5 Best Car Loans BC Reviews in 2024 | Alternative Lending Platforms for Bad Credit

January 22, 2024 | Editorial Team

Buying a new car, or maybe your first ever car is an exciting time. But, if you don’t have the money to get your dream car, it can be disheartening. Many Canadians in British Columbia and all over Canada will take out a car loan. However, if you have bad credit, getting a car loan through a traditional lender (see Scotiabank) is out of the question.

Luckily, there are plenty of private lenders in British Columbia that will offer a bad credit car loan. The easiest way to find one is through lending platforms such as LoanConnect and Canada Drives. They feature in all our reviews from different parts of Canada, namely Edmonton, Ottawa, Toronto, Calgary, and also Ontario. If you want more information on the two platforms, keep reading!

Car Loans BC Reviews

1. LoanConnect

The first lending platform we are going to look at in BC is LoanConnect. LoanConnect is one of Canada’s leading online lending platforms. You can search for a variety of lenders after adding your personal information and information about your vehicle. Lenders on the platform offer bad credit car loans, so if you have been rejected by the bank before, this may be a better option for you.

You can apply for a loan between $500 – $50,000. You can choose to apply for an auto loan or an unsecured personal loan. However, those with bad credit are recommended to apply for the auto loan, as these are much easier to be approved for. This is because LoanConnect will secure the loan with an asset – the new car. If you default on your loan repayments, your car can be seized and used as collateral.

An auto loan from LoanConnect is also likely to offer lower interest rates and better terms. Once you input your information and details of the car, LoanConnect will produce a list of loan providers you are likely to be approved with. You can then choose the loan that best matches the terms you were looking for. LoanConnect will act then as an intermediary between you and the loan provider

Let’s look at some more of the pros and cons of finding bad credit car loans through Loan Connect.


  • There are 12 different types of loans from a variety of lenders.
  • Terms vary and are based on your needs. You can choose from 6 months to 60 months.
  • Interest rates start low at 4.6%, depending on your credit score.
  • Eligibility requirements are not as strict compared to banks. You must be a Canadian citizen and be the age of majority in your province or territory to get approved.
  • You can have debt and still get approved for a bad credit car loan if it is less than 60% of your income.
  • Filling out an application and using the lending platform is completely free, and you are not obligated to choose any of the lenders offered to you.
  • There is no minimum credit score requirement.
  • You can customize your auto loan, even if you have a bad credit score.
  • There is no impact on your credit score if you search for an auto loan or apply for pre-approval of an auto loan.


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  • The lower your credit score is, the higher your interest rate will be.
  • If you have debt that totals more than 60% of your income, you will not be approved for a bad credit car loan.
  • The maximum loan available is $50,000. If your car is more than this, you may have to look for other options.

2. Canada Drives

If you want a lending platform that focuses more on car loans, specifically, Canada Drives is a great option. Canada Drives is a BC-based company that has been around since 2010. They help Canadians, even those with a bad credit history, get approved for a car loan from one of their lenders.

Canada Drives has now helped more than 1 million Canadians in British Columbia and surrounding areas get approved for an auto loan. They have partnered with more than 350 dealerships to give you access to the best car loans.

Canada Drives pre-approves you for loans before you even begin shopping for your new car. Loan terms usually range from 36-72 months, although you can choose a higher or lower term.

Unlike many dealerships or car loan providers, Canada Drives has no hidden fees or costs. Their pricing is both competitive and transparent.


  • They have car loan calculators available for free for you to see what your financing options could be.
  • If you decide you want to apply after using the car loan calculator, you can complete the application within three minutes.
  • Once you choose a loan, you will be automatically connected with a dealership. The dealership will then finalize your credit options.
  • Following your approval, you could receive your car loan within 48 hours, bringing you a step closer to a new car.
  • 100% of the process can be completed online. Canada Drives will even deliver your new car directly to your door.
  • Your interest rate could start low if you have good credit.
  • The maximum amount available is $75,000 for terms of 12 to 98 months.
  • You can choose from weekly, bi-weekly, or monthly repayments.
  • Those with bad credit can still get approved for a car loan with Canada Drives.
  • If you put down a bigger down payment, you will get a better rate for your car loan.
  • Paying off your loans on time could help raise your credit score.
  • All cars undergo a 150-point inspection. You also receive a 7-day money-back guarantee and a 30 day/1,500km warranty. You will also receive a free CARFAX report.
  • Canada Drives offers a 24-hour help center.


  • If you have bad credit, you could be paying up to 46.96% in interest rates.
  • Car loans tend to range from $500 to $35,000 on Canada Drives, depending on the term length. If you need a bigger loan, Canada Drives may not be an option.
  • You will be limited to certain lenders if you have bad credit.

3. Refresh Financial

Refresh Financial is an alternative financial institution, perfect for those with bad credit. They help you to build or rebuild your credit score while still providing you with the loan you require. Launched in 2013, Refresh Financial has been trusted by more than 100,000 Canadians.

Refresh Financial is based in British Columbia and offers bad credit loans across Canada. They are now owned by Borrowell. Borrowell is the largest online lender in Canada. They offer a variety of financial products and free credit scores through Equifax.

The digital application is simple. You just need to provide Refresh Financial with some information and they will design the best way for you to build a stronger credit score. Their Refresh Credit Builder Loan helps you to build your credit. This then gives you a higher chance of being accepted for a loan to purchase your dream car. Instead of having instant access to a loan, you will need to make payments into a loan amount that you can access in the future.

You can deposit funds in a number of ways, including bi-weekly and monthly. Loan terms can vary from 36-60 months.


  • You can borrow between $1,250 and $25,000.
  • Loan interest is set at 19.99% APR, which is extremely competitive compared to other bad credit loans.
  • Any funds you have deposited can be accessed at any time.
  • Individuals with a bad credit score or no credit history are still guaranteed to qualify for a loan.
  • Your payment history is reported to Equifax and TransUnion. It will then show up on your credit report and help to build your credit score.
  • No credit check is required.
  • With the Black Tier, you will have access to credit reports and credit alerts. You can also access the credit simulator, goal manager and Refresh Academy and Goals. You can get a 30 day free trial of Black Tier.  
  • Their great customer service can be contacted via phone, email or through their website.
  • You can also apply for a Refresh Financial Secured Card. This is a credit card that requires you to provide collateral or a security deposit.


  • Funds can take 10-15 business days to be returned to your account.
  • You may be subject to a $20 fee to withdraw funds.

4. Loans Canada

Loans Canada is a lending platform providing loans to Canadians since 2012. As well as auto loans, they also provide personal loans and debt consolidation loans. They specialize in matching you with the perfect loan provider, based on your financial requirements and your credit score.

They are partnered with a large number of lenders across Canada. They are also partnered with lenders who specifically cater to those with bad credit or no credit. This means Loans Canada can almost guarantee that you will be accepted for a loan.

The platform acts as a middle ground to connect those with bad credit to a lender. You submit a loan application on their website and wait for it to be evaluated. You can then choose the best loan provider for you, based on the list Loans Canada creates.

Loans Canada offers several car loans options:

  1. New car loan – Your repayments will include the value of the loan, plus the interest. If you default on the payments, your car can be seized as collateral.  
  2. Used car loan – This is similar to a new car loan but with some limitations. This is to ensure the loan amount matches the value of the car. Those with bad credit may find it more difficult to qualify for this type of loan.
  3. Auto refinancing – This involves replacing your current car loan with a new loan with different rates and terms. This can help you to extend your terms or qualify for a lower interest rate.
  4. Rent to own – This option is great for individuals with bad credit. It involves leasing a car for a set term. After the term, you can choose to return or purchase the car. Rent-to-own usually doesn’t involve a credit check.


  • You can choose from multiple different types of car loans. Alternatively, you could choose a personal unsecured loan.
  • Those with bad credit still have a high likelihood of being accepted for an auto loan.  
  • There is no minimum credit requirement.
  • There is no minimum annual income requirement.
  • You can choose from a variety of loan terms, from 3- 60 months.
  • Loans Connect can be contacted in a variety of ways, including by phone, email, and social media.
  • The Borrower Community allows people to rate and review lenders. Loans Canada will then stop partnering with any lender who has consistently bad reviews. Borrowers can also view the reviews before committing to a loan provider.
  • You can obtain a loan for both new and used cars.


  • You may have to pay a fee if you want to make early repayments.
  •  Loans for a longer time period are not available.

5. Borrowell

Borrowell is the largest online lender in Canada. More than 1.5 million people currently use Borrowell’s platform. They were the first lender to partner with Equifax and offer free credit reports. You can sign up for free to quickly check your loan options, interest rates and the lenders you are likely to be accepted for.

Loans are available from $500-$35,000 for a variety of purposes. This includes car loans, personal loans, debt consolidation, business loans and credit card payoffs.

You can sign up on their website and Borrowell will perform a free credit score check. They will then provide you with all your loan options. You are under no obligation to commit to their loans. Borrowell will perform only a soft credit check when providing your loan options. This means it will have less of an impact on your credit score.

Once you have chosen a loan and submitted your application, approval usually takes up to 48 hours. Borrowell is partnered with more than 50 financial institutions across Canada. This improves the likelihood of you being accepted for a loan, even if you do not have a high credit score.


  • Loan repayment terms can vary from 6-60 months.
  • You can make a prepayment or pay off the remainder of your loan early with no financial penalties.
  • Borrowell has an A+ rating with the Better Business Bureau.
  • They use high-level security to ensure the safety of your personal data and your finances.
  • The free credit score saves you the $19.99 fee usually charged by Equifax. You can also access free weekly updates on your credit score.
  • Receive free credit tips and access to educational resources to help you improve your credit score.
  • Multiple deposit options are available.
  • They offer much better interest rates compared to other bad credit loan providers. This is great for those with a credit score lower than 660.
  • Your credit profile is analyzed and matched with the best loan products and loan providers. You can then select the loan that is best for you and complete the application.
  • It is quick and easy to set up an account and be pre-approved for a loan.


  • It is much more difficult to be approved for a loan if you do not have a good credit score.
  • There is a minimum income requirement of $20,000 per year.
  • There are no weekly or bi-weekly payment options.
  • There is a minimum credit history requirement of 12 months.

The Bottom Line

Your credit score doesn’t have to hold you back from getting the car of your dreams, BC. Loan Connect and Canada Drives can help you find the perfect lender for free. You simply need to fill out an application on either website (or both for more options) to see what lenders are available to you in British Columbia.

Terms and conditions among private lenders vary a lot. Just ensure that you are fully aware of your terms and pay your loans on time, British Columbia. You don’t want your credit rating to go down even more. Head over to either lending platform now to be one step closer to driving your dream car, BC!