Smarter Loans Car Loans Review for 2024
verified information
Information verified by Adeline Harmant
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyDid you know that buying a new car in Canada now costs around $50,000?
A car loan gives you the option to pay in installments over several years and the repayment terms can vary from 24 to 96 months. But with so many different lenders across Canada, how do you make sure you find the best terms with the most trustworthy lender?
Smarter Loans is a great tool for finding the best car loans. In this review, we will take you through how their car loans tool works, what its advantages and disadvantages are and show you how to get started.
For example
Smarter Loans: the basics
- Launched in 2016 in Toronto
- It is a free-to-use comparison and education site
- Smarter Loans' founders are Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President).
- Works with 50+ financial brands in Canada
- Help consumers find the best value loans available
- Specializes in personal loans, mortgages, business loans, car loans and debt consolidation loans
Our Smarter Loans car loans review
Smarter Loans is an innovative financial comparison website in Canada specializing in loans, which allows borrowers access to a wide variety of lenders and helps them find the deals that exactly suit their specific profiles and financial needs. Smarter Loans has a simple, easily tweakable website that allows borrowers to adjust many variables to find a loan that best suits their specific financial situation.
Smarter Loans offers a constantly updating variety of educational resources about many different types of loans as well as detailed profiles of lenders on the website that will help borrowers feel secure and informed when choosing a loan.
Smarter Loans Pros
- Works with 50+ financial brands
- All types of loans including personal, business, auto, mortgage and more
- Builds your profile in order to offer you the best deal
- Free company profiles and comparisons
- Educational library in video and written formats
Smarter Loans cons
- The site is only available in Canada
What is Smarter Loans?
Smarter Loans is a Canada-based educational resource and loan comparison site that aims to help consumers find the most competitive loan rates and most reputable lenders. Founded in 2016 by Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President), Smarter Loans is based in Toronto, Ontario.
Since being created Smarter Loans has become Canada's largest directory of specialized lenders and financial services. More than 40,000 Canadians use Smarter Loans every month to find the best car loans on the market. Smarter Loans is not like other loan sites in Canada. Smarter Loans' unique selling point is that it creates detailed profiles of its customers' financial situations and then scans a network of over 60 lenders, and then presents pre-qualified loan offers based on the collected information. This means that the loans and recommendations they suggest are targeted at your individual financial situation.
What is Smarter Loans' address?
Smarter Loans HQ is in Toronto, the address of the main office is :
Good to know
05-171 E Liberty St, Toronto, Ontario, M6K 3P6, Canada
How to contact Smarter Loans?
You can either contact Smarter loans through their website by email or by phone.
| Contact | Details |
|---|---|
| Email: | [email protected] |
| Telephone: | 1-866-774-9867 |
How does Smarter Loans help borrowers?
Smarter Loans helps borrowers by giving them a single point of call to find out all the most competitive loan options, and obtain the loan they need in a fast and safe way from Canada’s top lenders. Smarter Loans builds a financial profile of them and their company so that they can offer the most competitive deals with the most relevant lenders. Smarter Loans also has an archive of educational resources so that borrowers can keep tabs on the current state of the market and on what new deals are available from leading Canadian lenders.
One of the favourite features for many Canadians is the variety of loans accessible through Smarter Loans, including
- Auto loans
- Personal loans
- Small business loans
- Home equity loans
- Mortgages
- Reverse mortgages
- And much more.
Consumers can browse the Smarter Loans video library on YouTube and social media to research different loan types, or to learn more about specific lenders and what they offer. Additionally, Smarter Loans is dedicated to helping the whole lending industry to move forwards in Canada by engaging in industry events and developing research in Canadian lending.
We have chosen our favourite four aspects of Smarter Loans and explained why we think they are interesting in the table below.
| Feature | How it helps |
|---|---|
| Customer profile | Smarter Loans has created a detailed questionnaire to develop a close understanding of its users' financial needs. This lets them offer the most competitive deal to their customers. |
| Info on lenders | Trust is easily the most critical factor when choosing a lender. Smarter Loans closely researches lenders for you so that you can quickly decide whether a lender is an appealing potential business partner. |
| Comparison tool | Smarter Loans lays out its offer in an easy-to-use comparison table, allowing business owners to assess the advantages and disadvantages of similar loans quickly. |
| Loan calculators | Smarter Loans has created six specialized loan calculators. These let its customers calculate how much they could borrow and how much they would end up paying back. This is a great help to business owners when they are projecting their profits and expenses. |
What are the advantages of a Smarter Loans auto loan?
When borrowing to finance a car, borrowers can typically access more advantageous terms as the loan is secured by the vehicle being purchased. This means that the vehicle itself is put up as a security against the loan and can be repossessed by the lenders in case of non-payment. In order to help you see the advantages more easily we have laid out the most interesting ones in the table below.
| Advantage | Why it matters |
|---|---|
| Owning rather than leasing | Borrowing to own a car outright allows you to avoid mileage restrictions and also to profit from owning the car once the debt is. paid off and sell or borrow against it like any other asset. |
| in case of an accident | Borrowing to own rather than leasing a vehicle leaves you in control of repair costs in case of an accident which can otherwise be set by a dealership. |
| Early repayment | Many lenders will allow you to pay off loans early if you have the luck to make more money than expected or otherwise have access to a lump sum. Make sure to read the terms and conditions carefully to check for early repayment penalties written into the contract. |
How to get a quote from Smarter Loans for a car loan?
To get quotes from Smarter Loans head to their website and hit the Car Loans button. This will take you to a questionnaire about your business's financial situation, which you will fill out in order to get the most relevant quotes for you. Smarter Loans also has a car loans calculator. You can input the amount you want to borrow, the interest rate and the repayment term and you can see how much you will repay over time.
Can Smarter Loans help you get a car loan with bad credit?
Smarter Loans can help you find lenders who will help you to finance a car purchase even with a bad credit score. When filling out the form make sure to check the relevant box when asked about your business's credit score. Smarter Loans will help you to find lenders who are able to take you on as a risk, based on the other financial information that you have given about yourself. Let's see an example.
For example
Annabelle is a 34-year-old nursing assistant who lives in Ontario. Annabelle took on some bad debt at college and now has a credit rating of under 530. She is on a wage of around $45,000 per year. Smarter Loans offers Annabelle a choice of six lenders, with rates varying between 20% interest on sums under $1,000 up to 45% interest on sums up to $10,000.
