Compare Car Loans Canada
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Submit now and find the right car loan for you with the largest dealer network in Canada.
Disclaimer: All loan services are subject to credit and underwriting approval.
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Why Apply Car Loans With Insurdinary?

  • Fast approvals
  • Loans up to $50,000
  • Applying is FREE and there is no obligation
  • Re-establish your credit
  • Many options, affordable financing
  • Apply once, get multiple options

Our Simple Process

When you apply for a loan with Loans Canada (our loan broker partner), you benefit from their proprietary solution matching technology to find the best possible loan solution for your situation. Their algorithm takes into consideration your location and the information you provide to find the best match. In short, you submit an application and we provide you with the best possible match.

Is This Right for You?

Loans Canada is the first and best destination for online financing solutions. With fast and easy application system and the largest provider network in Canada, it's no wonder Canadians continue to turn to Loans Canada for all of their personal financing needs.


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How Does It Work?

At Insurdinary, we help you get connected with major car loan providers in Canada to give you the best available out there and let you choose the right product for you.

Review Finances

Before applying for a car loan, it’s important to to check your credit score and evaluate if you meet the minimum requirements of your lender.
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Gather Documents

Some borrowers end up getting rejected due to missed documents and incomplete applications. To avoid such mishaps, it’s a good idea to gather all documents needed before applying for a car loan.

Compare

Before applying with any one lender, you should consider getting quotes so that you can secure the best rate for you. You can use a loan comparison website like us to get multiple quotes from different lenders with a single application.

How to Save Money
on Your Car Loan?

Looking for affordable car loan in Canada? The best way to find the lowest rates is to compare policies and rates online.
Here are some tips to help you save
on your car loan.

Credit Score

Know your credit score before talking to a sales agent at the dealership

Multiple Quotes

If your credit is less than perfect, browse multiple financing quotes to find one that suits your needs.

Shorter Terms

Get the shortest loan term you can afford to avoid paying unnecessary interest

Downpayments

Try to put as much down on the car as possible, min 20% of the car’s total value

Fees, Taxes, and Extras

Be sure to make the payments of extras, fees, and taxes with cash and not financing

Car Loans 101

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Car Loan

A car loan is basically a personal loan that is secured by the car you are purchasing. Meaning, if you default on your loan payments the lender has the authority to seize your vehicle as collateral. You can get the funding you need through a bank, an alternative lender, or the dealership itself. Most lenders will allow you to borrow from 80% to 100% of the value of the car.

Auto Refinancing

Auto refinancing involves replacing your current car loan with a new loan that has different rates and terms. You can choose to refinance your car loan by renegotiating the terms with your current lender or you can choose to switch lenders completely. Regardless of which way you choose to go, consumers typically refinance car loans for two reasons; to extend their term or to qualify for a lower interest rate.

Rent-to-Own

The rent-to-own option is great for people with bad credit who are unable to get approved for a lease through traditional means. There’s no credit check, you just need a personal ID, proof of residence, and an income source. The rent-to-own option involves “leasing” a used car for a period of time. After this, you can choose to return or buy the car.

In-House Financing

Dealers typically offer in-house financing for cars that are older and have high mileage. These features make it an optimal option for people with bad credit. Instead of financing your car through a bank or a third-party lender, in-house financing streamlines the process by giving you the option to choose your car and pay for your car from the same place.

Lease Buyout

When you lease a car, typically a new one, you have the option of returning the car or buying the car at the end of the contract term. Buying the car at the end of the lease term is what you would call a lease buyout.

Why Was My Car Loan Application Rejected?

There are a number of reasons your application may have been rejected. Here are some of the most common reasons you may not have been approved.

Your Debt-to-Income Ratio is High

Many lenders will see this as a warning sign that you won’t be able to pay for a car loan with all the debt you currently have.

Your Debt-to-Income Ratio is High

Many lenders will see this as a warning sign that you won’t be able to pay for a car loan with all the debt you currently have.

You’ve requested a loan that is too high

If the car loan amount is too high relative to your financial health, lenders will be less inclined to approve you.

There is a mistake on the application

Any wrong or incomplete information on the form as well as missing documents will put a halt to your approval.

You have bad credit

Your credit history is one of the most common factors banks, credit unions, and alternative lenders will use to determine your creditworthiness or risk.

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Car Loans
Frequently Asked Questions (FAQ)

You’ve got questions, we’ve got answers. Learn all about finding and applying for personal loans online in our FAQ section below.

Do I have to provide a down payment to get an auto loan?

In most cases, you will be required to place at least a 10% down payment. However, there are lenders who may accept less depending on their requirements. It is advised that you make as big of a down payment as you can afford, as it will reduce your monthly payments and will make you look like a less risky applicant.

How do I get pre-approved for an auto loan?

Getting pre-approved is a fairly easy process and one that can help you snag the best deals. To get pre-approved, you will provide the lender with a basic summary of yourself, which typically includes your name, salary, debt, and social insurance number. They will also require a "hard" credit check which will affect your credit. As such, be sure to get pre-approval from all the lenders you want within 14 days as multiple credit checks within a two-week period are seen as one credit inquiry.

Can I buy a car online?

Yes, there are many different ways to purchase a new or used vehicle. Clutch and Canada Drives are two of the most popular several consumers use to purchase a vehicle online.

Can I get an auto loan with bad credit?

Yes, there are many lenders who cater to the sub-prime market by offering bad credit car loans. Car loans are also one of the easiest loans a person with bad credit can get since they are secured by the car you are purchasing.

Are 72+ month auto loans bad?

Car loans that have terms longer than 72 months should be reconsidered for a number of reasons.
  • You spend way more on interest
  • Interest rates are higher when you go for loan terms over 60 months
  • Less equity. You build equity when your car is worth more than your loan. With stretched out payments, you end up with negative equity.
  • You can end up paying more than the actual value of the car

How can I get 0% financing?

0% financing is typically offered by auto dealerships looking to meet sale quotas or get rid of old or used cars. In order to qualify for 0% financing, you’ll need to have an excellent credit score. If you do qualify, be sure to check if the 0% is applicable to the entire duration of the term.

Can I qualify for a loan if I have bad credit?

In short, yes. Not all lenders require a credit check, but many do. Most banks require a soft credit check to determine pre-approval, then a hard credit check if you agree to sign up for the loan.

Some brokers don’t require a credit check at all and will set you up with lenders who will send you money within a day, no matter whether you have bad or good credit.
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