Find a good car loan in Toronto can be a confusing and stressful process for many people. There are hundreds of different variables and factors to consider, while also being wary of being taken advantage of. If you have bad credit, you may think your options are limited in what you can be approved for. We decided to put together a list of the most commonly asked questions and concerns for our customers in this handy FAQ section.

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Quite the opposite! Carloans.ca is Ontario's biggest car credit organization and is a division of 20+ diversified dealerships with more than 5,000 quality new and used vehicles. You won’t have to worry about getting a car loan as well as the vehicle you need.
It’s absolutely free to fill out the application. There is no cost to complete the online car credit application.
Interest rates are determined on a case by case basis. It can range anywhere from 0% to 29.5% contingent upon every individual credit as well as the vehicle that you are looking to purchase. As soon as we get your contact information, a representative would contact you to share your actual rates.
You may have unfortunate events that ended up negatively affecting your credit. We understand that each individual and circumstance is unique. We also believe that everyone deserves a second chance, we do our best to make sure that you get one. Regardless of your credit situation, you can be assured that we will find a way to help you get a car loan.
Applying for a loan does affect your credit rating, however Carloans.ca will not submit to several lenders in hope of getting you approved. Carloans.ca will carefully submit to lenders that we believe will get you approved. Some organizations will send your application to multiple lenders with the hopes that one will favour you. That would mean that your credit is pulled at least 5-10 times which can be detrimental to your credit score! Here at Carloans.ca, we do not do this. After cautiously reviewing your information, we would get in touch with you, find out what occurred previously and only submit you to a lender that we know will approve you.
Your personal Information is 100% Private! We do not share your info with anyone! Unlike other auto loan services, we are not in the business of selling or sharing your personal information with any third parties.

Immediately after you submit your online application, we receive an email informing us you have done so. We then contact you by phone or email to review your application carefully and present it to the auto finance lender whom is most likely to extend you credit in your situation. We never pull your credit report before contacting you and discussing all options.
That’s okay. We have relationships with multiple lenders that deal with a variety of situations. We are not able to guarantee terms and conditions but will make sure to clearly explain what is required on your end to get a final approval.
Every situation is unique and the amount that you may qualify for will depend on your credit application. We will make sure we do whatever we can to determine the lowest possible rates.
There are multiple factors such as your credit as well as you’re the vehicle you would want. We have options where you could put zero down, which would be available for qualified applicants.
It all depends on the amount that the financial institution would approve you for. With over 20 dealership offerings both new as well as old vehicles, we have multiple options that will suit your needs.
We have options to put zero money down for qualified applicants. Generally Prime buyers that have good credit would have the ability to finance a car with zero money down. People with subprime credit within Ontario generally have to provide a minimum of $500 or 5% down on a vehicle. Trade-ins are also considered a down payment.
You have to be a minimum age of 18 years old with a valid Ontario Drivers License or have a co-signer with one. Your minimum gross income needs to be $2,200 per month and have a job for at least 3 months to be able to qualify for a car loan.
We deliver cars throughout the entire province of Ontario with over 20 dealerships.
The minimum income before taxes would be $2,200 per month or you would need a co-signer that qualifies.

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