Car Loans Canada Review for 2024

If you’re in the market for a new or used car, you’ll want to check out Car Loans Canada. It is one of the leading providers of vehicle loans in the country and offers some of the best terms around.

In this review, we’ll take a look at what makes Car Loans Canada such a solid option and compare it to some of its competitors. We’ll also explain the application process and show you how to get started.

Car Loans Canada Overview

Car Loans Canada is a user-friendly online platform designed to help Canadian consumers find the best car loans. The platform finds the best deals at the top banks so that customers can get the most competitive rates. The company was founded in 2002 by two entrepreneurs who saw an opportunity to improve the car-buying experience for Canadians.

The company’s goal is to make it easy for consumers to compare various car loans and choose the one that best suits their needs. To do this, Car Loans Canada offers a user-friendly interface with a variety of features that make it easy for users to find the best loan options.

The platform is also constantly testing new features and improving its user experience.

As a result, Car Loans Canada has become one of the most popular car loan platforms in Canada, with 1.6 million Canadians served and 3,570 cars sold per month.

Car Loans Canada Features

One of the things that set Car Loans Canada apart from its competitors is its user-friendly interface. The platform is easy to navigate, allowing users to quickly find the information they need.

Another thing we like about Car Loans Canada is its transparency and the fact that it helps users find some of the best rates in the industry. The current rate for used vehicles is 3.99%, which is a great deal.

Car Loans Canada also provides flexible payment options, making it easy to find a plan that suits your needs and budget. You can opt for monthly, semi-monthly, biweekly, or weekly payments. And if you decide to make a lump-sum payment, there are no prepayment penalties.

Car Loan Calculator

One of the most valuable features here is the car loan calculator. This calculator has two options. It allows you to calculate your payments or calculate what you can afford.

To calculate your payment, you need to enter the price of the vehicle, interest rate, down payment, and loan term. You also need to provide information about your province, which can affect the tax rate. 

Once you provide this information, you will see not only the total vehicle price but also the sales tax, total interest paid, and total loan amount, with all taxes included.

If you wish the website to calculate what you can afford, you need to choose the payment frequency, enter the desired payment and interest rate, and set the down payment you can afford. You also need to select one of the available loan terms and your province.

The website will then show you the vehicle price that fits your budget, along with the sales tax, the total interest paid, and the total loan amount.

The car loan calculator is a great way to compare your loan options side-by-side. It’s also helpful in understanding how much you can afford to borrow and what kind of down payment you’ll need to make.

Car Loans Canada Application Process and Requirements

The application process is straightforward and can be completed entirely online. The first step is to fill out an online form with some basic personal information. 

You then have to select the type of vehicle you’re looking for; provide your birth date; explain your current credit situation and employment status; and provide your monthly income and select how long you’ve been earning it. The personal information you need to supply includes your home address, email address, and phone number.

Once you’ve submitted the form, a representative from the Car Loans Canada support team will reach out to you to discuss your options and help you choose the best car loan for your needs. 

Also important to note is that the application process is free and doesn’t affect your credit score, so we definitely recommend you submit your application to see what options are available.

Car Loans Canada vs. Other Auto Loan Providers

Now that we've discussed the lender's features, we’ll proceed to compare it to some of its main competitors.

Car Loans Canada vs. Fairstone

If you’re in the market for a car loan, you may be wondering whether to go with a traditional lender like Fairstone or a newer company like Car Loans Canada. Both have pros and cons, so do your research before deciding.

With Car Loans Canada, you can get pre-approved for a loan before you even start shopping for a car. This can be helpful in negotiations with dealerships. Besides this, you can get a free credit score before beginning the application process.

What’s also important to note is that Car Loans Canada doesn't have any maximum loan amount set, which means you can finance any car you want.

Fairstone offers car and auto loans of up to $25,000. You can use this money to purchase any privately-sold car, truck, van, or SUV model not more than 10 years old. Fairstone offers flexible loan terms ranging from six to 60 months. 

Like Car Loans Canada, Fairstone does not charge prepayment penalties, meaning you can pay off your loan early and not face an additional charge.

Car Loans Canada vs. Coast Capital

Coast Capital is another big player in the Canadian car loan industry. Like Car Loans Canada and Fairstone, Coast Capital offers some great features.

With Coast Capital, you can get pre-approved for a loan before you start shopping for a car, which helps you know how much you can afford to spend on a vehicle.

Coast Capital also offers new and used car loans, as well as leasing options. You can get financing for up to 100% of the value of your vehicle with Coast Capital and choose among various repayment terms.

With Coast Capital, you’ll get competitive rates, flexible terms, quick approvals, and straightforward payment options. It’s an excellent choice for those looking to finance a car.

Bottom Line

Finding a car loan in Canada can be difficult, but Car Loans Canada makes it easy. With their online application, you can get approved for a loan in minutes and have the money you need to buy the car of your dreams.

It is one of the few companies that offers both new and used car loans, so no matter what type of vehicle you are looking for, Car Loans Canada can help you out, and save money on your loan while allowing you to get into your new car as quickly and affordably as possible.