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CarLoans 411 Review

CarLoans 411

When you need a car but don’t have the cash for it, driving may seem like an unreachable goal. Whether you’re looking to buy your first car or need to replace an old, failing model, CarLoans 411 has your back.

Get a loan that will get you back behind the wheel.

You are interested if

You want to purchase a car but need to borrow some money to do it – especially if you’re unsure of where you would stand with a traditional lender.


Key Points

Brief DescriptionCarLoans 411 provides affordable loans to purchase a car from a set selection offered by the company’s partnered dealerships.
Limits and DeadlinesMost loans are paid back over 2 to 7 years, with used car purchases typically being associated with a shorter repayment period and new ones with a longer one.
UrgencyApplying takes only a few minutes, though the required follow-up call may take up to 24 hours to come through. Once this is done, you’ll be ready to pick up your car at the applicable dealership location.
APR RangeCarLoans 411 offers a multitude of ways to alter the prospective loan APR for each customer, so there’s no telling what rate you might be eligible for without having your individual case assessed.
Closing/Origination FeesNone.
Early Payment FeesMay apply in some circumstances.
How to Contract the ProductFirst, log onto the CarLoans 411 website and fill out their quick application form. You will then be contacted by one of their staff members for a brief discussion of your case before then being forwarded to a representative for one of their partner dealerships. This person will then help you actually close the deal.
Main requirementsYou must be at least the legal driving age in your province, have a job you’ve been working at for more than 3 months, and have an income of at least $1,600 per month to be considered for any size of loan.

About CarLoans 411

Main Features

Not having a car means not being able to get around as easily and being subject to many restrictions in your life that other adults simply do not have to deal with. Your only option is to use expensive taxis constantly (which is not a viable solution for most people) or to depend entirely on public transit when you need to get somewhere. Unfortunately, buses and trains can’t always make up for the lack of a car. They run on the transit company’s schedule, not yours; they can be crowded and noisy at peak hours; you can only transport as many items with you as you can carry on and off on your own. Whether your vehicle has broken down or you never owned one in the first place, not having a car of your own is a very unpleasant experience. This is a severe problem that impacts your quality of life and potentially your ability to earn a living, and it doesn’t go away just because you don’t have the cash to fix it right now. This is the kind of situation that auto loans are designed to help.

CarLoans 411’s loan offerings, as you might have guessed from their name, are geared toward helping Canadians borrow money to purchase a car. This lender provides an incredible amount of flexibility when approving loans that helps to open up this opportunity for applicants of all income levels. They offer both fixed loans and amortized ones whose payments will fall over time; clients should make sure they understand which of these options they have signed up for before getting their loan. They also allow borrowers to opt for either secured or unsecured loans, depending on their preferences and credit standing. This option is particularly helpful because they allow you to use the car you’ve purchased with your loan as your collateral asset if you wish, thereby ensuring that every applicant has the opportunity to access this offering if they need it. They take trade-ins of old vehicles for a set amount of credit toward your loan, sparing you the hassle of having to sell your old car on your own. They are even open to serving customers with bad credit or no credit at all, although these individuals may find themselves paying a little more for the privilege. They really do offer just about every possible convenience you could want in this specific situation.

This lender prefers to scale the interest rates they offer to the length of the repayment period chosen by the client – those who choose to repay their loan sooner will benefit from lower interest rates, while those who opt to take their time making payments will be charged at a higher rate. This means that while longer terms will still yield lower monthly payments, the overall cost of a long-term loan will be significantly higher than it would cost to borrow the same amount of money for less time. Unless you truly cannot fit it into the scope of your budget, it is therefore best to choose shorter terms when you can.

CarLoans 411 provides loans for car purchases only. Due to the restricted nature of this type of loan, the company only requires that applicants be of legal driving age; this makes them one of the few Canadian lenders to be open to doing business with teenagers just below the age of majority (with the caveat that they are meant to use the website under the supervision of an adult). This specialization also allows them to accept down payments from borrowers in order to allow them to reduce the monthly payments they will be making, although they do provide many other options for those who prefer to put no money down at first. Applicants should also know that they don’t work alone; they have partnered with many dealerships all across the country to provide better rates and service to their applicants.

How Does It Work?

CarLoans 411’s offerings vary greatly from person to person depending on their needs, so you’ll need to do some investigation to evaluate whether or not they are suited for you. Their website includes a helpful car loan calculator that lets visitors explore their options while adjusting for different parameters such as the estimated cost of the vehicle, the desired loan duration and the applicant’s credit standing. Any variation in a single one of these factors can result in a completely different loan projection, and it’s nice to be able to see these changes up-front before you officially initiate anything. The calculator also breaks down the cost of each hypothetical loan into monthly, bi-weekly and weekly chunks, so no matter how you prefer to construct your budget, you can find the information that is relevant to you. This tool should be used to get some idea of what kind of car and loan repayment period is realistic to expect in your situation before you begin the actual application process.

Once the application questionnaire has been filled out, a representative from the company will get in touch with you to tell what you currently qualify for and to discuss your case in hopes of further tailoring the loan to your situation. If your car needs or wants exceed your means as they’ve been presented so far, the representative may offer a variety of ways for you to increase your spending capacity. These include using a down payment, trading in your present car for some funds to put toward your new loan, using the car you are purchasing as the primary asset for a secured loan, and many more small accommodations. These things can help make these loans more accessible to people with lower incomes who generally have a greater need for the car they can buy with them.

At this point, you should know exactly how much you’ll be permitted to borrow and how much it will cost you in the end. CarLoans 411 will then put you in touch with one of their local partner dealerships to actually get you your car. Someone from that dealership will contact you shortly after your first call ends and review which cars they currently have available within your price range. You can choose from any kind of vehicle from a standard sedan to an SUV, so long as the specific one you choose is priced lower than your total approved amount. Once you’e signed the papers they need, you can go to pick up your new car in person.

In cases of default, proceedings will usually be handled like most other loans (accumulated interest, eventual progression to collections, credit damage and potential legal consequences). However, applicants who chose to use the car they purchased to access a secured loan may also lose their ownership of the car over unpaid bills. This can put a person right back into the difficult transport situation they were trying to escape in the first place. Obviously, this is to be avoided at all costs, so be sure to only agree to a secured loan if you are virtually certain you will be able to make the payments appropriately.


CarLoans 411 is an atypical sort of lender, but the help they can provide to people in the specific situation that they cater to is unparalleled. They go the extra mile to ensure that almost anyone can afford to buy some kind of car through them. They are sometimes willing to take a risk on an applicant that many other lenders and independent dealerships would turn away, showing that they are truly committed to improving car access in Canada.

Even more impressively, their utility is not only financial. Because they also have a multitude of active car dealer partnerships, they can even indirectly help you to find an affordable car that you’d want to take out a loan for in the first place. All you really have to do is decide that you want or need to buy a car – once you contact them, they take care of every step of the process of making that happen for you.

Potential customers should keep in mind that this company offers car loans exclusively, and that if you need money for any other reason, they will not be able to help you. What you need in that situation is a generic personal loan, something you can get from many other lenders without having to look too hard. What CarLoans 411 offers is more unique than that and must be respected as such.

CarLoans 411: Connecting Canadians With Cars

CarLoans 411 is an online lender with the unique objective of helping more Canadians be able to afford to drive their own car. The company first began in 2008 and has now served hundreds of thousands of Canadians across the provinces. They continue to add new car dealerships to their network every day, and they operate a help line that is open every day of the week to clear up any questions customers might have. With offices in both Toronto and Vancouver and a growing customer base, this company likely has a bright future ahead of it.

As a lender, they recognize that they would be nothing without the borrowers who use their many services. They’re proud of the help they’ve provided to all of their clients over the years, and they demonstrate this by running a monthly contest to give away a $250 gas card to customers who talk about their borrowing experience on social media. They’re rarely short on entries, and you can browse them all under the hashtag #411SuccessStories to see how happy people like you have been with their car loans.

What We Think

For obvious reasons, not everyone will be best served by borrowing from CarLoans 411. However, for those who are specifically in need of a car, you are much more likely to have your wants and needs accommodated here than you would be if you approached a personal loan lender. If you’re borrowing to finance a vehicle, you should definitely look here first and see if CarLoans 411 is right for you.