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Whether you are looking to purchase a new car or needing to pay for some unexpected car repairs, getting a car loan in Canada is simpler with Loans Geeks. We will match you with top-rated car loan lenders in Canada who can meet your financing needs, thanks to our streamlined online application process that will not take you more than several minutes to fill.
As a car is a necessity for the vast majority of Canadians, we at Loans Geeks have partnered with a rich network of reputable loan lenders from all regions and provinces to make it possible for you to secure exactly the car loan that you want.
When it comes to purchasing a new vehicle, people from all walks of life prefer to get it done as quickly as possible and have their regular routine disturbed as little as possible. At Loans Geeks we can help exactly with that. Some of the lenders that Loans Geeks have partnered with offer in-house funding, which might make it possible for people with bad credit histories to secure a loan when they otherwise couldn’t. We will match you with the best loan providers in your area who can offer you convenient car loan options, regardless of your credit score. The application process via our platform is intuitive and fast, and you will get to choose among up to five best-deal offers available. The approval process usually takes from a few hours to 1 business day.
Loans Geeks have made certain that our selected network of loan lenders in Canada:
What is left to decide is whether you need financing for a new car or a used one. For many people that is the most stressful and toughest part of the whole process of getting a car loan in Canada. The difference in pricing in terms of interest rates, insurance costs and monthly payments between new and used cars can be enormous.
One of the most important advantages of financing a new car is that they generally have quite lowered interest rates. New vehicles are much more expensive than used ones, so new car loans in Canada usually offer cash rebates or financing options without a down payment. In addition, if you opt for some of the newer models, they usually have a fixed warranty. When you consider all these factors, getting a new car loan could potentially save you a lot of money. On the other hand, a brand-new car is costly, has higher taxes, insurance rates and added fees.
Note that new cars experience a big loss of market value (approximately 15%) within the first year after being purchased, from ageing to wear & tear. This market value drop tends to get slower after the first year, so if you would like to trade your new car, it is better to wait a couple of years so you could get higher credit for the purchase.
Even though the idea of buying a used car is not a popular one, there are some considerable benefits of getting a used car loan in Canada. Used cars have much lower insurance rates and lower registration fees. When it sums up, an average Canadian could potentially save up to 30% of the money that he or she would otherwise spend on financing a new vehicle. As used cars have reduced cost, loans to obtain them are also smaller. However, interest rates for a used car loan in Canada can be much higher. This happens because the value of a used car could potentially go below the value of the loan, even before the loan is paid off. In a scenario where a customer defaulted on their loan, the dealership would need to reimburse the cost. Higher interest rates are in place to make the loan less risky for a lender, which again, may pose a significant issue for a borrower of a used car loan in Canada. Still, with all things considered and with interest rates higher, getting a used car loan is still a much cheaper option that can potentially save you a lot of money in the long run.
Regardless of the type of car loan you are opting for, make sure to check the terms of the loan thoroughly before agreeing to it. As Loans Geeks will present you with up to five options to choose from, select the one that will financially make the most sense for you. If you cannot decide between the two, you might opt for certified pre-owned vehicles, a choice that is balancing out the value and financing of the used cars and the new ones.
If you are interested to get a car loan, fill in an online application at Loans Geeks and see what options you can qualify for.
There is a lot of information available online for those who search about the auto financing and car loans in Canada. However, not all of it is true and can make the already stressful process of securing a car loan even more complicated. Here are some of the most common myths that discourage people from applying for a car loan.
While there are certain requirements that you need to meet to secure a car loan, this one certainly isn’t among them. At Loans Geeks, Canadians making much less than $30,000 a year have their car loan applications approved every day.
You can get approved for any car financing that you want, as long as you can present your annual income. Self-employment is not a factor in this.
False again. On a daily basis applicants with bad credit scores have their car loans secured via Loans Geeks, by getting matched with appropriate car loan lenders.
Loans Geeks partner with car loan lenders in Canada who don’t have regional restrictions. The province you live in will not influence your chances to get your car loan application approved.
At Loans Geeks, you will be matched against the lenders who will provide you with the car financing that you need, at rates that you can afford.
To make most of a car loan, never settle for it if you aren’t completely certain of all its terms. Taking a car loan that you cannot comfortably payback might land you in a disadvantageous financial situation that is not easy to get out of.
Here are some tips that can make the whole process less stressful:
The whole process is very simple. After you devote several minutes to fill in a car loans application form, you will be matched against the selection of up to five top-rated car loan lenders in Canada that best correspond to your entries. When you opt for one loan lender, your loan application will be submitted to them, usually taking from a few hours to 1 business day to get an approval.
You will be notified via email when your application has been dealt with. If the application has been approved, depending on the loan lender in Canada, you might receive a phone call from the agent assigned to you.
Yes, absolutely. As a self-employed individual you can take advantage of Loans Geeks service and get matched with best rated loan providers in Canada.
Yes, recent immigrants can apply for car loans in Canada as well. In addition, you may even receive loan offers at very competitive rates.