Key Takeaways
- Canada Drives allows you to apply for a car loan pre-approval and get connected to local dealerships where you can buy a car within your budget.
- Their loan application checklist includes identification, employment details, bank account, a valid Canadian address, and down payment information.
- You can borrow up to $75,000 for a term ranging between 12 and 92 months.
- This platform comes with several benefits, such as a fast application process, varied options for anyone regardless of credit history, and resources to help Canadians make informed decisions.
If you are like the average Canadian, purchasing a brand-new or pre-owned car outright with cash can be challenging. However, a car loan financing through your bank, dealership or a company like Canada Drives can help you find a vehicle that suits your needs.
Getting a car loan when you have poor or bad credit is tough and eliminates many of the traditional sources for auto financing.
Canada Drives is one of Canada’s top choices for competitive car loan rates when you need it, regardless of your credit score.
This Canada Drives review covers their services and how to find a car loan online from the comfort of your home.
What is Canada Drives?
Canada Drives has provided Canadians with access to car loan financing since 2010.
The fintech company is headquartered in British Columbia and has completed over 1 million car loan applications since its inception. As of this writing, Canada Drives has more than 500 employees and over 350 affiliated dealerships.
In addition to its auto loans service, the company also offers personal loans (via Fresh Start Finance) and secured loans (via Spring Financial) across Canada.
How Does Canada Drives Work?
When you want to buy a car and finance it, you can visit your bank to see what rate they will offer or ask at the dealership and hope to get a good deal.
If there are any little dents in your credit profile, e.g. limited credit history, poor or bad credit score, or you are facing financial difficulties, your chances of getting approved directly by the bank are pretty slim.
Instead of hopping from car dealership to dealership, Canada Drives offers a platform connecting you with hundreds of certified car dealers nationwide.
The online application takes about 3 minutes, and you can have your car in as little as 48 hours.
Whether you have bad, fair, good, or excellent credit, there’s the best rate for everyone.
This is how the process works:
- Visit Canada Drives.
- Select the type of vehicle you want.
- Enter your basic information, e.g. name, address, contact number, employment details, preferred monthly payment, etc.
- Canada Drives finds a suitable dealer that meets your needs.
Canada Drives Car Loan Application Checklist
To ensure your application for auto financing goes smoothly, you should be able to provide the following information and documentation when requested:
- Employment details: Proof of employment showing you earn at least $1,500 per month. Income from other government assistance or benefits programs is also accepted.
- Identification: A valid driver’s license is required, and you must have reached the age of the majority in your province, which is at least 18 or 19 years old.
- Bank account: Proof of a bank account in Canada via a void cheque or preauthorized debit form.
- A valid Canadian residential address.
- Down payment information: Let them know if you can make a down payment on your vehicle of choice.
Related: Best Car Loan Rates in Canada.
Cars Fast
Cars Fast is a popular destination for getting a car loan regardless of your credit score. The platform has partnerships with top loan providers, including TD, Scotiabank, RBC, HSBC, and others.
Interest rate: Varies.
Loan term: 12-96 months.
Maximum loan amount: $75,000.
Eligibility: Earn at least $20,000/yr, reside in ON, BC, or AB; and be employed for 3 months+.
Why Use Canada Drives?
Some of the reasons why Canada Drives has processed well over a million applications and is a top destination for those looking for car financing include:
1. Fast and Easy Financing: Canada Drives provides a fast online platform for car loans. The application process only takes a few minutes, and you can have your car in as little as 48 hours.
2. Any Credit Approval: Regardless of whether you have a great or poor credit history, there are options for everyone.
3. Find Great Rates: Canada Drives can help you access very competitive rates compared to other more costly financing options. You can borrow up to $75,000 for terms ranging from 12-92 months.
4. Well-Rated Company: Canada Drives holds a 4.4/5 rating on Trustpilot from more than 1,900 reviews. The company has been rated as one of Canada’s best-managed companies and has been on the Deloitte Technology Fast 500 list of companies for four years in a row.
5. Customer Support and Car Loan Resources: They offer a variety of resources to assist Canadians with making informed decisions relating to auto financing, including a blog, car loan calculator, and more. You can easily reach their help centre by phone or email.
Canada Drives Alternatives
Below are some of the best platforms to find competitive car loan rates in Canada:
CarsFast (Lending Arch)
CarsFast has partnerships with several Canadian loan providers (TD, RBC, Scotiabank, HSBC, WS Leasing Ltd., etc.) and has been used by more than 350,000 Canadians.
You can borrow up to $75,000 for a car with terms ranging from 12 to 96 months. Interest rates vary depending on your credit profile.
The minimum eligibility requirements for a CarsFast car loan are that you must be:
- Over the age of 20
- At least $20,000 per month in income (whether employed or self-employed)
- Have a valid driver’s license
- Residing in Alberta, British Columbia, or Ontario.
- Employed for over three months
Loans Canada
Loans Canada offers access to auto financing loans, debt consolidation loans, personal loans, bad credit loans, and more.
Interest rates range from 1.99% to 46.96%, and you can borrow up to $50,000 for up to 60 months.
This company has partnerships with the largest dealer networks in Canada, and you can get a loan for sedans, SUVs, vans, trucks, and luxury cars.
Loans Canada
Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. This company holds an A+ accreditation with the Better Business Bureau and features multiple lenders on its website.
Interest rate: 2.99% to 46.96%
Loan term: 3-60 months.
Maximum loan amount: Up to $50,000.
Eligibility: Resident of Canada and employed for at least 3 months with proof of income.
On Loans Canada’s website
Conclusion
Getting a car loan can be a hassle; however, online platforms like Canada Drives have simplified the process and made it easier than ever to become approved for one.
As with every other thing that has to do with your finances, always read the small print to ensure you are comfortable with the terms and conditions.
Ensure you understand your payment terms and interest rates and plan to pay off your car loan as soon as possible to save on interest fees.
Related: Best Bad Credit Car Loans in Canada and Ontario.
Canada Drives Review FAQs
Canada Drives will check your credit report and score (hard inquiry) when you apply for a loan. Applicants can be approved for a loan regardless of their credit score.
Complete the application form; they will match you with a certified local dealership in your area. The online application process takes about 3 minutes.
The frequency of your credit applications can impact your credit score. When you check your own score, it is considered a soft inquiry and does not hurt it. The best practice is to limit hard inquiries by lenders whenever possible.
Yes, they offer unsecured and secured personal loans through their other lending platforms.
You can access car loans with rates ranging from 0% – 30%.
We have detailed ten strategies you can use to raise your credit score.
Related reading:
- Best Personal Loans in Canada
- Bad Credit Loans in Ontario
- Car Loans Canada Review
- Borrowell Free Credit Score review
Canada Drives review
Overall
Summary
Looking for a car loan in Canada? Check out Canada Drives for some of the best auto financing loan rates in Canada. This Canada Drives review covers what you need to know.
Pros
- Fast car loan approvals
- Any credit can qualify
- Competitive rates
- Great customer support
Cons
- Limited to Canada Drives affiliated dealerships
Thanks for the detailed review.
But kindly note that Canada drives credit check is a hard check. Its not a soft pull on your credit history. It was confirmed by the Canada drives customer care. And they mention that it was mentioned when we create a profile.
Please be aware.
@Ganesh: Thanks for pointing this out. I have updated the FAQs.
I was told that if i took a 2016 Chrysler 200 car loan for 6 to 8 months i could get a truc i was looking for. I thought the loan was for 20000 but they added in $4000 warrenty total ended up being $30000 with other fees. I asked for time to look over the documents and i got calls ever 5 mins to sign and he worked so hard on my approval.. I tried to not accept the car but two of them gang called me… They first offered $1500 cashback which i said no too. Then said ok how about $5000 and we can get you into that truck in 8 months, also said it would be really hard on them if i didnt get the car delivered… Now 8 months later they want a cosigner, it did nothing for my credit No other dealership will take the loan. I had to buy a truck for cash and stuck with a car i never needed. I tried to trade straight across for a cargo van worth the crazy loan amount but no deal. They told me my options pay off the loan or call my lender and voluntary give up the car.
They are a pushy, predatory loan service. Extremely unethical in their tactics, including illegal spam messages.