411Drives has the 411 on
all your car needs!

411Drives understands that getting a car loan in Toronto can be a confusing and stressful time, especially when you don’t know what’s involved. We want to help make this process easier for you to understand and be more confident in your choice.

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So what is involved when
getting a car loan in

How are auto loans calculated?

411Drives has broken it down into 3 parts


This is the total value of the vehicle. This price can include any fees, warranties and add-on packages. This will be the sum of the loan you pay back over time.


Term is the length of time your car loan payments will be made for. Terms generally can be as short as 36 months to as long as 84 months. Generally, the longer your term, the less you tend to pay monthly. The shorter the term, the more you pay but the quicker your auto loan gets paid.

Interest Rate

When getting an auto loan, the lenders charge a percentage called an interest rate for lending you money. The lender chooses what rate to charge when you borrow money. This rate varies depending on how the lender views how much risk there is to lending you the money.

What Do You Need When Getting
A Car Loan in Toronto?

Getting a car loan can be exciting but it is important to make sure you know what you need to start this process. When applying for a Car Loan it is important to have 3 major things.

Two Valid Photo ID’s

This should include a valid driver’s license. This helps with ensuring the loan is getting approved to the correct individual and the lenders know who is supposed to be paying them back for the auto loan.

Two Most Recent Pay Stubs

Two Most Recent Pay Stubs/Notice of Assessment/Bank Statements. These forms show that you are currently receiving income and can afford the vehicle you want!

Void Cheque or a
Pre-authorization form

This allows for the lender to know which bank account the car loan payment will be coming out of.

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What ways can I get an auto loan in Toronto?
Know the difference between each process.

Sometimes when looking for a vehicle, cash purchases may not seem the right way to go to get all the features of your dream car. Fortunately Canada offers three great ways to obtain auto financing and leasing and it’s easier than you think!

What are the 3 ways?

Through the Bank

One of the most traditional ways to obtain financing or a regular loan is through the bank. You would set up an appointment to speak to a loan manager and fill out an application. Banks tend to look at 2 major things when looking to approve you; your income and your credit score.

If your credit score is below average, getting approved for an auto loan is very slim. When filing to get a loan with a bank, they do not partner with other lenders, so the interest rates that they offer are typically final.

Through the Dealership

Dealership financing starts when you take a look at what vehicle options and select the vehicle you want to move forward with. Once you have decided that is when the financing is organized. Depending on the dealership they can have inhouse financing or shop around with the limited lenders they do have. This can result in a new credit check each time your application is sent off. If this situation ends up in your application being declined, most customers end up being upset that their time and efforts were wasted.
Some customers might go to multiple dealerships to try and further damage their credit.

Through 411Drives

411Drives is your one-stop-shop when it comes to revolutionizing the auto industry. We offer a simple buying process platform to help you get the vehicle you deserve. We have broken down the process in 3 steps for you to understand.

1. Apply online

Answer a 2-3 minute auto loan application. We work on getting you a preapproval for financing or leasing before you look at vehicles. This lets you know your budget so you do not get discouraged when looking at vehicles.

2. We call you back

Once you have applied, you will be contacted within 24hrs of your submitted application. Our coordinator will pair you with the closest dealership that can help you best with your situation and price range. All partnered dealerships with 411Drives partners with 18+ lenders giving you all the options to help with all types of credit situations; bad credit, no credit, bankruptcies, consumer proposals, etc.

3. You’re approved

Once you are approved you can visit the dealership and pick up your vehicle and get on the road!

These 3 simple steps saves you the hassle of going to multiple dealerships and viewing vehicles, having your credit checked numerous times and saves you most importantly, your time.

What is the best option for me?

Financing or Leasing?

Are you unsure if you should lease or finance? Take a look at these details below that might give you a better insight as to what option might be best for you.


  • Monthly payments are relatively cheaper
  • You don’t pay to own, you pay to use the vehicle for a set terms (Lease to own options available)
  • You can not modify your vehicle
  • You can change your vehicle frequently
  • Limited mileage
  • Restricted lease terms


  • Monthly payments are higher
  • Paying to own the vehicle
  • Can customize and modify your vehicle to your liking
  • Unlimited mileage
  • Complete ownership
  • Payment free once car is paid off
  • Your own vehicle, not restricted to terms other than payment

Have any questions about the
process or want to follow up
on your application?

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Frequently asked questions

Our Experts
have the Answers

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Do you offer only Financing?

411 Drives offers more than just financing. We can assist you if you are looking to lease, buy a vehicle out right or if you found a vehicle that you need funding for.

Is a down payment or upfront payments required?

Although we have many $0 down options available, a down payment has its benefits. It can help lower your monthly payments as well as demonstrates to lenders that you are serious in making this commitment.

What do I need to get approved? What are the requirements needed?

  1. You must be 18 years of age or older
  2. Have 2 forms of valid photo ID. (Driver’s License, Passport, Social Insurance, etc.)
  3. Proof of income. (Paystubs, Notice of Assessment, T4, Bank Statements, ODSP & Pension documentation, etc.)

How much can I get Pre-approved for?

The amount that you are pre-approved for depends on multiple factors. After you have submitted your auto loan application, a finance specialist will contact you to discuss the details of your pre-approval.