Car Loans - Compare Auto Financing Options

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Why Apply for Car Loans With Our Partners?

When you apply for a loan through our partner network, you benefit from being matched with the best debt consolidation loan solution and lender in order to best suit you and your needs. The algorithm takes into consideration your location and the information you provide such as your income, and credit score in order to find the best match for you. Once a lender has been recommended for you, a simple application is usually required. Sometimes, the lender will require proof of employment and identification, but not always. Once you have provided all of the necessary documentation, it will be determined whether or not you qualify. If approved, most lenders will transfer the funds directly into your bank account. In many cases, this may happen in a matter of hours. More benefits to a debt consolidation solution are:

  • Fast approvals
  • Applying is FREE and there is no obligation
  • Re-establish your credit
  • Many options for affordable auto financing
  • Apply once, get multiple options
  • Get back on the road quickly

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Our Simple Process

When you apply for a car loan through our partner network, you’re triggering an electronic process to automatically connect yourself with lenders across Canada who specialize in car loans. As you continue through the no-obligation, completely free application process, you are further helping the technology understand which car loan lenders will be available to you based on your income, budget, area of residence, credit rating and even the type of car you desire. It’s that simple.

Is a Car Loan Right for Me?

Making the decision to take on a car loan is widely dependent on your existing financial situation. If you are struggling to make ends meet, it may not be the best option as there are other ways to commute. But, if you have decent credit and are able to secure a lower interest rate, it may make sense. Even if you are in a good credit situation and can’t afford a downpayment, it can still work. Always consider the interest rates as they rate you will be charged is based on your credit score.
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How Does It Work?

Insurdinary has partnered with the best car loan aggregators in Canada. What does that mean? Simply put, you don’t have to have to spend endless hours and days searching online, making phone calls and answering the same questions repeatedly to multiple companies to secure a car loan. Our partners do all of that work for you. Here are a few tips to get you started.
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Review Finances

To ensure that you meet the minimum requirements for obtaining a car loan, it is very important to assess your financial situation, needs, and check your credit score before submitting an application.

Gather Documents

In order to prevent the disappointment of being rejected for a car loan due to incomplete applications or missing documents, it is advisable to collect all necessary paperwork prior to submitting an application.
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Always compare quotes from multiple lenders. This way, you’re certain that you are receiving a favourable rate before applying with the first loan which is offered. A loan comparison website, such as ours, can be used to request quotes from various lenders with a single application.

Tips to Save Money
on Your Car Loan

Owning a car is a significant expense and oftentimes the second largest purchase a person will make in their lifetime, next to their home. Fortunately, there are ways to save money on your car loan without compromising the car you want or the loan terms you need. Here are some useful tips to help you save money on your car loan and keep your finances in check.
Here are some tips to help you save
on your car loan.

Improve Your Credit Score

The higher your credit score, the lower your interest rate will be, and the less money you will have to pay in interest charges over the entire life of the loan. Taking some time to improve your credit score before you take out a car loan can reduce your debt load significantly.

Shop Around for Multiple Quotes

If your credit is less than perfect, browse through multiple financing quotes in order to find the one that best suits your needs. Using a rate comparison website like this one can make a big difference in terms of the lender you wind up signing a contract with.

Consider a Short Term Loan

A longer term may mean lower monthly payments, but it also means more interest payments over the course of the loan. A shorter loan term will decrease the amount of interest owed and overall reduce the amount of funds spent on your car loan.

Increase Your Down Payment

The bigger your down payment, the less money you’ll need to borrow. The less you borrow, the less you’ll pay in interest charges and monthly payments. As well, a larger down payment may help balance out your rates if your credit is less than perfect.

Pay Your Loan Off Early

If you are able to, pay your loan off early. By doing so you can save a significant amount of money in interest rates. You can also make extra payments whenever possible or even consider refinancing your loan to a shorter term or lower interest rate.

Car Loans 101

When you’re in the market to take out a car loan, keep in mind these commonly used terms so that you can better understand how the process works.

Car Loan

A car loan is a secured loan used for the purchase of a vehicle. Car loans can be financed by private lenders, banks and credit unions. The loan amount and interest rate are based on the borrowers income, credit score and the purchase value of the vehicle. The borrower agrees to repay the loan amount along with the interest over an agreed upon period of time. The lender holds the vehicle as collateral until the car loan is paid off.

Auto Refinancing

The term auto refinancing refers to the process of replacing an existing car loan, with a new car loan, but with a different lender. An auto refinance typically comes with a lower interest rate and more attractive terms. The main goal of auto refinancing is to reduce the monthly payments and shorten the repayment period. This will save the borrower funds over the life of the loan. Refinancing may also be used to obtain cash-out for other purposes. Good credit is needed to refinance a car loan and a history of on-time payments is also a benefit.


Rent-to-own is another option for those with bad credit who want to purchase a car. They are typically not able to get financing through other means. There are no credit checks associated with rent-to-own vehicles. All that a person would need to provide is their ID, address with proof and of course their income. This is basically like leasing a car for an extended period of time after which the car would simply be purchased or returned.

In-House Financing

For cars that are older and have more mileage on them, a dealer will often offer in-house financing. This is another desirable choice for those with poor credit. In-house financing doesn’t involve a third party bank or lender, rather, payments are made directly to the dealership.

Lease Buyout

A lease buyout is more of an option if one has purchased a new car and wishes to keep the car as opposed to returning it. If the buyout amount is not in your budget, if you have good credit and on-time payment history, then a loan from a third-party or bank is possible to buy out the loan. The amount would depend on the residual value of the car.

Was Your Car Loan Application Rejected?

In a perfect world, everyones car loan would come with an approval. Unfortunately, that is not always the case. If your application for a car loan was rejected, here are some possible reasons why.

Your Credit Wasn’t Up to Par

Although it’s entirely possible to get a car loan with bad credit, in some cases where your credit is very poor, a lender may reject you.

Incomplete Application or Mistake on Your Application

Having all of the correct documentation for your car loan application is critical. If you didn’t fill out some important fields, or failed to provide necessary documents, there’s a good chance you won’t be approved.

You’re Asking For Too High of a Loan

There’s nothing wrong with having big dreams and wanting to get into a luxury vehicle tomorrow. But, if you’re not financially strong enough to support that car, and the payments that go along with it, don’t ask for it. Stay within your means for a better chance of being approved for a car loan.

Your Debt-to-Income Ratio is High

While lenders will accept a certain threshold of debt-to-income ratio being a little high, they won’t accept all cases. When you are carrying far more debt than you can service, not many lenders will take the risk of issuing you another loan.

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Car Loans
Frequently Asked Questions (FAQ)

Here are some of the commonly asked questions on the topic of car loans.

Can I get a car loan with bad credit?

Seeing as not all lenders require credit checks, yes you can. Even if your credit is less than perfect it is still possible to get a loan with bad credit. Just be prepared to pay higher interest rates and monthly fees as a car loan is based on your credit score.

Can I Get 0% Financing?

Absolutely. If you have an excellent credit score. 0% financing is typically offered by dealerships for two reasons. 1. To sell last years or used models, and 2., for salespeople to meet their quotas. If you have excellent credit and you qualify for 0% financing, make sure that those are the terms for life of the loan. Fine print is key here.

Is there a benefit to a 72 month auto loan?

Simply put, not really. 72-month auto terms need to be thought through carefully. If you carry a car loan for this long chances are you are paying more into the vehicle than it is actually worth. Also, when you stretch your payments out for this length of time, you are actually building negative equity and paying for more interest.

Is it possible to buy a car online?

You sure can, and there’s a few businesses in Canada that make it super simple. Clutch and Canada Drives boast rave reviews about applying for a car loan online, quickly speaking to a representative on the phone, and oftentimes within 48 hours a car is delivered to their home.

Is a downpayment necessary when applying for a car loan?

Sometimes. Many lenders expect at least 10% down for a car loan. But, there are some who may expect less or even nothing at the time of application. If you can, make as big of a down payment as you can so that you can reduce your monthly payments and make you less of a risk as an applicant.

How much should I borrow for a car loan?

This depends on your budget and how much of a monthly payment you can afford. Don’t forget to factor in the cost of insurance, maintenance and gas.

What factors impact my car loan interest rate?

Several factors can impact your interest rates on a car loan, such as credit score, amount of your down payment, loan length and the type of vehicle you are buying.

What is a pre-approved car loan?

A pre-approved car loan is a loan that you have already been approved for before you begin to shop for a car. This makes the whole process of car-buying much easier because you already know how much you can spend.
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