Carsfast Review: Is It Legit and Safe?

Looking for hassle-free car financing in Canada? Carsfast might be what you need.

But is Carsfast legit? Is it affordable? How Does it work? 

Let’s dive into this Carsfast review to see if it’s the right fit for you.

About Carsfast

Carsfast

Carsfast is an auto lending broker that helps Canadians purchase new or pre-owned vehicles. 

As a subsidiary of LendingArch. with a network of over 300 loan providers, Carsfast claims to specialize in assisting individuals with various credit types, even those with a consumer proposal.

They have approved 350,000 customers and 15,750 car buyers found the perfect car with them.

How Carsfast Works

With Carsfast, you can purchase a new or pre-owned vehicle by getting up to $75,000 loan amount repayable within a maximum of 96 months. 

Based on your credit score, the loan will incur an interest rate between 4.90% to 29.90%.

The process is straightforward as everything is done online.

  • Apply online: Fill out a simple application in 2 minutes or less.
  • Get approved: Carsfast promises to get you the best rates to compare.
  • Shop our vehicle: Gain access to 350 dealerships nationwide.

Are Carsfast Loans Legit?

Absolutely! Carsfast has helped over 350,000 Canadians secure auto loans and they partner with 350 lenders including RBC, TD, Scotiabank, BMO, CIBC and HSBC.

Notably, the lending broker was recognized by The Globe and Mail in 2022 as one of Canada’s top-growing companies.

Also, Carsfast parent company, Consumer Genius, is the 15th fast-growing company in Canada.

Benefits of Carsfast Loans

  • Better rates: Depending on your credit score, you might snag a loan with a lower interest rate, resulting in lower monthly payments.
  • Multiple loan options: You can compare multiple lenders to secure lower monthly payments.
  • Poor credit approval: As an auto lender, Carsfast can help you secure a loan even with a poor credit score.

Drawbacks of Carsfast Loans

  • Poor customer service: Carsfast has a long wait time on customer support as complained by many clients.
  • High interest rates: Borrowers with bad credit might face higher interest rates due to the perceived risk.
  • Limited information: There’s limited information about Carsfast on its website, leaving room for doubts on trustworthiness and expertise.

How to Apply for Carsfast Loan

Applying for a Carsfast loan is very easy as everything is done online within two minutes or less. 

Below is the step-by-step process:

  • Visit the Carsfast website
  • Click your preferred vehicle (Car, Truck, Van or SUV )
  • Follow the prompts.

After providing the required details, Carsfast will take it from there and find the perfect loan options that fit your situation. You will have the opportunity to choose from the options provided.

Verdict on Carsfast Review

Carsfast appears to be a solid choice for quick and easy car financing, especially for those with poor credit. 

While the potential for higher interest rates and occasional customer service delays are drawbacks, the benefits, including better rates and wide lender comparisons, make it a contender in the market. 

Overall, you should consider your needs and credit situation before making a decision. Also, weigh the pros and cons of Carsfast before signing up.

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