Car Loans

Getting a car is a big step in any person's life Ė and paying for it is the part which some people worry over. However, a good auto lender can help you to receive one of the car loans listed below within 48 hours regardless of your credit history. You can apply for car loans quickly by using online application methods, allowing you to spend less time waiting around and get on with finding the car of your dreams. There are lenders who can even offer car loans to applicants who have suffered bankruptcy. Many car loan lenders are sympathetic to borrowers as they know that a car can be necessary for a person to earn money. As this is the case you are still likely to be able to obtain a loan even if you have bad credit. Compare car loans today and find the best deal.

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Mogo
Mogo

Broker5.9% - 47.88%$100 - $35,0007 Days5 YearsTerms

Terms

See website for details

Suitable

Suitable

Full spectrum lender for 500+ credit score

Restrictions

Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

NoYesMogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, youíd be paying drastically less interest overall compared to credit cardsóeven if youíre approved for a higher rate with Mogo. If for whatever reason youíre not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Online sign up/check your rate


Advantages

Advantages

1. Sign up a free Mogo account in 3 minutes, see your rate/loan offer with no impact to your credit
2. Free credit score
3. Full spectrum lender
4. $100 - $35,000
5. Terms up to 5 years


Disadvantages

Disadvantages

Only available in BC, AB, ON

Canadian Credit Group
Canadian Credit Group

Broker0 Ė 31.9%From $50001 day96 monthsTerms

Terms

Interest rates range from 0% - 31.9% depending on vehicle and approval

Suitable

Suitable

Bad Credit, No Credit, Bankrupt, Consumer Proposal, Repossession, Collections, Credit Rebuild,

Restrictions

Restrictions

1. 18 years old or age of majority in province of application
2. Must have driverís license
3. Must have income

YesNoCanadian Credit Group
If you are looking to get auto financing in Canada, but have found your past credit issues are making it difficult Ė we can help. We have programs available for all credit types Ė from bad credit to no credit and everywhere in between. Before you apply it is worth reading the terms and conditions carefuly to ensure that you fully understand the financing process. DETAIL INFORMATION >>Services

Services

1.Auto loan approvals across Canada for customers with credit issues
2.Cars, Trucks, SUVs and Minivans with budget payments


Advantages

Advantages

1.Competitive auto finance from a local approval centre
2.Applying is free and no obligation
3.Application takes less than 2 mins. to complete


Disadvantages

Disadvantages

Loan not available on all vehicles

CanadaDrives.ca
CanadaDrives.ca

BrokerVariesAsk on application1 day96 monthsTerms

Terms

1.Vehicle must meet certain guidelines
2.Must have income

Suitable

Suitable

Bad credit, no credit, bankrupt, consumer proposal, repossession, collections, credit rebuild, low credit score.

Restrictions

Restrictions

1. 18 years old or age of majority in province of application
2. Must have driverís license
3.Must have income

YesNoCanadaDrives.ca
CanadaDrives.ca helps thousands of Canadians purchase the car, truck, SUV or minivan they need. Whether you have good credit, bad credit or no credit, we have vehicle financing options for you. Complete an easy application to get pre-qualified for an auto loan today. Please make sure that you read the terms and conditions thoroughly to ensure that you understand the financing process. DETAIL INFORMATION >>Services

Services

1.Auto finance for all types of credit situations 2.Credit rebuild programs available


Advantages

Advantages

1. Response typically within same hour (during regular business hours)
2. Options on popular cars, trucks, SUVs and minivans
3. Easy-to-make payment options
4. $0 down options


Disadvantages

Disadvantages

1.Not offered in the United States
2.Not offered on all vehicles

If you wish to speak to someone: Contact Us

Compare Cars Loans

Make sure you have all the facts when it comes to deciding on the right car loan.

Want that dream car but canít afford it?

Buying a car is one of the biggest purchases you will ever make. Cars and other vehicles can be very expensive. Car loans can help you finance the vehicle that you want if you donít have the finances to do so.

With a car loan you can take home the car you want straight away. Some lenders also offer some great incentives with their loans such as free or discounted breakdown cover, vehicle insurance and offers on car accessories.

What about your credit rating?

You will be able to find a car loan if you have bad credit however, you will find the better your credit rating, the more money you can borrow with lower interest rates.

The exact amount you can borrow and the interest rates will vary from lender to lender which is why it is really important to research the market. In general you will find that the better your credit rating the better loan conditions you will be offered. However, this does not mean that those with a bad credit rating will be unable to find a competitive deal.

Interest rates

With some lenders you can have the security of fixed regular payments and you can choose an interest rate that is either variable or fixed. A fixed interest loan protects you from changes in interest rates and is suited to those who are looking for set payments. Variable interest rate loans are suited to those who want to benefit from times when interest rates may be low.

Choosing the right Car Loan

There are a wide range of loan options available. You need to choose a loan that fits your budget. Make sure if you are given a choice in repayment options that you choose one that suits you. The amount you can borrow can depend on a number of aspects including the type of car you want to buy. You will find that used cars will have higher interest rates than newer models.

It is important that you take the time to research the market to find the loan that best suits you and your finances. You can use the table above to compare different types of car loans available in Canada.

How to find the right car loan

Most car loan specialists do not necessarily place restrictions on the type of car purchasable with the loan funds. However, there are some providers that specify you are only allowed the best rates, if you purchase your car from a particular retailer. Ensure you are aware of any restrictions like this so you know what your options are before you commit to a particular loan company. Compare the features and monthly repayments of a few loans and check the fees associated with each company before your commit.

Car Loans - Latest News News and Charts

Defaults on car loans and credit cards debt reaches high

21 January 2014
Which Way To Pay

A new survey shows that consumers continue to rack up debt on cars and credit cards which bankers fear will not be repaid.

READ ARTICLE

Total consumer debt has risen despite clamp down on loans and credit cards

12 September 2013
Which Way To Pay

Troubling trend begin to show with the number of bank loans and credit cards Canadians have taken out.

READ ARTICLE

Do you need a new car? A car loan could be the answer you are looking for

19 August 2013
Which Way To Pay

When buying a car you should ensure you research all your options carefully and make yourself aware of any car loan terms and conditions.

READ ARTICLE

Want A New Car But Canít Afford One?

07 March 2013
Which Way to Pay

The main advantage of a car loan is that you can own the car of your choice today rather than having to plan something for the next few years.

READ ARTICLE

Need A Loan For A Car?

18 April 2012 12:00pm
Victoria Wedderburn

For financial help in taking home the car you want there are car loans. They are easy to apply for and you can take possession of the car straightaway.

READ ARTICLE