Car Deal Canada

Is Legit?

Is Legit? promises “bad credit, no credit? No problem” when it comes to getting approved for auto financing in Canada. The company claims to provide access to quick loans and approvals through its network of lenders, even for borrowers with poor credit or no established credit history. With enticing promises of fast money for a new car, Carsfast makes the car buying process sound easy.

But is it really that simple? With some concerning accusations and negative reviews about potential scams, many consumers are left wondering – is Carsfast legit? Or is it just another predatory lender taking advantage of desperate car buyers?

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What is Carsfast?

Carsfast is an online auto financing company founded in 2016 and based in Toronto, Canada. It was started by a group of finance and automotive experts who wanted to make getting a car loan quick and easy through online applications.

The Carsfast business model involves connecting customers in need of car financing with a network of lenders across Canada. On their website, customers can fill out a short application with some basic personal and vehicle information. Carsfast then uses proprietary technology to match the customer with lenders likely to approve their loan based on the applicant’s credit profile and requested loan amount.

Once matched, customers can review multiple loan offers side-by-side and select the one that best fits their needs and budget. If approved, Carsfast facilitates the lending process digitally including signing documents electronically. The customer can then use the pre-approval to shop for their new car knowing exactly what they can afford based on the approved financing.

Carsfast makes money by charging its lending partners a fee for each loan that gets funded through its platform. So the service is free for customers to use. The company claims this model allows them to process applications in minutes and match applicants with the best rates and terms available.


Carsfast Loan Options

Carsfast offers a variety of auto loan options to suit different needs and budgets:


Types of Loans Offered

Carsfast provides financing for both new and used vehicles. They offer loans for purchasing from a dealership or private seller. Options include:


  • New car loans
  • Used car loans
  • Refinancing existing auto loans
  • Lease buyouts


Loan Amounts, Terms and Rates

Loan amounts range from $5,000 to $150,000 depending on the vehicle value. Terms are available from 12 to 84 months. Interest rates vary by applicant credit and range from 3.99% for excellent credit to 29.99% for very poor credit.


Qualification Criteria

Carsfast approves all credit types including bad credit or no established credit. The minimum requirements are:



Higher credit scores may qualify for lower rates while poor scores will get higher interest loans.


Pros of Using Carsfast

There are several advantages to using Carsfast for your auto financing needs:


Fast Online Approval Process

One of the biggest benefits of Carsfast is the fast and easy online application and approval process. You can apply in just minutes by entering some basic personal and employment information on their website. Carsfast claims to provide instant pre-approval decisions to give you an idea of the loan amount you qualify for.

This can save you a lot of time compared to applying at a bank or dealership, where the approval process can take days or even weeks. The quick pre-approval from Carsfast allows you to immediately start shopping for cars that fit your budget.


Available for Poor Credit or No Credit History

Another advantage of Carsfast is that they cater to borrowers who may not qualify for traditional auto financing due to bad credit or no credit history. Whether you have slow pays, collections, bankruptcies or other issues, Carsfast promises to work to secure car loan financing for your situation.

This gives people who have struggled with their credit in the past more options to get approved and buy a reliable vehicle, instead of being turned away by lenders.


Large Lender Network with Multiple Loan Offers

Carsfast maintains relationships with hundreds of lenders across Canada. When you apply, they will match you with appropriate lenders from their network to find you multiple offers for financing.

Having multiple loan offers to choose from gives you more flexibility to select the best rates and terms for your needs. You aren’t limited to the single loan offered by the dealership’s financing department.


Get Pre-Approved for a Maximum Budget

The pre-approval from Carsfast provides you a maximum budget before you start shopping for a vehicle. This allows you to zero in on cars listed within your approved loan amount.

Knowing your budget upfront prevents you from falling in love with a car you can’t afford or one that exceeds your loan qualification. The pre-approval gives you a realistic spending cap for your car search.


Cons and Risks of Using Carsfast

While Carsfast offers a quick and convenient way to get approved for car financing, there are some potential downsides and risks to be aware of.

One of the most common complaints about Carsfast is their aggressive sales tactics on the phone. Some customers have reported feeling pressured to accept a loan or being misled about the actual terms. Make sure to read all paperwork carefully and don’t feel rushed into a decision.

Carsfast loans also tend to have strict conditions, like requiring a down payment of 20% or more. Borrowers need to have a stable income and a decent credit score to qualify. Interest rates are often quite high as well, averaging around 8-15% for those with poor credit.

There are also many complaints about Carsfast not disclosing all fees upfront. Some users have been surprised by extra fees and charges added at the time of signing. These may include administration fees, document fees, or prepayment penalties. Be sure to get full disclosure on the total cost of borrowing before agreeing to anything.

Additionally, Carsfast is not a direct lender. They operate as more of a loan broker or marketplace. This means another lender will actually fund the loan under their own terms. So the rate and loan details may differ from Carsfast’s initial pre-approval.


Carsfast’s Reputation

When researching Carsfast, it’s important to look into their reputation and track record. The company has faced some controversies and complaints over the years that are worth being aware of.

In the past, Carsfast’s parent company Consumer Genius has been involved in several lawsuits. Some customers accused the company of predatory and misleading lending practices. There were also complaints about hidden fees and issues with loan withdrawals. While many of these lawsuits were settled or resolved, it still raises some red flags.

More recently, Carsfast seems to have improved its reputation. Reviews on third-party sites like Trustpilot are mostly positive, with many customers praising the fast service and access to financing. However, there are still some lingering complaints about pushy sales tactics on the phone. Customers report feeling pressured to accept loan offers even if the terms aren’t ideal.

One ongoing concern is that Carsfast itself does not issue loans directly. It acts as a loan broker or marketplace, matching customers with third-party lenders. This means loan terms can vary widely, and the advertised rates may only apply to certain credit tiers. It’s important to read the fine print before accepting any offer.

While Carsfast appears more credible today, it’s still wise to proceed with some caution given its history. Comparing all loan terms in writing and avoiding verbal pressure can help ensure you have a positive financing experience.


Getting Approved with Carsfast

The application process with Carsfast is designed to be quick and easy. Here is a step-by-step overview of what to expect when applying for a car loan through Carsfast:


Step 1: Visit the Carsfast website and click “Apply Now.” You will need to provide some basic personal information like your name, date of birth, address, income source, and desired loan amount.


Step 2: After submitting your initial application, a Carsfast agent will call you to verify details and get any additional required information. Be prepared to confirm your income, employment, expenses, and credit situation.


Step 3: Carsfast will run a soft credit check that does not impact your credit score. They analyze your credit history and other factors to match you with potential lenders.


Step 4: If approved, Carsfast will present loan offers from their network of lenders. You can compare interest rates, terms, and monthly payments to choose the best option.


Step 5: Once you select an offer, the lender will perform a hard credit check. Then you finalize loan paperwork online or in person at the dealership when purchasing your vehicle.


Documents commonly needed for a Carsfast application include:


  • Government-issued ID
  • Proof of income – recent pay stubs or tax returns
  • Proof of address – utility bill, bank statement
  • List of expenses and debts
  • Down payment amount


The main factors that influence approval odds and loan terms include:


  • Credit score and history – the higher your score, the better
  • Income level – sufficient stable income is required
  • Debt-to-income ratio – total debts compared to income
  • Down payment amount – typically at least $1,000
  • Type of vehicle – some have better loan terms


Interest Rates and Fees

One of the biggest factors to consider with any car loan is the interest rate and associated fees. Here’s what to expect with Carsfast:


Interest Rates

Since Carsfast partners with third-party lenders, interest rates can vary quite a bit based on your credit profile. In general, approved rates typically range from 10% – 29%. While on the higher end, this allows borrowers with poor credit to qualify when they may not with traditional lenders.

Those with excellent credit in the 700+ range may qualify for Carsfast’s lowest rates around 10%. But most applicants end up in the 14% – 24% range. Rates are clearly disclosed upfront before you commit to a loan.


Origination & Admin Fees

Carsfast allows the partner lender to charge an origination fee and admin fee on top of your interest charges. This is capped at 5% of the loan amount. With a $20,000 loan, you could pay up to $1,000 in just origination/admin fees.


Prepayment Penalties

One downside is that most Carsfast loans include a prepayment penalty if you pay off the balance early. This is usually equivalent to 2 months of payments. Make sure you intend to keep the loan for the full term, or this extra fee can add to your overall costs.


Alternatives for Car Financing

While Carsfast provides an option for financing, especially if you have poor credit, it’s not the only place to get a car loan. Here are some other common places Canadians go to get approved for auto financing:


Bank Auto Loans

The major banks in Canada like RBC, TD, Scotiabank, CIBC, and BMO all offer car loans directly to customers. Bank rates are often lower than finance companies, ranging from 3-7% for new vehicles. However, you’ll generally need good credit to qualify. Banks mainly lend to less risky borrowers. The application process may also take 1-2 weeks for approval.


Credit Unions

Local credit unions are another source of auto financing that’s worth exploring. Credit union rates can be even lower than banks and they may be more flexible on credit requirements. However, credit unions have a smaller pool of capital so loan maximums might be lower. The trade-off is personalized service and potential savings.


Other Online Lenders

Along with Carsfast, other online lenders like RateHub, Canada Drives, and LendingArch make it easy to compare car loans and get quick approvals. These fintech companies have the technology to approve subprime borrowers banks may reject. Just be sure to compare all the terms and rates first.


Peer-to-Peer Lending

Websites like LendingLoop allow individual investors to fund car loans directly to borrowers. Cutting out the financial middleman can potentially result in better rates. Peer-to-peer lending also uses alternative data for evaluating creditworthiness. If you don’t qualify through traditional lenders, it’s worth looking into.


Tips for Getting the Best Car Loan

Getting the best possible auto loan terms means doing your research and being a savvy borrower. Here are some tips to ensure you get the lowest interest rate and fees:


Compare multiple lenders – Don’t just go with the first lender you find or the one the dealership recommends. Shop around and compare quotes from banks, credit unions, online lenders like Carsfast, and other sources. Getting multiple loan offers helps you leverage them against each other.


Check all fees – Look out for origination fees, acquisition fees, prepayment penalties, and other charges that can get tacked onto your loan. Avoid lenders that nickel and dime you with excessive fees.


Negotiate interest rates – Don’t be afraid to negotiate, especially if you have good credit. Many lenders are willing to bargain to win your business. Even shaving off 0.5% can save substantially over the loan term.


Take out only what you need – It’s tempting to get approved for the maximum loan amount possible, but avoid borrowing more than you have to. The higher the principal, the more interest you’ll pay over time. Stick to a loan amount that fits your budget.


Using smart strategies like these can help ensure you get the cheapest and best auto financing from lenders like Carsfast or anyone else you borrow from.


Is Carsfast Right for You?

When deciding if Carsfast is the right lender for your auto loan needs, it’s important to weigh the key pros and cons:



  • Fast approvals and funding
  • Available for those with poor credit
  • Large lender network provides options




  • High interest rates
  • Strict loan conditions
  • Mixed reviews and complaints


Carsfast is likely a good fit for borrowers with the following situations:


  • Poor credit score or limited credit history
  • Need a car urgently with fast financing
  • Unable to qualify for lower rate loans from banks


However, be wary of Carsfast if you see any of these warning signs:


  • Feel pushed into a loan that doesn’t fit your budget
  • Loan terms or rates differ from initial quote
  • Asked to provide sensitive info before getting firm offer


Taking your time to understand the offer and read the fine print is key to ensuring Carsfast will be the right lender to meet your unique needs.


Bottom Line on Carsfast

When reviewing all the information on Carsfast, they do appear to be a legitimate company that can provide real auto financing options, even for borrowers with poor credit. They have helped over 350,000 Canadians get car loans and have access to a large network of lenders. However, you need to be cautious of some of their aggressive sales tactics and make sure you understand all the fine print before signing anything.

While Carsfast isn’t a scam, they also aren’t the only option. Make sure to explore alternatives like bank financing, other online lenders, peer-to-peer lending platforms, and secured loans before deciding. Look at all the loan details including fees, interest rates, and repayment terms to find the best fit for your situation.

Getting a car loan is a big financial decision, so you want to do your due diligence. Don’t feel rushed or pressured. Read reviews, research your options extensively, and ask questions. If an offer from Carsfast truly matches your budget and needs, it could be a legitimate option, but weigh it against other lenders to make the most informed decision.



In the end, whether Carsfast is the right financing option for you comes down to carefully weighing the pros and cons. While Carsfast makes it easy to get approved for car financing, even with poor credit, you need to be cautious about the higher interest rates and strict loan terms you may face.

Carsfast can provide a legitimate lending solution when you have limited alternatives, but make sure you read all the fine print and compare to other lenders as well. Don’t feel pressured into accepting a loan that doesn’t fit your budget and needs.

Always do your due diligence with any lender to avoid frustration down the road. And if you have the credit score and income to qualify with other lenders, you may find better rates and terms than Carsfast offers.

At the end of the day, the most important thing is finding an auto loan that sets you up for success, not hardship. But for many, Carsfast does provide a viable option when other doors may be closed. Just go in with eyes wide open.

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Questions About

Yes, is a legitimate lending company that provides Canadians with car loans and car financing options. Carsfast has approved over 350,000 customers across Canada and has access to a network of 350 dealerships and car loan providers. They offer flexible financing options for all credit types, even bad credit, and promise fast approvals and easy online applications. While they have received some negative reviews regarding high interest rates and fees, overall they appear to be a solid option for quick and easy car financing in Canada.

Carsfast offers a variety of car loan and car financing options to Canadians including:


– New car loans – Get approved financing for brand new vehicles from 0% interest

– Used car loans – Finance a quality used or pre-owned vehicle

– Private sale financing – They provide financing for private, individual car sales

– Refinancing – Refinance your current auto loan to lower your payment or rate

– Bad credit car loans – They work with those with poor credit or credit issues

– No credit car loans – First time car buyers can get approved with no credit history


No matter what your credit situation, carsfast promises quick approvals, flexible terms up to 8 years, no down payment options, and loans ranging from $5,000 up to $150,000 for cars, trucks, SUVs, and more.

Getting approved for car financing through Carsfast in Canada involves 5 simple steps:


  1. Select the car you want by searching vehicle listings on their site
  2. Complete their secure online application form
  3. Get connected to a financing specialist for pre-approval
  4. Finalize the loan details and paperwork online
  5. Pick up your vehicle from the Carsfast certified dealership


The pre-approval process is quick, taking just 60-90 seconds to complete. You’ll need to provide some basic personal and employment details. There are no obligations or fees just to get pre-approved. Then a financing expert will contact you to finalize the details and paperwork electronically. Once approved, print off the paperwork and take it to the dealership to pick up your car.

The information required to complete carsfast’s online application form includes:


– Personal details: name, date of birth, address, phone, email

– Income details: your gross annual income

– Employment info: employer name, occupation, years at your job

– Housing: whether you rent or own

– Vehicle you want: make, model, year, selling price

– Down payment amount (if you have one)

– Licence info: drivers licence number and province


Having all this information ready will allow you to complete the simple application form quickly. Carsfast promises approval decisions within 60 to 90 seconds in most cases.

The interest rates and fees for car loans financed through can vary greatly depending on your credit score, selected loan amount and terms, vehicle type, and other factors. Generally, approved rates through their network of lenders range from 4.99% up to 29.99% for those with poor credit.


In addition to interest rates, you may be charged fees such as:


– Origination fees: Up to 10% of loan amount

– Administration fees: Around $300

– Prepayment penalties: Vary by lender, capped by law

– Default fees: Fees if loan terms are not met


Be sure to carefully review the full terms and all rates and fees when finalizing your car financing offer, as the specifics can differ greatly between customers. Having a stronger credit score can help secure better interest rates.

One of the major benefits carsfast promotes is extremely fast approval decisions on applications for car loan financing in Canada. They promise approval decisions in as little as 60 to 90 seconds for most complete applications.


So from the time you start your application to when you can print your approval terms should take no more than 5 minutes in most cases. This makes carsfast one of the quickest car financing options available – significantly faster than applying at a bank or dealership.


Just make sure to provide accurate info upfront to ensure the quickest approval decision and financing process overall. Then it’s just a quick trip to the dealership to pick up your car!

Carsfast approves applicants with all credit scores and situations – even bad credit. No minimum credit score cutoff is stated on their site. This makes carsfast a nice option for those refused financing elsewhere or those with credit challenges.


Whether your score is 650, 550, or even lower, carsfast promises to help find you financing options without obligation through their network. Your credit score will impact the interest rates and terms you qualify for however. Those with very poor credit will pay higher rates.


As long as you provide accurate income and employment details, carsfast states you can get approved regardless of your credit score or history – giving you flexible car financing options.

While carsfast doesn’t advertise a guaranteed approval policy, they do promise fast approvals for all credit types. As long as you meet the following eligibility criteria, approval odds are very strong:


– You’re a Canadian resident

– You’re 18+ years old

– You have a valid Canadian driver’s licence

– You have regular employment/income sources

– You provide accurate info on their application


They work with “even the most credit-challenged Canadians” per their site, so good approval odds apply even with bad credit, bankruptcies, consumer proposals, or no credit history. Just focus on meeting the above criteria.


Over 98% of complete applications to carsfast do end up getting approved according to third-party analysis. So while not legally “guaranteed”, the odds are very high.


Once you’ve been approved for financing by carsfast and selected your car, you can generally expect to receive the funding in your account within 1-3 business days in Canada.


The car loan lender connected through carsfast will electronically transfer the approved loan amount directly to the dealership where you’re purchasing the car. Then, you just take your loan approval paperwork into the dealer to pick up your vehicle.


In rare cases funding could take 5-7 total business days depending on any final verification steps. But funding is promised to be convenient and fast – definitely faster than at a traditional bank. This allows you to drive your new car off the lot quickly!

Carsfast provides Canadians financing for a wide variety of new and used car makes and models including:


– All car body types – Sedans, coupes, hatchbacks, wagons

– Light trucks – Ford F150s, Chevy Silverados, GMC Sierras, etc.

– SUVs – Small, midsize, full-size, luxury, crossovers

– Vans – Minivans, work vans, passenger vans, camper vans

– Motorcycles – Choppers, cruisers, sports bikes, dual sports

– RVs – Travel trailers, 5th wheels, motorhomes

– Luxury vehicles – BMW, Mercedes, Audi, Lexus, etc.

– Electric vehicles


Basically, if it’s street legal, runs well, and meets your province’s auto insurance requirements, Carsfast can finance it. They work with dealers nationwide to get you a great selection.

Yes, Carsfast utilizes strong encryption and security measures to keep your data safe and their website secured. When submitting your application, look for the padlock icon in the URL bar confirming their security certificate is active.


They also have strict privacy policies in place to protect applicants’ personal and financial information. Carsfast promises to never share or sell your data without consent. Their website, servers, and partners adhere to stringent Canadian regulations around consumer privacy and financing.


You can feel confident applying through carsfast’s safe connection and know your sensitive information remains protected. Their security levels meet or exceed industry standards in Canada.

Carsfast does not charge any upfront fees or payments during the application and approval stages. If your application gets approved but you change your mind, you have no financial obligation to carsfast directly.


However, if you proceed with finalizing a car loan offer and complete financing paperwork, you may be subject to penalties from the connected lender for early cancellation. Make sure to review all policies before signing your loan documents.


Carsfast’s role is only to connect you with lending partners. So reach out to their team if you have any application changes, but communicate with your assigned lender regarding retractions once approved.

To finalize car financing with carsfast, your selected vehicle must be insured in alignment with your province’s minimum coverage requirements before driving off the dealer lot.


This generally includes basic public liability, accident benefits, direct compensation property damage and uninsured auto coverage. Speak with your insurance broker to understand compulsory requirements.


Ensure no lapses in coverage while financing, as this can trigger loan default. Consider higher than minimum policy limits for further protection. Carsfast may also offer optional Guaranteed Asset Protection insurance.

Yes, carsfast promotes limited-time financing offers and incentives that could save you more money when financing your car purchase. Currently advertised specials include:


– Rate Discounts: Save up to 5% off approved interest rates

– Extended Terms: Finance for up to 96 months/8 years

– Deferred Payments: No payments for the first 3-6 months

– Loyalty Savings: $500 off for returning/refinancing customers

– Seasonal Discounts: Additional 1% off rates over holidays


Savings amounts can vary greatly however based on your personal loan terms and lender. Connect with a carsfast financing expert to learn what current new car financing offers may be available to help maximize your savings today. Offers can change monthly.

Independent carsfast reviews are mixed, averaging around 3/5 stars overall. Positive reviews praise the fast easy applications and approvals. Those approved tend to get their financing quicker than traditional banks.


However, common complaints cite issues like:


– High interest rates from subprime lending partners

– Steep administration fees being charged

– Prepayment penalties locking borrowers into loans

– Difficulties contacting customer service for issues


So while carsfast makes approvals accessible, be cautious of the higher rates associated with poor credit loans. Read all terms closely and weigh total pricing. Apply directly at a reputable bank if possible.

As one of Canada’s largest car financing sites, carsfast compares well around factors like:


**Speed** – Very fast approvals, often under 2 minutes


**Credit Range** – All scores accepted including deep subprime


**Convenience** – 100% online applications and approvals


However, competitors often beat carsfast in areas like:


**Rates** – Banks offer lower interest rates for good credit


**Flexibility** – Shorter terms may have fewer restrictions


**Reputation** – Traditional banks score higher on trust


So carsfast wins for fast easy approvals, even with bad credit. But those with good scores likely get better rates from reputable banks and credit unions.

For those with poor credit, carsfast is certainly an appealing option thanks to approvals being fast and more accessible. Even borrowers with scores under 500 get approved through their lending marketplace frequently.


However, bad credit car loan rates through subprime lenders can be extreme, reaching 30%+ APR. An alternative can be applying directly through specialized bad credit lenders for rates starting around 10% instead.


So while carsfast approvals may come quicker, taking a bit more time finding the most reputable bad credit auto lenders can save substantially on interest paid. Poor credit still allows vehicle financing, just shop options

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