Quick car loans in Canada: Get fast pre-approval & funding
Compare car loans to get on the fast lane to car financing.
In Canada, you can get a car loan from a bank, credit union, dealership or online lender. If you’re on a time crunch and looking to get approved for a car loan fast, you can try applying to an online lender. Many offer pre-approval in minutes and can process your application within a few hours.
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Key takeaways
- Online lenders offer the fastest car loans in Canada. While banks and credit unions may take several days or longer to finalize funding, online lenders can provide pre-approval in minutes and funding within a few days.
- Preparation can speed up the approval process. Comparing lenders, getting pre-approved, having your vehicle details ready and ensuring you have all necessary documents on hand can help you secure financing faster.
- Speed shouldn’t come at the cost of a bad deal. Some quick car loans come with higher fees or less favourable terms. Even if you’re in a rush, compare interest rates, loan terms and total costs to ensure you’re getting the best deal.
How fast are quick car loans?
Quick car loans—typically offered by online lenders or dealerships—can provide approval within hours and funding within a few days. These lenders streamline the application process, often requiring less paperwork and fewer steps than traditional banks or credit unions.
In contrast, lending options like banks and credit unions acknowledge that terms for each borrower will be different depending on required documentation, the applicant’s credit profile and the vehicle they’re purchasing. While some banks offer same-day approvals, finalizing funding often takes longer due to additional verification steps.
Why get a fast car loan?
Fast car loans can be useful if you’re trying to lock in a dealership promotion or want to streamline the buying process. Having pre-approved financing ready to go shows your seller that you’re a serious buyer, which can give you an edge in negotiations and help you secure a better price.
Steps to get your car loan fast
If you need to secure a car loan quickly, preparation is key. Follow these steps to speed up the application and approval process:
- Compare your loan options first. Research online lenders, banks and dealership financing to find a loan that fits your needs. This helps you avoid wasting time on applications you don’t qualify for.
- Apply for pre-approval. This allows you to see what rates and terms you might qualify for before filling out an entire application.
- Know what you want to buy. If you’ve already picked out a car and can provide the make, model and VIN, your lender will be able to process your application much faster. Having this information ready means you won’t have to spend time shopping after you’re pre-approved.
- Have your documents ready to go. Once you know what documents your lender requires— usually proof of income and identity–you can have them on hand to make entering the required information easier.
Tips to speed up the process
Even if you’re applying with a fast lender, there are still ways to ensure your loan is approved and funded as quickly as possible. Here’s how:
- Check your credit score first. A strong credit score can help you get approved faster and qualify for better rates.
- Apply during business hours. Many lenders process applications faster if submitted during regular business hours. If you apply late in the evening or on a weekend, it could take longer to receive a decision.
- Work with a lender that doesn’t require a vehicle inspection. Some lenders may ask for an inspection before finalizing your loan, which can slow down the process. If time is a concern, look for lenders that don’t require one.
- Consider an online lender instead of a bank. Banks and credit unions often take longer to process loans due to stricter requirements. Online lenders typically advertise faster turnaround times and can approve loans within hours.
Watch to watch out for
A car loan with a fast turnaround can be handy when you’re in a pinch, but it can come at a cost if you’re not careful. Not every lender is legit, and not every loan will be right for you. Here are some pitfalls to avoid when on the hunt for a quick car loan:
- Same-day guarantees. Few online lenders are able to both approve and fund your loan all in the same day. If you come across lenders offering same-day guarantees, it may be a sign of a car loan scam.
- Taking on too much debt. Calculate potential monthly payments to avoid overspending. Most experts recommend dedicating no more than 15% of your budget to car costs, including loan repayments, maintenance and insurance.
- Applying for multiple loans. Applying for pre-approval generally won’t impact your credit score since lenders only do a soft pull. But processing a full application requires lenders to do a hard credit pull, which can lower your score. Applying for too many loans can cause your number to drop even more.
- Not working out the full cost. Don’t be fooled by low rates or fees. Higher fees can be offset by a lower interest rate or vice versa. Pay attention to the full cost of your loan including all fees, rates and terms.
- Not comparing options. A car loan may be quick, but that doesn’t mean it’s good for you. Compare loans using the guide below to be sure you’re making the right decision.
How to compare quick car loans
Because quick car loans are the same as standard car loans, you can use the same criteria to compare them as you would any loan. Not every lender offers the same features, so weigh which features matter most to you before making a final decision.
- Funding time. How long will it take to process your application? How long until you’re able to use your funds to buy a car?
- Loan amount. How much money will you need to borrow? The loan amount your lender offers may have an impact on the features you can add to your car, and some lenders may not offer larger loan amounts for certain types of vehicles.
- Loan terms. Terms generally range from 12 to 72 months (2-7 years) for new vehicles, though some lenders offer terms of 8 years for larger loan amounts. Used vehicles have similar terms, though the older your chosen car, the shorter your loan term might be.
- Interest rates. Car loans can come with fixed or variable interest rates. Fixed rates stay the same throughout the life of your loan, while variable rates can fluctuate based on trends in the lending market. Learn more about car loan rates.
Bottom line
Many online lenders offer pre-approval and funding in as little as a few days, which may not cost more if you have good to excellent credit. But don’t settle for the first offer you find. Even when you’re in a hurry, compare your car loan options first to ensure you’re getting the best deal out there.
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