We Know You Have Questions.


We are here to help. Please do not hesitate to contact us.

Our financing specialists will respond to your concerns immediately.

Frequently Asked Questions

Why Choose Drive Financial?

Drive Financial caters to clients nation-wide. We have the ability to offer lower rates due to the volume of business we generate.

We provide automotive, motorsport, RV, and marine loans to nearly anyone in Canada, regardless of your credit situation or financing needs.

Drive Financial is one of the most popular and trusted online car loan services in Canada. We are 100% Canadian and family-owned and have been serving our customers 5-star service  since 2012.

What information do I need to qualify for a loan?
  • Social Insurance Number
  • Address (+ previous address if current is less than 3 years)
  • Income (employer info, salary)
  • Monthly housing costs (rent, mortgage, hydro, property tax)
Why is Drive Financial better than dealing with a dealership?

At Drive Financial we have lenders who understand your needs and will carefully consider your current circumstances rather than any credit history that may be unfavourable.

Our goal is to take the pressure off the process and help you obtain financing fast!

We have helped hundreds of people get automotive, motorsport, RV, and marine loans, and continue to maintain the highest level of service. Bad credit does NOT mean bad service!

What documents do I need to get a loan?

To get you started, we will require:

  • Proof of income (last two pay stubs)
  • Proof of residence (recent bill: gas, water, electric, phone, internet)
  • Government photo ID (drivers licence, passport, permanent resident card, or status card)
  • Banking information (void cheque or pre-authorized payment form)
How long does it take to get approved?

Once all required documents are assembled they are sent to the lender. Some have longer processes than others, but from start to finish the process can take a few hours up to two weeks.

Are there penalties for paying off my loan early?

Early repayment penalties, or ‘exit fees’, are usually included in the lender’s loan contract. We can avoid these lenders if you intend to repay early.

Once you pay off your personal loan, it will be considered a closed account on your credit report. If closing that account reduces the diversity of your credit portfolio or shortens your payment history, you may end up hurting your credit score even though you’re saving money on interest by paying off your loan.

You won’t be paying your loan off forever so making early repayments on your loan can save you hundreds of dollars in interest in the long run.

Can I trade in my vehicle?

YES! In fact, we have no problem taking in your trade that is not yet paid off.

It’s very common for clients to trade in their financed vehicles. We deal directly with your financial institution in order to pay the loan off for you. At Drive Financial, we handle all the details.

How long does it take to complete the online process?

Less than one minute. To begin your application we need only your name and contact information.

Can I get approved if I have a low credit score or collections?

YES! It’s time to get your credit back on track!

The minimum requirement for an individual with low credit to qualify for an automotive, motorsport, RV, or marine loan is that they make at least $1,800 every month before taxes or deductions (C.P.P., E.I., etc.)

Can I finance a vehicle while in bankruptcy or consumer proposal?

Bad credit can happen to anyone! If you have faced bankruptcy, consumer proposal, or have very bad credit, there is no need to worry. Drive Financial will match your application with a lender that specializes in your type of credit situation.

How is my monthly payment determined?

Four main factors are considered:

  • The age of the vehicle
  • The vehicle’s mileage
  • Your credit rating
  • Your down payment
If I am unable to make a payment, will my car be repossessed?

If you have purchased a new or used vehicle, you may end up in a situation where you can’t make your monthly car payments.

If this is the case, don’t panic. There are some steps you can take to avoid repossession and keep your car.

  • Refinance your loan.
  • Consider selling your vehicle, or trade in for a lower payment.
  • Use a home equity line of credit.
  • Contact your lender and request a deferral.
What happens if my vehicle is worth less than I owe?

If you are in a position where the market value of your vehicle is less than you owe, you are “upside-down”. To combat this situation we will often suggest rolling the negative equity into the loan for your next vehicle.

Though convenient, in some cases this is unwise since it will make you upside-down even further and this means that you’re creating a larger loan amount, and paying more interest. However, if you need a vehicle but don’t have the money to pay off the negative equity, and are having trouble keeping up with your current payments, it might be worth the risk.

If you decide to downsize by purchasing a cheaper vehicle, your payments may become more manageable even if you roll the remaining debt into the new vehicle loan.

Can I make extra payments on my auto loan?

YES! Paying a little extra each month on your vehicle loan can make a big difference in how quickly the loan will be paid off.

Making extra payments can help you gain control over your finances, save money, and give you peace of mind. This is a great way to reduce the long-term cost of your vehicle loan. The secret to paying off a vehicle loan is paying off the principal first. Extra vehicle payments have a multiplier effect. If you pay off $100 early, it could save you more than $100 in vehicle payments due to the effects of compound interest. 

Can I change my payment dates?

If you are looking to change your vehicle loan payment date, the first thing you need to do is contact your lienholder (finance company) to see if the option is available. If it is, you can change the due date online or over the phone.

Changing your vehicle loan payment date may make budgeting easier and help you avoid late or insufficient fund fees.

What documents do I need to provide if I am self employed?

If you are self employed, you will need the following documents:

  • Tax returns. Be prepared to show the last two years of your full personal and company tax returns. These will help prove any income you declare on your application.
  • Financial statements. These may include profit and loss statements which also support the income you declare.
  • Recent bank statements. This includes statements showing your savings and business transactions.
  • Personal identification. Depending on the lender, this may be your driver’s license, passport, or any other government-issed ID.

If you own your own business, be prepared to provide information such as your company’s GST number, address, business licence, etc.

Can I get approved if I am new to the country?

YES! If you are a new immigrant to Canada, welcome!

To get started, you will need the following documents:

  • Proof of income (last two paystubs)
  • Proof of residence (recent bill: gas, water, electric, phone, internet)
  • Government photo ID
  • Banking information (void cheque or pre-authorized payment form)
  • Social Insurance Number
Can I have more than one vehicle loan?

YES! You can apply for a second car loan. Lenders would look at your payment record, i.e. whether you have made prompt payments on your existing and past loans. Missing too many payments would lead to a drop in your credit score thus making it harder for you to obtain a second loan.

Your ability to pay back a second loan is also assessed. Lenders look at your monthly disposable or surplus income, and other factors such as assets, income from other sources, liabilities, and stability of income. This is done to make sure that you can comfortably repay your loan on time.

Do I get a referral for sending someone to Drive Financial?

YES! Our customers are our greatest resource and we know that the best way to grow is through word-of-mouth.

The highest compliment you could pay us would be to pass along your positive experience with Drive Financial to your friends, family, or co-workers. Simply send us an email with the basic information of the person you’re referring (name, phone number, Email address) as well as your own contact information. When they purchase a new or pre-owned vehicle, you receive $1000! * The more people you refer the more you make!

* Drive Financial staff are not eligible. Management reserves the right to discontinue or modify the program at any time.

What is the best way to check my credit score?

There are two national credit bureaus in Canada: Equifax Canada and TransUnion Canada. You should check with both bureaus as they can vary slightly.

1. Order Online:

Both Equifax and TransUnion have web portals you can sign in to, and, after verifying your identity, track your credit score. You will need to provide some personal and financial information so have recent tax returns, banking information, etc. handy.

2. Order by Mail or Fax:

You can ask for a free copy of your credit report by mail.

Make your request in writing using the forms provided by Equifax and TransUnion. Provide copies of two pieces of acceptable identification.

You will receive your credit report by mail.

3. Order by Telephone:

Equifax Canada:


TransUnion Canada:

English: 1-800-663-9980

French: 1-877-713-3393

Confirm your identity by answering a series of personal and financial questions. You may also need to provide your Social Insurance Number and/or credit card information.

You will receive your credit report by mail.

Our Services

Vehicle Refinancing

Drive Financial can help you refinance your current vehicle loan, potentially saving you hundreds monthly!

Refinancing turns your old loan into a new loan with a lower rate and lower monthly payments.

Bad Credit Financing
Regardless of your credit, we can match you with a lender and get you on the road, quickly and affordably!
Cash Back

Drive Financial can offer you cash back when financing a vehicle.

Looking to refinance your current vehicle? We can work to offer you cash back on a refinancing package that can save you money.

Bankruptcy Financing
We can help you get back building your credit score.
No Credit History Financing
Student? New to Canada? We can help you secure a vehicle you will love and start building your credit score.
Warranty Programs

Are you looking for some peace of mind? Drive Financial can set up a warranty program just for your needs.

Driveline coverage? Engine too?

Vandalism? Fire and theft?

We have you covered!

Drive Financial

118 Provincial Ave. #206
Sherwood Park, AB
T8H 0Z7

(780) 464-1114


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