Dealerhop review

What is Dealerhop?

Dealerhop is an online car marketplace where you can buy, finance or sell a vehicle. However, it’s not a dealership or lender, but instead helps you connect with a fulfillment partner who can help you find the right vehicle and financing.

You can apply for online pre-approval by providing information about your income, employment, credit score and the type of vehicle you want to buy. Dealerhop will then match you with a partner near you who offers a vehicle and financing that suit your needs.

If you’re selling a vehicle, it’s free to list your vehicle for auction through Dealerhop. You’ll receive offers for your car within 48 hours and be matched with the dealer that makes the highest offer for your vehicle.

Is Dealerhop Canada legit?

Dealerhop is operated by Dealerhop Finance Ltd, a British Columbia company that has been registered in BC since July 2016. According to its LinkedIn profile, Dealerhop was founded in 2017.

Dealerhop’s website lists an office address in North Vancouver, phone and email contact details, and important legal information like a privacy policy and terms of service. The company also maintains active social media profiles.

What we like about Dealerhop

• Easy online application. Dealerhop allows you to choose and finance your next vehicle online, saving you the hassle of visiting multiple dealerships in person.
• Free service. Dealerhop does not add any fees when you apply for a car loan through one of its fulfillment partners.
• All types of credit accepted. Dealerhop works with borrowers with all types of credit, so a bad credit score doesn’t have to stop you from getting a loan. Learn more about bad credit car loans.
• Vehicle delivery. The vehicle you choose can be delivered to you at home or to a dealer near you.
• No down payment. You can finance a vehicle with $0 down payment required in most cases.
• Fast access to funds. You can get matched with an auto finance provider in less than 24 Hours.
• No payments for up to six months. Approved borrowers can take advantage of no car loan repayments for up to six months after getting approved.
• Up to $10,000 cash back. Special offers allow borrowers to access deals of up to $10,000 cash back when buying a new vehicle.
  
• No selling fees. If you want to sell a car, it’s free to list your vehicle for auction through Dealerhop.

What to watch out for

• High rates for bad credit. You’ll be offered a higher rate if you have a bad credit score, with a maximum rate of 29.99% available.
• Not a direct lender. It’s worth noting that Dealerhop is not a lender, so you will be borrowing money from one of Dealerhop’s partners.
• Not available nationwide. Dealerhop only offers its services in Saskatchewan, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland, so if you live elsewhere in Canada you’ll need to consider other options.
• Limited reviews. We couldn’t find many reviews for Dealerhop online, so it’s difficult to get an idea of whether customers have been happy with the service they’ve received from this provider.
• Commissions. Dealerhop receives a commission or fee from its lending partners for connecting them with new customers like you.

What are Dealerhop’s car loan interest rates?

Dealerhop’s interest rates range from 6.99% to 29.99%. The exact rate you get will depend on factors such as your credit score, income and employment, loan term and loan amount. Rates also vary between lenders, so your interest rate will also vary depending on which lender Dealerhop matches you with.

What do Dealerhop reviews say?

There are limited Dealerhop reviews available online. As a result, it’s not possible to form a clear picture of what the company has to offer based on reviews alone.

Summary of Dealerhop Canada reviews

Am I eligible for a Dealerhop car loan?

To qualify for a loan you will need to:

• Be the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have been in your current job for at least three months
• Earn income of at least $1,800/month

How to apply

If you want to apply for a Dealerhop car loan, here’s how.

1. Navigate to the Dealerhop website and click “Get Approved”.
2. Specify if you want to buy a new or used vehicle and the type of body style you want.
3. Choose the repayment amount you can afford each month.
4. Estimate your credit score range.
5. Enter your date of birth and home address.
6. Enter your monthly income, how long you’ve had your current job, type of employment (e.g. full-time), employer name and job title.
7. Provide your name and email address.
8. Verify your phone number and then click “Get Matched”.

What to expect once you’ve received your car loan

Once you’ve received your loan, budget carefully to make sure you can keep up with your repayment schedule. Car loan payments are often due monthly, but many lenders also offer the option of bi-weekly payments.

An NSF fee of $45 will be charged if you miss a payment due to having insufficient funds in your account. You also have the freedom to pay your loan off early if you wish, but make sure to check your loan agreement to find out whether a prepayment penalty applies.

Bottom line

If you’re looking for car financing online, Dealerhop is worth a look. The platform is easy to use, offers quick access to financing, and you can get the vehicle you buy delivered to your door. Just remember that Dealerhop offers a matching service rather than acting as a direct lender, and you may get a high interest rate if you have bad credit. Compare Dealerhop financing with car loans from other lenders to find the loan that’s right for you.