Car Financing Services
We extensively test and research all services we review. Here's why you can trust us.

The 5 Best Car Financing Services in Toronto

Having a car is very convenient in terms of long trips and day-to-day travel. However, the cost of having one can be very expensive and heavy for most. 

In this review, we list down the best car financing services in Toronto. This will cover the basics such as usual payment terms and coverage. 

How much does car financing cost in Toronto? 

Car financing packages vary depending on factors such as the client’s credit, car model, and more. Here are some of the average total costs to help you get started. 

Car TypeAverage Total Cost
Used Sedan20,000 CAD
Used SUV30,000 CAD
Brand new sedan30,000 CAD
Brand new SUV40,000 CAD

The Best Car Financing Services in Toronto

Getting a financing plan or loan is a commitment. We used the following criteria to determine where you can get the best deals: 

Application process –  We looked at companies that offer simple and easy application processes.
Financing options –  Flexible yet clear terms are always the best way to go. We made sure to include those that provide this or anything of the same standard. 
Customer service –  It matters that you are able to talk to good representatives for any loan or car financing concerns. We selected companies who keep good records in terms of customer service. 
Credibility –  We only chose companies which are trusted and tried and tested in terms of car financing and auto loans. We checked the legitimacy of their previous transactions as well. 

1. Frontier Fine Cars

Frontier Fine Cars Homepage
Source: frontierfinecars.com
TestInfo
WEBSITE

https://www.frontierfinecars.com/

CONTACT INFORMATION+1 416-759-2277
ADDRESS1261 Kennedy Rd A, Scarborough, Toronto, Ontario
BUSINESS HOURS

Monday to Thursday

9:00 AM to 8:30 PM


Friday - Saturday

9:00 AM to 6:30 PM


Sunday

Closed

APPLICATION PROCESS★★★★★
FINANCING OPTIONS★★★★☆
CUSTOMER SERVICE★★★★☆
CREDIBILITY★★★★★

Frontier Fine Cars is a trusted source in the GTA and surrounding areas for auto loans and car financing services as they promise to assist everyone, whether they have good or bad credit. 

Clients can apply through their easy online process. They are entitled to choose a vehicle from the store’s own inventory of handpicked used cars and minivans or request to have something sourced for them. 

The company partners with lending services for their used car financing terms and tailor packages according to the client’s budget and requests.

What we like most about this service is that they try their best to respond to an application form as quickly as possible. It is also commendable that they dedicate representatives for each transaction so as to smoothen the entire process.

The inventory of their used cars is available online for interested parties. Most of these are priced at an average of 200 CAD and are paid bi-weekly for 6-7 years, which isn’t bad at all. 

If we’re being honest, there isn’t really much to dislike about this service. Except for the fact that they are closed on Sundays and have shorter hours during the weekends, nothing seems to be inconvenient. 

We do note that they can still improve their selection of cars, as they currently do not have much from 2019 onwards. 

All said, we see Frontier Fine Cars as one of the leading car financing and auto loan services in the GTA. They are licensed by the Ontario Motor Vehicle Industry Council and are members of the Used Car Dealers Association of Ontario. 

Pros

  • OMVIC licensed
  • Member of the UCDA
  • Easy online application
  • Swift response from representatives

Cons

  • Closed on Sundays, shorter hours during Fridays and Saturdays
  • Very few available 2019 models and above

Customer Reviews

Super helpful in getting approved for the loan with a good interest rate

As a first time buyer I was anxious about choosing the right dealer. I found Frontier Fine Cars on the internet and decided to buy a Honda HRV I had seen on their website. When we went there that one was already sold but Shawn, the finance manager, helped us find a similar deal. He was super helpful in getting approved for the loan with a good interest rate. He also helped us in finding an insurance company. Thank you Shawn 👍 and Frontier Fine Cars!

Good luck Shawn. — Iman Kaveh, via Google 

My payments are now 140 dollars less a month

I went to Frontier a few weeks ago to get a new car. I came out of bankruptcy and was paying high interest on my car. With the help on Ember and Rodney the loan guy, I was able to get a newer car at a better rate, so my payments are now 140 dollars less a month. Both did a great job of helping meet my goals of a better car and less payments per month. I am thankful for all they did and an very happy with the service I received from Ember and Rodney — Tim Tsouris, via Google 

2. ECHO Auto Finance

ECHO Auto Finance Homepage
Source: echoautofinance.com
TestInfo
WEBSITE

https://echoautofinance.com/

CONTACT INFORMATION+1 416-631-7705

[email protected]

ADDRESS 80 Toro Road, North York, Toronto, Ontario
BUSINESS HOURS

Monday to Friday

9:30 AM to 5:30 PM


Saturday to Sunday

Closed

APPLICATION PROCESS★★★★★
FINANCING OPTIONS★★★★☆
CUSTOMER SERVICE★★★★☆
CREDIBILITY★★★★★

Although ECHO Auto Finance is still relatively new, they have proven the quality of their service by making successful transactions with customers. Since their establishment in 2018, they have worked towards making auto loans possible across the entire credit spectrum. 

Application can be done within or even under 2 minutes as they only ask for necessary information such as name, income, years of employment, and the other basics. We like how they are directed towards helping clients save money on top of making the loan possible. 

ECHO Auto Finance does not have their own collection of cars for clients to select from. However, they do ask whether a customer has a specific car in mind and take things from there. 

They also advise their clients on how to have a good vehicle ownership experience. They recommend AutoProtect packages and inform clients of average maintenance costs to expect. 

In terms of customer service, ECHO Auto Finance needs little improvement. There are very few complaints from previous customers that they are sometimes delayed or unresponsive, but the number of positive feedback outweighs these. 

Echo Auto Finance is part of the EAF Group of Companies Inc. They focus on B2B and B2C financial services so you can rest assured that they are knowledgeable about what they do. 

Pros

  • 2-minute application
  • Recommends warranty packages
  • Focuses on helping clients save money

Cons

  • Closed during weekends
  • Calls are sometimes delayed or out of reach

Customer Reviews

Amazing service

Cheryl was amazing in helping me get into a car. Not only did I get into one, but it’s a fully loaded one. She also arranged that I would get cash back! Very affordable prices, amazing service! I highly recommend Echo for your car needs! — Lisa Slingerland, via Google 

Even communicating outside of work hours to make the process as smooth as possible

This is the second time that I’ve gone through Marc to buy a new car and both times he’s gone above and beyond, even communicating outside of work hours to make the process as smooth as possible. I would definitely recommend him to anyone and will be back for sure when I need my next vehicle! — Clayton Fornier, via Google

3. Car Loans 411

Car Loans 411 Homepage
Source: carloans411.ca
TestInfo
WEBSITE

https://carloans411.ca/

CONTACT INFORMATION+1 855-712-5626

[email protected]

ADDRESS4950 Yonge St SUITE 2200, North York, Toronto, Ontario
BUSINESS HOURS

Monday to Friday

9:00 AM to 11:00 PM


Saturday to Sunday

9:00 AM to 9:00 PM

APPLICATION PROCESS★★★★★
FINANCING OPTIONS★★★★☆
CUSTOMER SERVICE★★★★☆
CREDIBILITY★★★★★

Car Loans 411 ultimately works because of the number of dealerships they have partnered with. This makes it possible for them to find whatever vehicle it is that their clients ask for. 

The company has been around since 2008 and has served hundreds of thousands of clients to achieve their dream car. They are fully Canadian-owned and only partner with trusted Canadian dealers. 

This is a rare reason for a car financing service to stand out, but what really sets Car Loans 411 apart is their online security system. They are arguably the safest given their web server that assures customers of information privacy. 

Not all services can think of how much online applications can be portals to hacking and other privacy violations, so we applaud them for that.  

Given their partnership with dealers, it is clear that Car Loans 411 only acts as a bridge between the client and the lender. While this is their primary function, we note that there are competitors out there who do much more and that this puts them back just a little. 

On the bright side, this company probably has the best business hours. They are open every day for a minimum of 12 hours, which makes them convenient during any emergencies or immediate concerns. 

If you’re lucky, Car Loans 411 may even get your loan approved within 48 hours! Several clients were able to experience this and many praise them for their skills. 

Pros

  • Fully Canadian-owned and partnered with Canadian dealerships
  • Secure web server to protect clients’ information
  • Open every day
  • More than 10 years in the business

Cons

  • Only connects clients to lenders
  • No packages of their own

Customer Reviews

Process was very quick and easy 

I had a great experience with the entire Car Loans 411 team, and was able to get approved for a car loan in under 48 hours. Would highly recommend this company to anyone who is looking for a car loan in the future – the process was very quick  and easy. — Colin Maclachlan, via Google

I got a car loan with a good interest rate

My experience with carloans411.ca was fantastic. I got rejected by almost every bank and was desperate to find a company that is going to help me to get a car without a good credit score. Thankfully, my application was accepted by the company, and I got a car loan with a good interest rate. — Anna Popvych, via Google 

4. Canada Auto Approval

Canada Auto Approval Homepage
Source: canadaautoapproval.ca
TestInfo
WEBSITE

https://canadaautoapproval.ca/

CONTACT INFORMATION1 866-518-8028

[email protected]

ADDRESS21 Toro Rd, North York, Toronto, Ontario
BUSINESS HOURS

Monday to Friday

9:30 AM to 6:30 PM


Saturday

9:30 AM to 2:30 PM


Sunday

Closed

APPLICATION PROCESS★★★★★
FINANCING OPTIONS★★★★☆
CUSTOMER SERVICE★★★★☆
CREDIBILITY★★★★☆

Specializing in bad credit loans, Canada Auto Approval is one of the most prominent car financing and auto loan services in the GTA and arguably even in the entire Canada. 

The company primarily performs 3 main services, which are used car loans, bad credit loans, and auto refinancing. They have been educating their clients on the benefits of refinancing their vehicles for about a decade now. 

If you earn more than 2,500 CAD in a month and have a valid driver’s license, they promise to get you approved whatever your credit situation may be. They also claim to do pre-approval in 3 minutes and have done this for previous customers thus far. 

For used car loans, the case is just a little different. The requirement is for you to have a total monthly income of at least 2,200 CAD and have been employed for the last three months. 

The selection of used cars are quite okay. Canada Auto Approval’s North York dealership holds units from prestigious dealers such as Volkswagen, Chrysler, Jeep, and more. 

We honestly don’t see anything alarming about this service. You really just have to take note of their requirements and whether or not you can afford to sign up with them. 

Canada Auto Approval usually helps their clients make informed decisions by persuading them to go for used car loans. They can also be your guide to getting a brand new car, but we wouldn’t say they are proven experts in that area. 

Pros

  • Specializes in bad credit loans
  • Easy application with 3-minute pre-approval
  • Selection of used cars include big brands

Cons

  • Closed during Sundays
  • Has minimum monthly income set for loans

Customer Reviews

Worked very hard to get me an excellent rate considering my situation

Dan made buying my 2016 dodge ram 1500 a breeze! It was my first time doing this online and I’ll admit I was skeptical about it until he contacted me and made me feel very comfortable and confident! He worked very hard to get me an excellent rate considering my situation and I couldn’t be happier! Handled the whole process start to finish for me without any issues, all i had to do was walk in and sign the papers and I was driving away in a vehicle that exceeded my expectations in a few minutes. — Bailey Lambert, via Google 

I felt all the stress release off my shoulders

After many failed attempts of trying to find my first car, I finally looked into Canada auto approval and Dan guided me into the right car that’s good for me and my family and made it affordable for us. Needless to say my car is coming home today and it took less then a week for him to have the car already with my plates and certification needed. I honestly wouldn’t go anywhere else. I felt all the stress release off my shoulders once everything was in Dans hands and now I now have a 2016 Ford Focus SE safetied for my family! With a fair and affordable price! You can’t get that anywhere else. 🙂 — Angel-marie jeffrey, via Google 

5. Car Finance Canada

Car Finance Canada Homepage
Source: car-finance.ca
TestInfo
WEBSITE

https://www.car-finance.ca/

CONTACT INFORMATION+1 866-543-7997
ADDRESS5000 Yonge St #1901, North York, Ontario
BUSINESS HOURS

Monday to Friday

10:00 AM to 6:00 PM


Saturday

10:00 AM to 3:00 PM


Sunday

Closed

APPLICATION PROCESS★★★★★
FINANCING OPTIONS★★★★☆
CUSTOMER SERVICE★★★★☆
CREDIBILITY★★★★☆

Car Finance Canada is a young competitor in the car financing and auto loans market. They have only been in the business for more than 3 years but they have been proving themselves well. 

Probably the best thing about this service is that it works towards getting clients their desired vehicle. They can help you whether the car you want is from a private sale, a new model, or from an external used car dealership. 

Of course, the downside of their focus on finding good borrowing options for clients is that they don’t necessarily perform car recommendations. This is a place for clients who have a car in mind already. 

Car Finance Canada does not sell cars as well. You won’t find any used cars with tags here when you walk into their office. 

However, we commend how customer-friendly their service is. They do same day approvals, don’t ask for any deposits, and have no hidden fees. 

A car finance calculator is also available on their website. This makes it convenient for customers who just want an idea about the costs. 

In conclusion, we see Car Finance Canada as a service with so much potential for growth. Their record is honest and they have helped clients drive their dream vehicles thus far. 

Pros

  • Focused in finding good borrowing options
  • Can assist for private sales, new models, or external used car dealerships
  • Same day approvals

Cons

  • Less than 5 years experience
  • Closed on Sundays, shorter hours during Saturdays

Customer Reviews

I was in and out in under an hour

After speaking to a representative over the phone, I visited Car Finance Canada’s office. The place was clean, organized, and very stress free. The staff were very pleasant to be around, and I couldn’t have been greeted by more smiles and compliments. The place maintains such a welcoming energy, it’s truly a wonderful organization. When it came to obtaining car financing, the process was very easy. I was in and out in under an hour. I’ve been fairly competent with my credit ratings over the years, so I’m not ashamed to say that I have better than average credit. With this in mind, Car Finance Canada was still my number one choice. Thanks again Car Finance Canada, I’ll be recommending you to everyone I know. You’ve got a customer for life! — Timothy Hall, via Google 

Truly fantastic

I spoke with a representative over the phone and they were so helpful! I couldn’t believe it! My last car financing company wasn’t really all that helpful and I spent an hour speaking to someone. They just wanted me to hand over my wallet and leave! It was nuts! Thankfully for myself and everyone else that must visit Car Finance Canada, they are truly fantastic. I would, one hundred percent, without a doubt, recommend Car Finance Canada to everyone I know. I’d even go as far as to say you should ditch your current company and join them today! Thank you for everything Car Finance Canada! — Brooke McKenzie, via Google 

FAQs about car financing in Toronto


We hope that this list helped you learn about the different car financing services in Toronto and where you can go in case you will need anything related to auto loans in the future. 

If you’re curious about how a bought used car can be upgraded or just want to add extra flare to the current vehicle you drive, you can check out our list of the best car detailing shops in Toronto.