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How to Get a Fast Car Loan Approval in Canada with Bad Credit

Getting approved for a car loan quickly in Canada with bad credit will depend on your ability to be organized, compare rates and research the best lenders available.

The process of getting approved for a car loan isn’t like it once was. Hours of waiting inside of a dealership has been replaced with the ease and speed of the internet, where car buyers can apply online and get pre-approvals almost instantly. The trick to getting a car loan fast is to ensure that you’re prepared financially. However, when you need a car loan fast and don’t have the best credit, getting approved for an auto loan quickly might seem next to impossible.

Customers who have less than perfect credit can take advantage of getting a fast auto loan approval, however sometimes the process might take a little longer. However, regardless of your credit score, the only time between applying and getting access to your funds is the time it takes to get all documents organised for both the loan and the vehicle. If you need an affordable auto loan fast, don’t miss these three tips.

1. FIND THE BEST ONLINE LENDER

Canadians have access to online independent lenders where they can apply and often get same-day approvals. However, it’s important to use caution when applying for auto loans online and to do your research on the company before you input personal information. Canada Drives was founded on the idea of saving time. Instead of walking into a dealership and having to wait for hours, or leaving empty handed because you weren’t approved for financing, Canada Drives pre-approves applicants for auto financing to help Canadians get the fastest auto loan approvals possible. Partnered with hundreds of car dealerships across Canada, once your application has been approved with Canada Drives, they’ll match you with one of their partner dealerships located close to you and best suited to help. Learn more about Canada Drives or apply today for free here.

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Every time you apply for a loan, whether it be an auto loan or a personal loan, your credit is pulled so financial experts can review your file and see what you qualify for. It’s important to note credit bureaus count all inquiries made for an auto loan within a 45-day period as one inquiry, so when applying for financing, make sure you stay within this window of time to ensure that your credit isn’t negatively impacted.

2. BE ORGANIZED

Although having no or low credit could slow down the application process of an auto loan, speeding up your chances of being approved starts with having all of the important documents ready to go for lenders. Current pay stubs or any other proof of income, your valid driver’s license, any requested references and banking information (void cheques or pre-authorized debit forms) are some of the documents you should have on-hand when you visit a dealership.

READ MORE: Minimum Requirements For Car Loan With Bad Credit

While good credit can improve your chances of getting approved for an affordable auto loan, if you’re not readily prepared, the process can take just as long for someone who has less than perfect credit. It’s also a great idea to check your credit score before applying for an auto loan. Knowing your credit score before you start the car buying process can help you better understand what you’ll need to prepare for at the dealership. Having a lenient schedule if you’re asked to visit the dealership on a last-minute basis will also speed up the dealership as the sooner you can finalize paperwork, the sooner you can walk away with a new auto loan.

3. COMPARE OFFERS

Comparing offers from dealerships in your area might seem like a step in the car buying process that will take extra time, however submitting more than one application to lenders within the 45-day window and reviewing the responses you get will guarantee you’ll get the best deal available. Not to mention, applying takes less time thanks to quick and easy online applications.

READ MORE: Getting A Car Loan Without A Cosigner In Canada

Canada Drives partners with hundreds of car dealerships all across Canada, and specializes in helping people facing all types of credit situations get approved for fast and affordable financing. If you’re in the market for a new car and need a car loan quickly, apply with Canada Drives heretoday and get a call from a dealership in your area within 24 hours or less!


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