To really enjoy the scenery in Alberta, you need a vehicle. Unfortunately, a vehicle can be extremely expensive and often out of many Canadians budgets. Fortunately, auto loans exist! You can take out a car loan from any financial institution or private lender. All you typically need to do is put down a down payment on the vehicle, and the loan will help take care of the rest.
Knowing where to look for the best auto loans can be tough and, apart from Edmonton, we tried to bring you the car loan reviews from all parts of Canada such as Ottawa, Toronto, Calgary, and also Ontario and BC. Thankfully, websites like LoanConnect and Canada Drives exist to help, too. Let’s get started by taking a deeper look at both platforms.
Loan Connect
LoanConnect is a great way to find a loan for your vehicle as it is a search engine. You simply need to input some personal and financial information as well as what type of vehicle you have. Then, LoanConnect will show you all the lenders available to you.
LoanConnect offers loans for cars, debt consolidation, personal use, tuition, and more. The platform has only been around since 2016, but it has quickly become a premier auto loan search engine in Canada. Here are some of the pros and cons of using LoanConnect to find a loan for your vehicle.
Pros
- Even Canadians with bad credit can find a lender on LoanConnect.
- Aside from car loans, there are 11 different types of loans available from LoanConnect.
- Loan terms range from 6 months to 60 months, depending on your needs and ability to pay off the car loan.
- If you have good credit, interest rates start as low as 4.6%.
- Compared to traditional lenders, eligibility requirements are not strict. You only need to be a Canadian citizen that is of the age of majority in your province or territory. Any debt you have must also be less than 60% of your income.
- Filling out the application is super easy, as it is all done online.
- LoanConnect is free to use, and you are not obligated to get your vehicle loan from one of the lenders presented to you.
Cons
- If you have a bad credit score, your interest rate will be higher.
- The maximum car loan available from LoanConnect is $50,000. Thus, if your car costs more than $50,000, you will have to consider other lenders.
- If your debt is more than 60% of your income, your loan application will be rejected.
Canada Drives
Another great lending platform is Canada Drives. Canada Drives focuses solely on car loans directly from the dealership. Canada Drives has been around since 2010 and has helped more than 1 million Canadians get their dream car since then. Although Canada Drives is based in Alberta, the platform helps Canadians from any province or territory get approved for an auto loan, regardless of their credit history.
Let’s look at some of the pros and cons of using Canada Drives to get your dream car, Edmonton.
Pros
- It is possible to receive your new car within 48 hours of being approved by the dealership.
- The car loan application is super easy and can be completed in less than five minutes, completely online.
- Your interest rate can be low if you have good credit.
- You can get a more expensive car through Canada Drives as the maximum loan available is $75,000.
- Loan terms range from 12 months to 98 months.
- You can pay back your loan either weekly, bi-weekly or monthly.
- Canada Drives provides a free car loan calculator for you to see what your financing options could be.
- The bigger your down payment you put down, the better rate you could get for your car loan.
- Canada Drives can help you find a car loan even if you have bad credit.
- You can even raise your credit score if you pay off your loans on time.
Cons
- Interest rates from Canada Drives can be as high as 46.96% if you have bad credit.
- Not all lenders that work with Canada Drives will provide a car loan to those with bad credit. This means you are limited to only certain lenders.
- You must have a minimum monthly income of $1,500.
The Bottom Line
Getting your dream car doesn’t have to be as unattainable as you thought, even if you have a bad credit score, Edmonton. Lending platforms like LoanConnect and Canada Drives are happy to match Canadians with the perfect lenders.
Your bad credit score doesn’t have to hold you back from getting the perfect car. It is just important that you ensure you can make your monthly payments on time. If not, your credit rating could get worse.
Using either platform is completely free, and you are not obligated to go with any lender recommended to you. This is a great way to shop around for the perfect car loan in Alberta. Head over to LoanConnect or Canada Drives now to find the best lenders available!
