Car Loans Canada review


Updated: December 27, 2023

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Car Loans Canada

Quick Facts

Fixed interest rate: 6.99%-34.99%

Loan amount: Up to $80,000 (varies)

Min. credit score required: N/A

Min. monthly income required: $1,800

Loan term: 12 to 96 months

If you’re in the market for a new vehicle but don’t want to spend the time going from lender to lender to find the best rate, we’d suggest using Car Loans Canada.

Car Loans Canada compares rates for you and presents you with the best ones based on your situation. The application process can be done in five minutes or less, meaning you can drive away in your new vehicle in as little as 48 hours.

Keep reading our Car Loans Canada review to see if this online car loan approval service is right for your car loan needs.

About Car Loans Canada

Car Loans Canada is the top-rated online car resource in Canada. They are also Canada’s oldest online car loan approval service, with over a decade of experience under their belt and 1.6+ million Canadians served.

Car Loans Canada serves as a loan connector. This means they do not provide the loans themselves but will use your information as provided to connect you with the best lender based on your needs. But don’t worry, these services won’t cost you a penny. Applying for a loan through Car Loans Canada is completely free, and you can do it all from your couch at home.

Car Loans Canada currently operates in nine Canadian provinces: Ontario, Manitoba, Alberta, Nova Scotia, New Brunswick, Saskatchewan, British Columbia, Prince Edward Island, and Newfoundland and Labrador.

Top features

Thanks to their tried-and-tested methods and excellent ratings, Car Loans Canada partners with lenders across the country to ensure that you receive the best terms and the lowest rates available. Check out their rates page.

Car Loans Canada offers:

  • Auto loans
  • Interest rates ranging from 6.99%-34.99%
  • Loans with no credit score requirement
  • Access to rates from their 300+ lending partners
  • An online car loan calculator that can give you an idea of what to expect before you even apply 

Eligibility requirements

For the best chances of being approved for a loan from Car Loans Canada, you must:

  • Be a Canadian living in Ontario, Manitoba, Alberta, Nova Scotia, New Brunswick, Saskatchewan, British Columbia, Prince Edward Island, or Newfoundland and Labrador
  • Have a minimum income of $1,800 per month
  • Be at least 21 years old to apply

What types of loans are available?

Car Loans Canada offers loans for both new and pre-owned vehicles.

It is important to know that the company is the middle man, not the lender itself. They do the work for you by connecting you with the best lender based on the information you provide in your application. This makes it quick and easy for you, as the borrower, to find the best lender for your needs and allowing you to purchase your vehicle faster. Don’t worry though, you aren’t paying any extra for this service. Car Loans Canada is free to use.

Figure out how much your car loan will cost

It’s important that when you begin your car buying journey that you check your budget and monthly payments. The easiest way to do this is to use our car loan calculator. It’s a simple way to estimate your monthly costs and see how much you can afford.

How to apply

Applying for an auto loan with Car Loans Canada is easy and can be done online in a matter of minutes.

Before you start the application process, make sure you have the following information on hand:

  • Valid driver’s license
  • Proof of income
  • A Canadian residential address
  • Your banking information
  • Information about the make and model of the vehicle you want to purchase

Once you have this information, you can start the online application process, which should take you less than five minutes.

The first step is to choose the type of vehicle you are hoping to purchase (car, truck, van, SUV). From there, you’ll be asked to confirm your age (you must be at least 21 years old to apply for a loan with Car Loans Canada), your address, employment status, contact details, and income. Soon after you have submitted your application, a local approval centre will get in touch and connect you to the lender offering the best rates based on your application. Car Loans Canada prides themselves on their quick response rates and high probability of approval, often this means that you can get your car within 48 hours of applying for the loan.

Since Car Loans Canada isn’t the lender, loan payments will be handled by the selected lender.

Learn more about the application process by watching this video:

Is it safe?

Some people are worried about the idea of applying for a loan online through a third-party website. If this sounds like one of your concerns, then you can breathe easy knowing that Car Loans Canada takes your security seriously.

Car Loans Canada prides itself on being compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). They obtain permission to collect the user’s information and disclose any sharing of it. The information is only shared once – with the loan provider. Car Loans Canada also helps to protect your data by encrypting the information and sending it through an SSL to a dedicated server with a private VPN.

How it compares

Car Loans Canada is a great choice for individuals looking for auto loans. However, what other options are on the market, and how does Car Loans Canada compare? Here’s a quick look. 

Car Loans Canada
Loans Canada
Starting at 4.99%
Loan amount 
Up to $80,000 (varies) 
$500 to $50,000 
$500 to $50,000
Loan term 
12 to 96 months 
12 to 84 months 
72 to 84 months
Best for 
Auto loans 
Quick cash 
Poor/no credit score

As you can see, Car Loans Canada definitely has the highest loan amount options. While Loans Canada offers a much broader range of loans, your APR could 1.99%–46.96% depending on your credit score and how much you borrow. Plus, with shorter loan terms, you’ll have less time to pay off the loan, which could be good for some people but a challenge for others.

LoanConnect could also be a contender depending on the type of vehicle you want and your credit history. Like Car Loans Canada, LoanConnect is an application site with many lending partners, so it might be worth both playing around with the Car Loans Canada calculator and filing an application with LoanConnect (this will not affect your credit score) to compare the two options.

Chances are, though, if you are looking specifically for an auto loan with a reasonable APR, Car Loans Canada will be your best bet.

Pros and cons

As mentioned above, Car Loans Canada is a free loan approval service, so there’s no reason not to assume that their services are valid in your home province. Using an approval service definitely makes things quick and easy on your end, plus Car Loans Canada has a positive reputation and a great track record with an estimated 11,900 approvals each month. That being said, like with every company, there are a few downsides, as well.


  • No credit score requirements
  • One-stop-shop type of service that compares over 300 lenders
  • Car loan calculator

If you are looking for a car loan and meet the application requirements, then go for it. Chances are if you are looking for a car loan, you want it pretty quickly and don’t want to spend your time shopping around. Car Loans Canada takes the work out of finding the best deal; they do it for you. With over 300 lending partners across Canada, you’re bound to find a good fit.

Plus, Car Loans Canada takes pride in its transparency and partnerships with lenders who are willing to look at your current financial situation, not just your history. This means that if you’ve struggled with bad credit before, Car Loans Canada will still have options available to you. 


  • Not available Canada-wide
  • Monthly income requirement to be eligible 

Car Loans Canada will not be a good option for those who live in the Yukon, Nunavut, nor the Northwest Territories. The company only offers its services in Ontario, Manitoba, Alberta, Nova Scotia, New Brunswick, Saskatchewan, British Columbia, Prince Edward Island, and Newfoundland and Labrador. Additionally, there’s no point in applying if you are under the age of 21 or make less than $2000 per month.

Bottom Line

Canadians shopping for an auto loan should absolutely consider Car Loans Canada if you meet their application requirements. They have trusted reviews and a reliable history and are incredibly flexible in terms of credit scores, loan amounts, and even loan terms. If you’re looking to save your time and energy and find a reliable car loan quickly, then Car Loans Canada is a smart choice.


  • What is Car Loans Canada's customer service like?


    The Car Loans Canada application is done online, but should you need to talk to someone, you can reach the Car Loans Canada support line through email by sending a message through the website, calling, or using the online chat option in the bottom right corner of the website. Their website states that they do their best to respond to all inquiries within 24 hours.

  • Can I qualify for financing if this is my first purchase?


    In short, yes. There are several programs in place tailored to first-time car buyers, including programs for recent college graduates. So, if you have a bad credit history, don’t panic. Car Loans Canada can still help you get a loan for your first vehicle purchase.

  • Who are the Car Loans Canada finance companies?


    Car Loans Canada works with 300 lending partners across Canada. Some of these companies include RBC, Scotiabank, Bank of Montreal, Carfinco, Ford Credit, TD Canada Trust, WS Leasing, Dominion Leasing, and more.

  • Can I pay off my car loan early?


    This is dependent on the terms you’ve agreed upon with the specific lender, but generally, yes. Most car loans in Canada are open-ended, which means you can pay them off early without incurring any penalty fees.

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About our author

Aaron Broverman
Aaron Broverman, Author

Aaron Broverman is a freelance writer based in Toronto. When he’s not writing about money for publications like Yahoo Canada and, you’re likely to find his nose in a comic book. He likes comics so much, he hosts a podcast called Speech Bubble where he interviews those involved in the comic industry. You can follow him on Twitter: @broverman.


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