Car Loans Canada turns the car buying process upside down by getting you pre-approved for a loan before you even start browsing vehicles to buy. After filling out an application on their website, you work with a loan specialist who matches you with a lender based on your eligibility. Their goal is to get your finances figured out early to save you the frustration of being rejected for financing on a car you really like.
If you have bad credit, they’ll work with you to get pre-approved. The application process is easy, but does require a lot of information up front. Car Loans Canada doesn’t run a hard credit check on you – that happens later when you apply for the loan. And while they’re essentially just pairing you up with a lender, it could be a good option to know what you’re working with before you visit a car dealership. Here’s our Car Loans Canada review.
Car Loans Canada features
Here's what you can expect from Car Loans Canada.
Why You Want It
Only shows preapproved loan options + Rates starting as low as 6.99%.
Special Features
- Car loan preapproval
- No impact on your credit score
- Free credit score at the start of the process
Eligibility
- Age 21+
- Monthly income of $2,000+
- Must be employed with at least 3 months on the job
- Income verification
- Valid driver's license
- Must have a valid Canadian address
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, SK
Features
Pre-approval
Flexible Terms
Loan Amounts
N/A
APR Range
8.99% and up
Term Range
12-96 months
Minimum Credit Score
See Issuer for Details
Secured Available
Car Loans Canada product rating: 2.3 stars
Car Loans Canada makes it easy to find a car loan that's right for you. By using their simple application process, you'll get to sort through a variety of car loans that you're already prequalified for, saving you time and frustration. And it doesn't even require a hard credit check to get started, so there's no impact on your credit score until you actually apply for one of the loans.
On the flip side, however, the application process does require that you give over quite a lot of personal information, including your name, address, employment status, income, and employer, among other things. Given that Car Loans Canada is a third party site that isn't directly involved with the loan process itself, this might put a few people off.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Car Loans Canada
Here are a few of the things Car Loans Canada has going for it.
Pros
Quick and easy to get started
Car Loans Canada helps you sort through loans available from a wide range of lenders in Canada, saving you a bunch of time doing your own research. You can start the process off in as little as 2 minutes by filling out a Car Loans Canada application, that will help them find the right loans for you, and even ensure you're pre-approved.
Doesn't impact your credit score (yet)
The Car Loans Canada application process doesn't involve a hard credit check, so there is no impact on your credit score at all. When you actually apply for one of the loans, however, there will be a hard credit check, but that's just a normal part of the process.
Will help you find car loans for bad credit
Car Loans Canada says that they're able to help people with bad credit find car loans. While this may be true, you'll want to keep an eye on those interest rates – there are lenders out there who are willing to risk loans for bad credit, but you'll pay dearly for them with high interest charges. It might be in your best interests to try improving your credit score instead, since high interest debt can just make your situation even worse.
The cons of Car Loans Canada
There are a few things you'll want to keep in mind with Car Loans Canada.
Cons
Not a lender, just a loan matchmaking service
Car Loans Canada isn't a lender, and will not be the company actually giving you any money. They are a loan matchmaking service, collecting your personal information and using that to sift through a database of available loans to find the best ones available to you.
Requires a lot of personal information up front
The Car Loans Canada application process collects enough personal information to evaluate your eligibility for loans, and not everyone is going to be comfortable handing over that much information to a third party company. If you start the application process and find yourself less than comfortable with the information required, you can stop at any time.
Cannot complete the process entirely online
After you complete a Car Loans Canada application, you'll have to wait for a loan specialist to get in touch with you. Given how much we can just do online these days, this might be a little frustrating for some people.
Car Loans Canada alternatives
Not sure if Car Loans Canada is right for you? Here are some similar products you might be interested in.
 |  |  |  | |
|---|---|---|---|---|
| Account | Car Loans Canada | MogoMoney | LoanConnect | Cashco Flex Installment Loan |
| Genius Rating | ||||
| Why You Want It | Only shows preapproved loan options + Rates starting as low as 6.99%. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. | Borrow up to $7,000 for 60 months + "Buy Some Time" insurance feature. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | N/A | $300-$5,000 | Up to 60,000 | N/A |
| APR Range | 8.99% and up | 34.37% | 8.99%-46.96% | 48.99% - 55% |
| Term Range | 12-96 months | Open line of credit | 3-120 months | 6-60 months |
Show More | ||||
| Find a loan See more Car Loans Canada products Compare | I Want This Deal See more Mogo products Compare | Find a loan See more Loanconnect products Compare | Learn More See more Cashco products Compare |
FAQ
What are the eligibility criteria for Car Loans Canada?
To use Car Loans Canada services, you have to be at least 21 years old, have a monthly income of $2,000 or more, have held your job for at least 3 months, have a valid driver's license, and have a Canadian address. You can read more about the requirements and features here.
What information does Car Loans Canada ask for during the application process?
When filling out a Car Loans Canada application, you'll need to provide your full legal name, your current address, your date of birth, your estimated credit score, your employment status, your current monthly income, your employer, your current role, your email address, and your phone number. It's a lot of personal information, but gives them everything they need to prequalify you for a variety of car loans.
How quickly can I get a loan through Car Loans Canada?
Car Loans Canada claims that you should be able to get a loan through them in as little as 24 - 48 hours.
Is Car Loans Canada legit?
Yes. Car Loans Canada connects buyers with lenders. They help consumers determine their financial eligibility and get pre-approved for vehicle financing, which gives them valuable information before looking for a car. Typically, customers don’t find out if they qualify for a loan until after they’ve chosen a car they like, which can make being rejected frustrating all around.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account + $100 GeniusCash
- Get up to $500 in cash when you open a new account, complete specified actions, and open 2 registered investment accounts.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $100 GeniusCash on approval – ends Dec 31, 2025.*.
- Unlimited transactions + Free identity theft protection + $125 GeniusCash
- Unlimited transactions and Interac e-Transfers.
- Free identity theft protection and access to Coursera online learning.
- $125 GeniusCash on approval – ends Dec 31, 2025.*.
- A low cost online broker with a $2,000 bonus + $80 GeniusCash
- Get $150 when you open and fund your new accounts with at least $1,000.
- No minimum investment requirement.
- Plenty of trade-free ETFs to choose from.
- $80 GeniusCash on approval – ends Dec 31, 2025.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
