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CarsFast Review

Next to a house, one of the biggest investments you can make is purchasing a car. It is your means of transportation, your status symbol, and your source of comfort. Your car is also a reflection of your style and personality, so it is important to make sure that it suits your needs, budget, and lifestyle.

CarsFast is a top-rated financial company that connects auto buyers with some of the most reputable car loan providers in Canada. They boast a vast network of lenders, including banks, credit unions, and independent financial institutions. With over 350,000 approved customers, there’s no denying that CarsFast has a proven track record of providing quality services and a great customer experience.

In this review, we have put together a comprehensive CarsFast Canada review that includes all of the company’s offerings, services, and benefits. We will also take a closer look at their history, mission, and their business model to see how they stack up against the competition.

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Written by: Aunt Piggyy

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      Company Information

       

      Main Office: 4500 Bankers Hall East, 855 2 Street SW, Calgary, AB T2P 4K7, Canada (LendingArch)

      Business Hours: Monday to Friday, 8AM to 4PM (Closed on Saturday and Sunday)

      Email: [email protected] / [email protected]

      Phone: +1 587-848-3321

       

      Before we begin our CarsFast review, it’s important to understand that CarsFast is under the umbrella of LendingArch, a fintech company that offers instant credit and other financial services to consumers across Canada, USA, and Australia. LendingArch particularly specializes in home equity loans, personal loans, loan refinancing, and auto loans. 

       

      The company was founded in 2015 by Arti Modi who saw a need to offer Canadians a more flexible, affordable, and convenient way to borrow money. Modi knew that the traditional banking model was outdated and unsustainable, so she decided to create a new type of company that would provide credit and other financial services to Canadians on their own terms.

       

      Modi’s vision turned into reality, when in April of 2016, LendingArch launched its online lending platform, LendingArch.ca. The platform allowed Canadians to apply for home equity loans, personal loans, and auto loans from LendingArch’s network of trusted lenders. The company quickly grew, and by the last half of 2018, LendingArch had expanded into mortgage loans, credit cards, and insurances. They have also partnered with some of the biggest names in the industry, including American Express and BMO. 

       

      Modi has built LendingArch from the ground without any help from the government or any other big-time investors. She has managed to raise private funding from her co-founders, friends, and family members. 

       

      To make auto loans become even more accessible for ordinary Canadians, LendingArch has branched out and established CarsFast, a subsidiary company that solely focuses on auto loans. CarsFast’s mission is to provide financial services to all Canadians, regardless of their credit history or financial situation. The company believes that everyone deserves a chance to borrow money and make positive changes in their lives.

       

      Types of Loans

       

      CarsFast particularly specializes in auto loans. The company uses LendingArch’s network of trusted lenders to provide affordable auto loans in Canada. Their partner companies include some of the biggest financial companies in Canada, such as TD, RBC, Scotia Bank, CIBC, BMO, HSBC, Valley First, Ally, Envision, and so much more. 

       

      Unlike other loan brokerage firms, CarsFast does not require you to sign up or create an account on its website. Simply fill out the online form on the company’s website, and finish the loan application process in as fast as 2 minutes. 

       

      CarsFast has a huge network of lenders nationwide, meaning that they can provide you with an auto loan in any part of Canada. The company also provides customers with instant loan approval and quick turnaround time, so you don’t have to wait for weeks or even months to get approved for a car loan. 

       

      Auto Loans

      CarsFast helps Canadians find the perfect vehicle for their needs and budget. Whether you are looking for a car, van, truck, or SUV, CarsFast can help you find the right loan for your financial situation. As of this writing, CarsFast has over 350 partner auto dealerships where you can find the best deals in the market. 

       

      Here’s a quick overview of what you can expect when you apply for an auto loan through CarsFast:

      • CarsFast offers auto loans for as high as $75,000.
      • Their interest rates vary from 4.90% – 29.90% depending on your credit score.
      • CarsFast offers bad credit auto loans with a minimum credit score requirement of 300. 
      • They offer auto loans amortization ranging from 12 months to 96 months.
      • The company requires you to have a minimum income of $2,000 per month to qualify for an auto loan. 

       

      CarsFast promises its clients a no-hassle, no-obligation auto loan application process. With the company’s three-step online loan application, you no longer have to visit a bank or dealership to apply for an auto loan. Plus, CarsFast guarantees that their lending partners offer some of the best interest rates and loan terms in the industry. 

       

      Why Choose This Provider

       

      CarsFast is still in its early stages of operation, but they have already managed to make a name for themselves in the Canadian auto loan market. They have built their reputation on trust and transparency, two values that are very important in the financial industry. 

       

      Below are just a few of the many reasons why Canadians should consider using CarsFast when they are looking for an auto loan:

       

      Established Company

      Yes, CarsFast may be a new company, but it’s a subsidiary of LendingArch, one of the leading providers of financial services in Canada. LendingArch is at the forefront of online lending, marketplace lending, retail solutions, financial technology, and so much more. With an established company like LendingArch behind them, CarsFast has the resources and expertise to provide Canadians with a reliable and trustworthy service. 

       

      Technology Driven

      CarsFast uses its own proprietary underwriting and behavioral technology to analyze the creditworthiness of its clients. This technology is designed to help the company deliver fast loan approvals, and is very similar to the technology used by some of the largest banks in the world. 

       

      Huge Network of Loan Providers

      While CarsFast is not a direct lender, the company does work with a huge network of lending partners across Canada. This means that they can provide you with an auto loan in any part of the country. Plus, the company works with some of the best financial institutions in the country, such as American Express, Bank of Montreal, Home Trust, and so much more.

       

      Bad Credit Accepted

      If you have a less than stellar credit score, you may not qualify for a traditional auto loan. But with CarsFast, you can still get approved for an auto loan for as long as your credit score is above 300. This is quite rare in the industry, and is a testament to the company’s commitment to offering Canadians the best service possible.

       

      Easy Application

      In just three simple steps, you can apply for an auto loan through CarsFast. Simply submit your information online, wait for approval, and you’re all set. Once your auto loan is approved, you can then visit one of their 350 partner dealerships to pick up your new vehicle. 

       

      Low Payments, Better Rates

      CarsFast prides itself in offering competitive rates and low monthly payments. They will help you find the best auto loan based on your current financial situation. CarsFast is honest, transparent, and will work with you to find the best auto loan that fits your needs and budget. 

       

      Additional Services

      If you are looking for other financial services such as personal loans, home equity loans, loan refinancing, and more, you can always check out CarsFast’s parent company, LendingArch, to learn more about their wide range of credit and cash financing options. 

       

      How to Avail a CarsFast Auto Loan

       

      CarsFast doesn’t require borrowers to sign up or create an account on their website, which makes it even easier for you to apply for a car loan. Simply follow these steps to get started:

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      Visit CarsFast.ca and look at the upper right hand corner of your screen to see the “Apply Now” button.

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      Start by clicking your preferred type of vehicle, and then choose your monthly budget.

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      You will then be presented with a series of similar windows that will ask for your personal and employment details such as:

      Date of Birth

      Employment Status

      Monthly Income

      Duration of Employment

      Company Name

      Role/Position

      Mortgage Details (Do you own a property or currently renting?)

      Monthly Mortgage or Rent

      Address

      Residence Status (How long have you been living in your home?)

      Last but not the least, you’ll be asked for your name, email address, and primary phone number.

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      Upon clicking the “Complete My Application” button, you will be redirected to a page, congratulating you on your successful loan application process. The next step is to wait for a call from one of CarsFast representatives or dealership partners who will discuss your auto loan options and finalize your loan agreement.

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      CarsFast and its network of trusted auto loan providers are known for being quick, honest, and reliable. They are also one of the most affordable auto loan providers in Canada, so you don’t have to worry about getting ripped off by an unscrupulous loan provider. Plus, their application process is very easy – you can even finish it in as fast as 2 minutes.

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      Frequently asked questions

      What is CarsFast?

      CarsFast is an alternative financial service provider that primarily focuses on auto loans. They help Canadians find the best auto loan based on their credit history and financial situation.

      Is CarsFast a direct lender?

      CarsFast is a middleman that connects borrowers from some of the most trusted and reputable lending institutions in Canada. They work directly with banks, credit unions, dealerships, and other financial companies to provide the best auto loan deals to Canadians.

      How extensive is CarsFast network of auto dealerships?

      As of today, CarsFast has over 350 auto dealership partners nationwide. Unlike other car loan brokerage companies, CarsFast offers its services across all regions and provinces in Canada.

      Who are CarsFast's closest competitors?

      CarsFast is at the forefront of Canada’s auto loan industry, followed by peer-to-peer car loan companies such as Lending Loop and iCapital.

      Why choose a loan broker versus a direct lender?

      If you want to take the stress out of applying for an auto loan, a loan broker is the best option for you. Loan brokers are in the business of matching borrowers with lenders. In most cases, they do not lend money directly to borrowers. Instead, they connect borrowers with auto loan providers who offer the best loan deals.

      How much does a loan broker make?

      Most loan brokers earn a commission based on the loan amount. However, there are some who charge a flat fee for their services. To learn more about fees and other related charges, it’s best to contact the loan broker directly.

      Is CarsFast reliable?

      With over 350,000 approved auto loan applications, it is safe to say that CarsFast is a reliable auto loan broker. CarsFast is paving the way in Canada’s auto loan industry and their commitment to quality customer service is second to none.

      Can I apply even if I have bad credit?

      Definitely. CarsFast has been helping Canadians get approved for auto loans with bad credit for years. They understand that bad credit is a common problem for Canadians and they are here to help. However, expect your interest rate to be higher compared to a person with a good credit history.

      Conclusion

       

      CarsFast is the alternative auto loan provider that Canadians have been waiting for. Their quick, easy, and affordable loan application process is a breath of fresh air in the auto loan industry. They are one of the best alternatives to traditional auto loan lenders, and you can trust them to get you approved for the best auto loan deal. 

       

      With the number of car loan providers in Canada growing rapidly, it is important to find a reliable company that will provide you with the best auto loan options. At CarsFast, you can be sure that you will get the best car loan deal in no time. 

      Aunt Piggyy

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