Where can I get a car loan without a credit check in Canada?
Getting a car loan without a credit check can be challenging since most banks and credit unions in Canada typically require a credit check as part of the loan approval process. A credit check helps lenders assess your financial worth and determine the level of risk involved in lending to you.
However, there are alternative lenders for auto loans that may not rely heavily on traditional credit checks and have more accommodating approaches, such as in-house financing dealerships, buy here pay here dealerships, private sellers and peer-to-peer lending.
As an alternative, you can also take out a personal loan. Your possible expenses:
| Amount, $ | Rate, % | Accrued %, $ |
| 10,000 | 7.00% | 379 |
| 10,000 | 10.00% | 542 |
| 10,000 | 13.00% | 704 |
| 20,000 | 7.20% | 780 |
| 20,000 | 10.20% | 1,105 |
| 20,000 | 13.20% | 1,430 |
| 30,000 | 7.40% | 1,203 |
| 30,000 | 10.40% | 1,690 |
| 30,000 | 13.40% | 2,178 |
| 40,000 | 7.60% | 1,647 |
| 40,000 | 10.60% | 2,297 |
| 40,000 | 13.60% | 2,947 |
How can a bad rating influence your loan ability?
If you have a bad credit rating, it may affect you in the following ways:
- interest rates will rise
- the bank will refuse to lend without a guarantor
- a higher advance will be required
- you will be refused funding
Can a foreigner get a car loan in Canada?
Yes, a foreigner can get a car loan in Canada. Many banks and financial organizations offer auto loans to non-residents, but they may have specific eligibility criteria and documentation requirements. It's essential to contact different lenders to inquire about their specific requirements and options for foreigners seeking car loans. Additionally, consider seeking advice from a financial advisor who can provide guidance based on your unique situation.
See the similar FAQ about Canadian banks:
- Overdraft protection from BMO
- RRSP loans from BMO
- What creditor insurance policies does CIBC offer?
- What is the CIBC loan number?
Details of companies offering the financial services:
Canada Auto Finance
Web-site: https://www.canadaautofinance.ca
Carloans411
Head office’s address: 4950 Yonge St. Suite 2200 Toronto, ON M2N 6K1
Contact center: 1(877) 250-2327
Web-site: https://carloans411.ca/
Carsfast
Web-site: https://carsfast.ca
Clutch
Head office’s address: 223 Evans Avenue Toronto, ON, M8Z 1J5
Contact center: 647-955-5340
Web-site: https://www.clutch.ca/
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca
Super Daves Auto
Head office’s address: Dartmouth: 1015 Main St.
Contact center: 902-702-0027
Web-site: https://www.superdavesautosales.ca/
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Yourcarloan
Web-site: https://yourcarloan.ca/