Canada Drives Review – Read this before getting a car loan!

Thinking about getting a car loan from Canada Drives and not sure? Here’s a quick review: If you had problems in the past qualifying for auto loans you should strongly consider using Canada Drives. Want to know why? Read on! 

What Canada Drives does

Canada Drives provides you access to a massive inventory of auto loan companies as well as car dealers Canada wide, that are willing to give out car loans to people in bad credit situations.

What’s good about Canada Drives is that it isn’t some small unknow loan provider; it’s been around for several years providing support for Canadians who have no credit or poor credit get car loans. It’s also one of the biggest, if not biggest car loan companies in Canada.

If you have experienced some type of credit difficulty in the past and have been denied a car loan by your bank, or financial institution; Canada Drives can help you find a loan company willing to work with you.

Some benefits of Canada drives:

  • Find financing with no credit, bad credit or even if you’ve had a bankruptcy.
  • Get access to almost any vehicle that you need with fast financing.
  • A quick two-minute application online could be all you need to get approved.

Applying for a car loan through Canada drives:

To get started applying for a loan through Canada Drives the first thing that you will need to do is log into the website and fill out a two-minute application form. Canadadrives.ca has a simple application form that will send a notification directly to your e-mail after you apply.

Canada Drives generally takes just a few hours to approve any type of car loan, and once you have been approved you will get an e-mail, and sometimes a phone call from car dealers in the area who can provide you with a car loan.

All the application details will be accessible through your Canada Drives account; such as what you can expect to pay for interest rates, the dealers who are interested in dealing with you and much more.

The big questions to ask before applying:

What will I need to get started and get approved?

When you’re applying through Canada Drives the goal will be to have some type of payment information available. Even if you had bad credit in the past it’s possible for lenders to look past it, if you can demonstrate that you have enough income to make payments and afford the vehicle you want to buy.

  1. You will also need to have a valid driver’s license in order to apply for an auto loan. 
  2. Your current address: Your current address will be used by lenders to gather information about where you live as well to have access to your contact information.
  3. Your bank account: Bank account information will be needed so that you can make your payments. Most lenders will ask for a void check so that they can make automatic withdrawals from your bank account each month to pay your loan down.
  4. A down payment: not every Canada Drives applicant will have a down payment, but even if you have a few thousand dollars to add as a down payment for your loan, it can be very helpful for bringing down your interest payments and influencing the approval of your loan. 

What types of interest rates does Canada drives offer?

The interest rates from Canada drives can vary depending on many factors, such as your down payment, your current credit score as well as the type of vehicle that you are interested in purchasing through Canada Drives. While you can expect your interest rates to be a little bit higher than traditional vehicle financing, Canada Drives offers some of the most competitive bad credit car loans in Canada.

Does Canada drives operate as a loan broker?

Canada Drives is not a loan broker but rather a specialized advertisement company for Canada’s most reputable car dealerships.

Can Canada Drives Help if I have no credit history?

If you don’t have a credit card or if you have minimal to no credit history you can get help with car financing with Canada Drives. Even with no credit history, there are car financing companies that are designed specifically to help customers with minimal credit history. Canada Drives can help you find companies willing to give you an auto loan

Canada drives loan structure explained

Generally there are two parts to a car loan, the term and interest rate.

  • Term: The term is the number of payments and a frequency of payments you need to make. Usually a car loan will be between 36 months up to 72 months. 
  • The interest rate: Lenders will generally vary in their interest rates depending on the level of risk that is associated with the vehicle as well as your credit history. The interest rate is the total amount that a lender will charge you for borrowing money on the loan. 

After your application is completed and you’ve been approved for a loan, Canada Drives will help you find a car dealership interested in selling you a car and giving you a loan.

In just 2 minutes you could be on the path to finally owning your own vehicle regardless of your credit history. We recommend giving Canada Drives a chance!

Canada Drives Review – Read this before getting a car loan!
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