offers 24/7 live customer support.
• Network of over 200 dealerships. Carbooth allows you to browse vehicles from a nationwide network of more than 200 auto dealerships.
• Network of lenders. Carbooth offers access to car loans through a network of lenders that includes the National Bank of Canada, TD Bank, Desjardins, Laurentian Bank and Scotiabank.
• No down payment. 0% down payment options are available, while borrowers can also take advantage of up to 180 days of no payments on approved credit.
• Trade-ins accepted. You can contact Carbooth directly to find out more about trading in your current vehicle to help finance the purchase of your next car.
• Free delivery. Carbooth offers free contactless delivery.

What to watch out for

• Limited partners. Carbooth has 20+ dealer partners, while similar providers have hundreds.
• High rates for bad credit. Be prepared to encounter high rates if you have bad credit, though this isn’t unique to Carbooth.

Alternatives similar to Carbooth

Category	Clutch	CarDoor
Inventory	700+ vehicles in its inventory Pre-owned cars, SUVs, minivans and Jeeps	1,000+ vehicles in its inventory Pre-owned cars, SUVs, minivans and Jeeps
Serviced provinces	Ontario and Nova Scotia	Ontario
APR ranges	From 8.49%	Starting at 7.99%
Loan terms	24 - 96 months	12 - 96 months
Maximum loan amount	No maximum	No maximum
Trial period	10 days/750 km	14 days/750 km
Warranty	Complimentary 90 days/6,000 km	Complimentary 90 days/10,000 km
	Go to site	Read review

Clutch vs CarDoor

Summary of Carbooth reviews

There are only a limited number of Carbooth reviews available at the time of writing. As a result, there’s not a lot of information to go on when assessing how customers rate the provider. That said, those reviews that do exist tend to be positive.

Feature	Details
BBB accredited	No
BBB rating	Not available
BBB customer reviews	Not available
Google customer reviews	4.2 out of 5 stars, based on 21 customer reviews
Trustpilot score	4.0 out of 5 stars, based on 3 customer reviews
Customer reviews verified as of	16 October 2023

Am I eligible for a car loan through Carbooth?

At the time of writing, there was no information on the Carbooth website about the eligibility criteria you need to satisfy to qualify for a loan.

However, as a general guide, lenders will look at the following when assessing your application:

• Your credit score
• Your income
• Your debt-to-income ratio
• Your ability to pay back the money you borrow

You’ll also need to meet the following criteria:

• Be at least 18 years of age or the age of majority in your province or territory
• Be a Canadian citizen or resident
• Have a valid Canadian bank account
• Have a valid driver’s licence

How to apply for a car loan

You can apply for a car loan by completing the following steps:

1. Visit the Carbooth website and click the “Apply for Easy Financing” link.
2. Provide your name, email address and phone number.
3. Provide your home address.
4. Choose the vehicle type (optional) and enter your birthdate and monthly income.
5. Agree to the terms and conditions and submit.

Once you submit your application, a Carbooth team member will contact you to discuss your pre-approval offer.
Best car loans in Canada

How much will a car loan from Carbooth cost?

There are several factors that will affect the total cost of your loan:

• The car you want to purchase. The book value of a vehicle will determine how much a lender is willing to let you borrow.
• Your credit score. A higher credit score will help you access a lower interest rate.
• Your income. You need to make enough money to pay off the loan.
• Your down payment. Paying off a portion of the purchase price will reduce the amount you need to borrow.
• Interest rate and fees. Carbooth says borrowers can access rates starting from 3.9%, but the rate you get will depend on your financial situation. You’ll also need to check the fine print for details of any fees that apply, such as origination fees, non-sufficient funds (NSF) penalties and prepayment fees.

Learn more about how much you can afford to spend on your car.

Bottom line

Carbooth is an option worth considering if you’re searching for an online auto marketplace that offers easy car purchasing as well as access to financing options. However, make sure you compare multiple auto online dealers and car loan providers before deciding which one is right for you.

Compare car loans