Car Loans Canada Review

Each year, across the country, over 2 million Canadians purchase a new car and many of these people require a loan in order to do so. Car Loans Canada is a specialist in the automotive loan industry and has been providing its customers with both financial support as well as much needed information on the process of buying a car.

Car Loans Canada has served over 1.6 million Canadians and offers a way to make the car buying process easier and more transparent. By matching prospective buyers with their approved car dealers and lending partners, they ensure that each customer is given all of the information that they need to make an informed automobile purchase decision with complete understanding and that they are matched to a car that fits their individual needs with a payment plan that works with their budget.

Because the automobile industry is always rapidly changing, it can be difficult for consumers to stay up-to-date and therefore makes it difficult to make an informed decision on which vehicle and which financing plan will work best for their situation. Through ample education and trusted partnerships, Car Loans Canada is with their clients every step of the way, ensuring they are fully satisfied with their purchase.

Features


There are so many benefits to using Car Loans Canada to obtain a loan to purchase your next car.

Some of the key features of this business include:

  • Information on the car buying process – On the Car Loans Canada website there are endless links to important information on the car buying process that will help you make the best and most informed decision when buying your next car. Whether you require information on the loan process, insurance rates or how to pick the right car for you, Car Loans Canada has it all. Their website is full of important and detailed resources that will help to educate all of their clients.
  • Complete transparency – Car Loans Canada offers complete transparency and fully discloses information on how car loans are calculated and what factors will determine how much your car loan will be. They help to take the mystery out of buying a car by providing you with precise details on all aspects of the automobile buying process.
  • Quick approval process – To obtain a car loan with Car Loans Canada all that is required is the completion of an online application that takes approximately five minutes to complete. Once this is done, a representative will be in touch with you.
  • Partnerships with Canada’s biggest lenders – Car Loans Canada has partnered with some of Canada’s biggest lending institutions to ensure that you are given ample options when it comes to choosing the loan terms that are best for you.
  • 24/7 Live chat – If you have questions or require information, the Car Loans Canada website offers a live chat feature that is available 24/7 to assist you.

Services


Car Loans Canada specializes in one main service, and that is matching up its customers with the lending institution and specific loan that is best for them and their car buying goals. Car Loans Canada works with most of the big banks and popular car dealerships in Canada and stays up-to-date on their rates which allows them to provide their customers with the car that they are looking for and the best loan possible.

Car Loans Canada also offers its clients a service called Debt Refresh. This service helps Canadians that have over $10,000 in debt by matching them with an Insolvency Trustee that will devise a repayment plan in order to become debt-free. This will help reduce your interest payments, stop creditor calls and allow you to keep any collateral that may be at risk, such as a vehicle or your home.

For all of the information on what Car Loans Canada can do for you, visit https://smarter.loans/lenders/car-loans-canada/

Frequently Asked Questions About Car Loans Canada


What is required to get a car loan in Canada?

In order to obtain a car loan in Canada you must be able to provide proof of income (either from an employer or in some cases government assisted income is acceptable), a void cheque or pre-authorized payment form from your bank, a valid, Canadian driver’s license and a valid Canadian address that matches the address on your license.

What is the term of a loan?

The term of the loan is the length of time that the loan amount will be borrowed for. Payments are made usually on a monthly or biweekly basis for the length of the term which can range from anywhere between twelve and ninety-six months.

What is the principal of a loan?

The principal is the total amount of the loan that is being borrowed.

What is the interest rate of a loan?

The interest rate is the amount that the lender charges, on top of the principal in order to borrow the loan amount. Interest rate percentages can range from 0.00% to 29.95% depending on the car that you choose, the lender you borrow from and whether the vehicle is new or used.

Will Car Loans Canada have the car that I am looking for?

Car Loans Canada has a wide selection of different makes and models from both new and used car dealerships all across the country. Once you have been approved for a loan, a representative from the company will match you with a selection of cars that meet both your needs and your loan requirements.

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Smarter Loans Staff

Author

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.

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