FINANCING

Car financing is easier than ever

Get approved for the car that you want in under 24 hours – completely online.

Get pre-approved
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Quick and easy

Enter a few pieces of information for an online decision.

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No hidden fees

Know up front exactly what you’ll owe, with no hidden fees or surprises.

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Best rate

Rest assured we will work to provide you the best financing rates possible.

HOW IT WORKS

1.

Get prequalified

Find out if you qualify for a car loan in minutes, with no impact on your credit score at all.

2.

Browse vehicles

Find your next dream car by exploring our inventory and checkout online when you’ve found your fit.

3.

Get financing

Apply for a loan through our online application and get approved in days.

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Our Lenders

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Have questions about financing?

Will I get approved for a car loan?

We work with many of Canada's largest financial institutions to help customers get a loan at a great best rate. A variety of factors determine whether or not you get approved for a loan, including credit history, employment, residency status, down payment, application information, co-signers, and vehicle selection. Since your loan is provided by a financial institution, we cannot guarantee that you'll get approved, but we always do our best to secure the best outcome for our customers.

Applying is easy and completely online. Select ‘Financing’ as your preferred payment method during checkout and you'll be guided through all of the steps to complete your application. Once you complete your financing application, we’ll send it to potential lenders for approval. If potential lenders require more information, we’ll reach out and ask you to provide it.

Each time you submit a financing application, it will slightly affect your credit score by a few points for a short period of time. Our pre-approval tool is a soft check. We may submit your information to the banks which could be a potential hard check.

Gross income is your total monthly or yearly income before any taxes are deducted. This amount is higher than your “net pay” or “take-home pay.”

If you are paying a mortgage, please select ‘buying home’ and input your mortgage amount without property tax.

Your SIN is not mandatory, although it can help move your application along faster as it allows the bank to pull your credit history more quickly. If you do not enter your SIN, the bank may come back and ask for it if their initial effort at recovering your credit history was unsuccessful.

Yes. Auto loans are open-ended loans that can be paid off before the end of term without penalty, subject to any terms imposed by your lender. 

If you choose to finance your next car, the minimum amount you can borrow is $7,500. If the amount is below this, your lender is not able to finance a contract.

Interest is calculated on a per payment basis. This means that if you pay the loan off early you will not be charged the remaining interest. For example, if you are on a 60-month loan and pay it off in full at 36 months, you would save 24 months’ worth of interest. Note: If you decide to put extra money down on the loan after you take possession of the car, it will not lower your payment instalments—it will only shorten the length of the term of the loan.

Payments will either be 14 or 30 days after delivery (based on whether you selected biweekly or monthly payments). You can change your payment date by contacting your lender after your first payment.

Your loan does not need to come through the same bank as your personal bank account. However, you will need to provide a void cheque or a direct deposit form for the account you want your automatic payments to be withdrawn from. Note: payments cannot come from a credit card account.

Your lender will be able to provide you with the total amount you owe as you pay it down after your first payment, as well as any other details you may require. To pay down your loan, simply contact your bank and provide them with your loan details. This can be done either online or in person at a nearby branch, depending on your financial institution and the remaining balance of the loan.

No problem. If you are bringing over debt from a previous car loan, the original loan will be closed and the remainder owning will carry into the new financing contract.

This is common if you have a previous car payment scheduled to come out a few days before taking possession of your new vehicle and loan. Don’t worry! We always tell customers to be prepared for a possible payment to be withdrawn for their previous loan as it can take banks up to 10 business days to clear the previous loan. In the event that a payment is withdrawn, you will be reimbursed by your financial institution via cheque or an electronic transfer.

The minimum amount your lender can lend is $7,500 after taxes. If the amount is below this, lenders cannot finance a contract. Once the vehicle is financed, however, you can immediately put money down on the loan to reduce it to your desired loan amount.

The PPSA fee is imposed by your lender, not Clutch. It is your lender's registration fee for the financing contract and varies depending on the bank and the term of the loan, usually ranging from $55 to $170.

When filling out a finance application, you will need a valid piece of Canadian ID. If you have a co-signer, you must fill out the section with a co-signer. They must also provide a Canadian ID such as a driver’s licence, passport, citizenship card, or permanent resident card. In some cases, we may require additional information such as proof of income or proof of address.

For newcomers, there are certain lenders that offer programs that may qualify you for financing. Conditions are applicable in these cases.

If you have no fixed income, we would also suggest applying for financing with a qualified co-signer.

Credit approvals usually come back with a decision within 24 hours. However, this can vary based on your credit history and score. If a customer does not have excellent or good credit, approvals can sometimes take longer, during which time the lender may ask for additional information (e.g. proof of income/employment), a qualified co-signer, cash down payment, etc.

If you have a trade-in, we will give you a trade-in value for your current vehicle. Your trade-in value is then applied to the purchase price of your new vehicle, prior to tax, so you also save the trade-in amount/value in tax as well. If you still owe money on the loan for your current vehicle, we can apply the negative equity amount to the new loan and refinance whatever amount is left.

Learn more about Clutch

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