My Auto Approval review: Rates, features, pros and cons

Is My Auto Approval legit?

My Auto Approval is owned by Loans Canada, a well-known online loan search platform that was established in 2012. It works with a network of lenders and dealerships across the country to help Canadians with less-than-perfect credit finance a vehicle.

Learn more about the company behind My Auto Approval in our Loans Canada review.

What we like about My Auto Approval

• Easy online application. It’s quick and easy to get pre-approved online by filling out a simple application.
• Bad credit is OK. My Auto Approval specializes in helping people it calls “credit-constrained Canadians” find car loans, so you can qualify for financing even if you have bad credit. Learn more about bad credit car loans.
• Compare multiple offers. As a loan search platform, My Auto Approval matches you with loan offers from its network of lenders.
• Financing for a wide range of vehicles. From cars, SUVs, vans and trucks to motorcycles and powersports vehicles, My Auto Approval offers access to loans for a wide range of vehicles.
• National dealership network. My Auto Approval can help you find a vehicle from its nationwide network of partner dealerships.
• Multiple income types accepted. In addition to employment income, My Auto Approval also accepts disability benefits, employment insurance and child tax benefits.
• Borrow up to $50,000. Loans of up to $50,000 are available to help you get your next set of wheels.
• Free to use. My Auto Approval does not charge any fees to use its loan search platform.

What to watch out for

• High rates for bad credit. If you don’t have good to excellent credit, you can expect a higher interest rate on your loan.
• Not a direct lender. My Auto Approval is a loan search platform, not a lender, so if you take out a loan you will be doing so from a third party.
• Limited information online. There’s only limited information available on the My Auto Approval website about loan amounts, lending partners and its inventory of vehicles.
• No phone number. If you want to get in touch with My Auto Approval, there’s no phone number listed on its website.

Alternatives to My Auto Approval

What are the interest rates of My Auto Approval?

My Auto Approval interest rates range from 0% to 35%. The rate you’ll get for your loan will vary depending on factors such as your credit score, income, employment and debt-to-income ratio. You’ll need good to excellent credit to qualify for a low rate, while borrowers with poor credit can expect higher interest rates.

Your loan amount, term and whether you buy a new or used vehicle may also impact your interest rate.

What types of vehicles can you finance?

My Auto Approval provides access to financing for the following types of vehicles:

Am I eligible?

You’ll need to meet the following criteria to qualify for a loan through My Auto Approval:

• Be 18 years of age or older
• Be a Canadian citizen or permanent resident
• Receive minimum income of at least $1,800 per month
• Have been employed for at least three months
• Meet credit score requirements (which may vary depending on the lender)

How to apply for a My Auto Approval loan

If you want to apply for a car loan through My Auto Approval, here’s what you need to do:

1. Visit myautoapproval.ca and click Apply now.
2. Select the type of vehicle you want to buy.
3. Specify your monthly budget.
4. Estimate your credit score.
5. Select your main source of income as well as any additional forms of income you receive.
6. Enter your monthly employment income, your employer’s details and how long you’ve held your current job.
7. Enter your residential address and specify how long you have lived there.
8. Specify whether you are a homeowner and enter your monthly rent or mortgage payment.
9. Select your citizenship status and enter your date of birth.
10. Provide your name, address and phone number before submitting your application.