Archie MontroseWe were initially skeptical about getting car loans when we were younger. But now that our family’s growing, we finally got to appreciate the convenience of having flexible payment options to get a dream car.
With the help of Vancouver’s best car financing firms, we can finally get our dream luxury car without spending our entire savings!
So if you need your finances to breathe a little without postponing your car purchase, make sure to contact these car financing pros and seek their help today.
How much does car financing cost in Vancouver?
In Vancouver, the average cost of car financing is around 7.25% interest. New car loans have an interest rate of up to 7%, while used cars could go higher at 10%.
How we chose:
1. Vancouver Auto Loan
Consumer Rating: B+
| Google reviews score | 4.8/5 |
| Total reviews | 5/5 |
| Score consistency | 5/5 |
Our Rating: B+
| Approval process | 4.8/5 |
| Loan terms | 4.5/5 |
| Flexible loan terms | 4.5/5 |
| Low interest rates | 4.5/5 |
| Online accessibility | 5/5 |
| Online pre-approval forms | 5/5 |
| Online loan calculator | 5/5 |
| Loan type | 4.8/5 |
Since our little family’s growing, we decided to get a new car. But since we couldn’t sacrifice our entire budget and pay in cash, we checked out Vancouver Auto Loan’s car financing services.
Honestly, we were ready to deal with the stress of organizing paperwork. But we were lucky enough that this car financing company has a quick pre-approval process that can be done online.
It’s great that we didn’t have to decide which vehicle we’re getting before applying for a car loan.
If you’re still undecided on which car to get, you’ll love their pre-approval process. Don’t worry, we’ve seen their selection of vehicles, and all of them are of great quality!
And if you’re not too familiar with car financing, this company will be able to explain all the details–from pre-approval down to the payments. Don’t forget to mention your monthly budget so they can find the best plan for you too!
Additionally, if you want to double-check the quotations you got, feel free to check their online loan calculator.
Meanwhile, if you have an existing auto loan, you’ll love that you can trade them in instead. We would’ve actually opted for this if we didn’t need our other car for extra service!
Simple process
“Great experience, simple process, would definitely recommend for great rates and quick turn around!”
Freddy Hayes, Google Review
Excellent response rate
“Would definitely recommend! They have an excellent response time and went above and beyond to find me the best deal they could. Very professional, I enjoyed working with them.”
Christine Gaffney, Google Review
2. ALH Auto Loan Hub
Consumer Rating: A
| Google reviews score | 5/5 |
| Total reviews | 5/5 |
| Score consistency | 5/5 |
Our Rating: B
| Approval process | 4/5 |
| Loan terms | 4.3/5 |
| Flexible loan terms | 4.5/5 |
| Low interest rates | 4/5 |
| Online accessibility | 4.8/5 |
| Online pre-approval forms | 4.8/5 |
| Online loan calculator | 4.8/5 |
| Loan type | 4.3/5 |
I remember our newly-married friends weren’t planning to get a new car, but life had other plans for them—their old car started acting up while they’re moving to their new place.
Since we’re well aware of their current financial situation, we recommended ALH Auto Loan Hub so they can consider car financing.
At first, their team was quick to respond to all our calls. After all, they’re open 24/7 so if you’ve got questions in the middle of the night, you can expect someone to answer them for you.
The pre-approval process is also straightforward. Don’t worry about putting all your important details online as they have a secure database for your added peace of mind.
But then, after our friends got pre-approved for a car financing, things slowed down a bit. We’ve experienced several back-and-forths when it comes to the necessary paperwork, which definitely added up to the administration fees.
Nonetheless, we were still able to select a good car financing plan with ALH. While the interest rate wasn’t the lowest in the market, it’s pretty reasonable given the longer duration that our friends needed.
Just don’t forget to request for their billings before you begin any transaction, especially if you’re working on a really tight budget!
Friendly website for the less tech-savvy people
“As an older woman I’m not the most tech savvy person out there.
So when I came across this website that made shopping for a vehicle simplified for any and everyone it was a breath of fresh air. The application process was straight forward and they were quick to respond to any of my questions. Thank you auto loan hub”
Carole, Google Review
Transparent process
“Spent hours wasted in countless dealerships, not getting the answers or the options I was looking for. Applied online with Auto Loan Hub and they found me exactly what I was looking for. Very transparent process. I would definitely recommend them to anyone looking to buy a vehicle.”
Seth Armitage, Google Review
3. Vancouver Auto Credit
Consumer Rating: B+
| Google reviews score | 4.5/5 |
| Total reviews | 5/5 |
| Score consistency | 5/5 |
Our Rating: B+
| Approval process | 4.7/5 |
| Loan terms | 4.5/5 |
| Flexible loan terms | 4.5/5 |
| Low interest rates | 4.5/5 |
| Online accessibility | 4.3/5 |
| Online pre-approval forms | 4.5/5 |
| Online loan calculator | 4/5 |
| Loan type | 4/5 |
Vancouver Auto Credit is a perfect car financing option for people who just declared bankruptcy or those with existing bad credit scores.
They’re also a great car financing company for people who recently moved to Canada. When we moved to Vancouver ten years ago, we weren’t sure if we’d qualify for a car loan, but we’re glad that they were able to accommodate us too!
During that time, we didn’t have the most attractive credit scores either, but we appreciated them for not making us feel bad about it. They immediately handed us the forms so we could fill them out.
They even got us pre-approved within 24 hours! And if you’re also worried about money down, don’t worry as it’s not necessary to provide a downpayment to get a new car.
It’s also great that they’re known for their low interest rate so you can manage your finances properly.
Another thing that we loved about them is that they will take care of the car inspections for you. So if you’re preoccupied with work, just ask them for a full list of pre-selected vehicles qualified under your pre-approved loan.
However, you’ve got to deal with limited car choices as they don’t work with an extensive list of dealerships.
Helps clients rebuild their credit score
“Really good customer service. Rob my salesman handled everything. Vehicle came in great shape. If anyone is looking to rebuild their credit I would seriously contemplate that. They got me in a new new BMW. When tires didn’t show up rob made sure everything was handled that we discussed. Very happy with my new vehicle purchase!”
Adam Clarke, Google Review
Smooth process
“Kevin & Peter have been absolutely wonderful to deal with . They have helped me get into my dream car ! The entire process was very smooth with no issues . I definitely recommend using these guys if you are looking to purchase a new vehicle! I will definitely be sending people I know here ! Absolutely wonderful service ! :)”
Bergen Miller, Google Review
4. Canada Drives
Consumer Rating: B
| Google reviews score | 4.2/5 |
| Total reviews | 4/5 |
| Score consistency | 5/5 |
Our Rating: B+
| Approval process | 4.9/5 |
| Loan terms | 4.7/5 |
| Flexible loan terms | 4.7/5 |
| Low interest rates | 4.7/5 |
| Online accessibility | 4.3/5 |
| Online pre-approval forms | 4.5/5 |
| Online loan calculator | 4/5 |
| Loan type | 4/5 |
Have you heard about buying a car online? Well, we know what you’re thinking and just like you, we were honestly skeptical too.
But after reading great reviews about Canada Drives, we finally gave it a shot. Now, we have an option to skip dealership visits, which is pretty convenient in our busy schedule.
It’s a good time to do it anyway since we needed an extra truck when we set up our plumbing company. All we had to do was to wait for the dealership to send us over a list of pre-approved vehicles then they could finish all the necessary paperwork.
Don’t worry, car inspections including test drives are part of their services so you can trust that their staff will manage these things for you.
While the vehicle selection was decent, here’s what we didn’t love: if you’re looking for something specific, chances are you won’t be able to find it!
During our transaction, they also asked if we’re planning to sell our old car. So if you’re planning to get rid of your old ride, you can consider tapping them for it too.
And here’s the bonus part: they transfer the funds immediately after selling, so you won’t have to wait for a few days or even weeks before the check gets cleared.
Affordable payment options
“Canada drives helped me with financing for my powersports snowmobile
Colin went over and above to make my payments affordable, and the paperwork a breeze. Would highly recommend him for all your financing and vehicle needs.”
Daniel Wilkinson, Google Review
Offers a 7-day return guarantee
“Great car buying experience. I recommend these guys. Great car selection. Great customer service. Very easy process from start to finish. No pressure car buying. No hidden fees. You know exactly what you are getting prior to delivery. The insurance broker called me before the car arrived and the delivery driver brought the car and insurance documents and I just had to get in and drive. Also the 7 day return guarantee is a fantastic option. I got a 2015 Mazda with 89,000km unfortunately the hub and bearing went on it 3 weeks after the 30 day warranty which Canada drive offered. Thankfully I got a great call agent Ariyan who went above and beyond and was able to get management to cover half the cost.”
RoCsvi O, Google Review
5. Approval Express Canada
Consumer Rating: B+
| Google reviews score | 4.4/5 |
| Total reviews | 5/5 |
| Score consistency | 5/5 |
Our Rating: B+
| Approval process | 4.9/5 |
| Loan terms | 4/5 |
| Flexible loan terms | 4/5 |
| Low interest rates | 4/5 |
| Online accessibility | 4.3/5 |
| Online pre-approval forms | 4.5/5 |
| Online loan calculator | 4/5 |
| Loan type | 4.4/5 |
When we found ourselves unhappy with a different dealership over a year ago, we decided to skip the stress of sourcing for a car ourselves and just rely on a car financing company.
After all, the financing part will surely be a headache. So when our friend told us their recent experience with Approval Express Canada, we trusted our gut and gave it a go.
Yes, we really did skip to the good part (cue in that background music) as the process was surprisingly fast even if we contacted them during the Christmas festivities. When we sent them the application, we got approved on the same day too!
We loved how they listened to us and worked within our budget. They were never pushy, and we never felt any pressure into upgrading vehicles that weren’t initially on our list, unlike the others.
However, since we were transacting during the holidays, the delivery took longer than expected. So if you’re in a hurry, you may consider the timings too, and maybe avoid holidays at all cost.
And while they’re upfront and honest with their rates, it’s still best to double check the final quotation as there were extra fees that popped up during our deal.
Tries to source out vehicles on their client’s wish list
“Amazing service, they worked so hard to make sure I was treated well and got the vehicle I wanted. I feel they went above and beyond for me. Very highly recommended”
Corry Wilderman, Google Review
Supportive team
“Nicole and the team at Approval Express was more then a joy to work with, they literally performed a miracle for me getting me out of a vehicle that hundreds before said there was no chance, and not only getting me out of it but into something that was totally unexpected. I can’t thank them enough for their efforts and support along the way! I would recommend them to anyone.”
Scott Freeman, Google Review
