LoanConnect Car Loans review

How do LoanConnect Car Loans work?

LoanConnect operates an online auto loan platform designed to give you hassle-free access to a wide range of suitable financing options. All you need to do is fill out some basic personal information along with details about your current financial situation.

You’ll then be matched to a curated list of providers willing to lend you money. This list is broken down by factors such as how much you’ll pay in interest, how long your term will be, your average monthly payments and the amount of money you can qualify for. From there, you can choose your favourite provider and apply for a pre-approved loan.

LoanConnect Car Loans allows you to borrow up to $50,000 at one time and you may be able to qualify with bad credit. You don’t need collateral to secure financing, and you can compare several lenders with a single application. You can apply in less than 5 minutes, and you may even be able to get approved for financing within 24 to 48 hours of applying.

What are the benefits of LoanConnect Car Loans?

• Easy application. It’s easy to apply for a LoanConnect Car Loan. Get pre-approved in as little as 60 seconds, and receive money in as little as 24 hours from the time of your application.
• More choice. LoanConnect works with multiple lenders to help you compare a variety of competitive rates and terms for your car loan.
• High loan amounts. You’ll be able to apply for auto loans for amounts up to $50,000 using this user-friendly online platform.
• Few eligibility requirements. You should be able to qualify for some loans even if you have bad credit, a low income or little credit history.
• Wide loan term range. LoanConnect offers loan terms of 72 - 84 months.

What to watch out for

• Limited providers. You’ll only be able to see the loans on offer from companies that are partnered with LoanConnect.
• Computer-based. You’ll have to be a little bit tech-savvy to navigate the online application and document upload process.
• Potential for high interest rates. Your APR could get as high as 46.96% if you have bad credit.

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What provinces are LoanConnect Car Loans available in?

LoanConnect works to connect you with loan providers all across Canada. It has partners in all Canadian provinces and territories, and you can apply from anywhere in the country. Just be aware that the rules governing your loan will vary based on which province you live in.

What types of car loans does LoanConnect offer?

LoanConnect lets you browse secured and unsecured loans from multiple providers. You may be eligible for the following types of car loans with this platform:

• New or used car loans. You may be able to borrow money to buy a new or used vehicle. If you have bad credit and it may help to secure your loan with an asset.
• Lease buyouts. You may be able to access financing to buy out your lease if you want to get rid of your contractual obligations.
• Auto refinancing loans. You could be eligible to take out an auto refinancing loan to lower your monthly payments or interest rate on your remaining balance.

How much money can I save using the LoanConnect broker platform?

The amount of money you can save by comparing auto loan providers depends on your unique financial situation as well as on the size of the loan you need. But no matter who you are, it’s likely that you can save money and find a good deal by comparing multiple lenders through LoanConnect‘s tech-driven platform.

Interest rates on your auto loan will vary based on how much you want to borrow and for how long. As a rule of thumb, you’ll typically pay less interest on your loan if you have good credit and a steady income. You’ll also save money on interest if you make a down payment on your vehicle or pay your loan off early.

Do I qualify for a LoanConnect Car Loan?

Although the different lender partnered with LoanConnect will have their own unique eligibility requirements, you should be able to qualify for most of the loans on LoanConnect‘s platform as long as you meet the following criteria:

• You’re at least 18 years old (and 19 in some provinces and territories)
• You’re a Canadian citizen or permanent resident
• You have a credit score of at least 550

How do I apply with LoanConnect?

You can follow these steps to apply for a car loan with LoanConnect:

1. Visit LoanConnect's website and fill out an online application.
2. Input personal information such as your name, email address, date of birth, employment information and housing status.
3. Review and submit your application.
4. Review your auto financing options and proceed with your lender of choice.

What documents do I need to apply for a loan?

Required documentation may vary based on the LoanConnect partner lender you opt for, but you’ll likely need to provide some or all of the following documents:

• Government-issued ID. You’ll have to show proof of ID like your driver’s licence or passport.
• Proof of income. You’ll be required to submit documents such as pay stubs and letters of employment to verify how much money you make.
• Other financial documents. You may be asked to submit other documents like bank statements or tax forms to give a full picture of your financial health.

I got the LoanConnect Car Loan. Now what?

Once you get your LoanConnect Car Loan, you can spend it on a new or used vehicle. You’ll then repay your loan with automatic withdrawals from your bank account. You’ll have to make repayments with interest for the entire duration of your term until your loan is paid back in full.

Bottom line

LoanConnect offers a specialized platform to help you compare lenders for your car loan. This will help you find the best deal and terms for your loan without needing to manually compare quotes. Find out what you need to apply for a LoanConnect loan and start your application today to see if you qualify.