Getting approved for your electric vehicle has never been easier. EVsDirect.com works with multiple lenders to get you the best rates and fastest financing approval
Quick and Easy
Answer a few simple questions and find out if you qualify for a loan with no impact on your credit score.
Secure and Transparent
Your information is safe with us. We only share your details with our trusted lenders. Once you are approved, you’ll know exactly what you owe with no hidden fees so you can make an informed decision.
Best Rates
Working with multiple lenders means EVsDirect.com can get you the best financing rates possible. Including discounted rates by Canada’s biggest banks including discounts on Electric Vehicles
We work with many of Canada’s largest financial institutions to help every customer obtain the best financing rate possible for their vehicle. Four main factors determine whether or not you get approved for a loan. The four main factors include Credit History, Down Payment, Application Information, and Vehicle Selection. Since your loan is with one of our financial institution partners, we cannot guarantee whether or not you’ll get approved but we always do our best to get the best outcome for our customers.
Applying is an easy and completely online process. Click the Apply for financing button on any vehicle and you’ll be guided through all the steps. After you’ve completed your application, we send it to our credit team who will review and be in touch if there is any more information required before we submit it to our partner banks.
To find out your interest rate you need to fill out a credit application, which takes about 10 minutes. Once we submit it to the bank, they will decide what interest rate you qualify for, which will depend on your credit history and credit score. While the vehicle age and term of the loan factor into the rate, generally, if you have good credit and sufficient income, you can expect prime rates to be between 4.99% – 7.99%. There is no way to guarantee an interest rate without submitting a credit application to the bank.
Gross income should be your total monthly or yearly income before any taxes are deducted. This amount is higher than your ‘net pay’ or ‘take home’ pay.
Your SIN is not mandatory; however, it can help move your application along faster. It allows the bank to pull your credit history more efficiently. Often, if you do not enter your SIN, the bank may come back and ask for it since their initial pull might not be able to locate your credit history.
Auto loans are ‘open-ended’ loans that can be paid off at any time without penalty. You are also free to put as much money down on the loan as you’d like. You can also call the bank and ask them to increase your payments to any amount to pay off your loan faster. However, you are not able to have your payments reduced.
Interest is calculated on a per payment basis. This means if you pay the loan off early you will not be charged the remaining interest. For example, if you are on a 60 month loan and you pay it off in full at 36 months, you would save 24 months worth of interest.
Note: If you decide to place extra money down on the loan after you take possession of the car, it will not lower your payment, it will shorten the length of the term of the loan and saves you money on interest.
You can decide on payment dates before the paperwork is signed. You can pick almost any day you’d like – some people prefer to have it after payday. For bi-weekly payments, standard bank parameters state that your first payment must be at least 14 days from your contract date, but no more than 21 days. For monthly payments, the first payment must be 30 days from your contract date and can be moved up to 45 days from the first contract date. You also have the flexibility to call the bank that your loan is through and have them change the payment date (after your first payment comes out).
Your loan does not need to be through the same bank as your personal bank account. However, you will need to provide a void cheque or a direct deposit form for the account you want your automatic payments to be withdrawn from.
Note: You cannot have payments come from a credit card account.
If your personal banking and auto loan are with different banks, you can call the bank the loan is with and have them transfer money over the phone. The bank is also able to provide the payout amount and any other details you may require over the phone.
If your personal banking is through the same bank as the auto loan, you will be able to view the loan through your online banking portal and pay it down online.
If you are bringing over debt from a previous car loan onto your new loan, it will be rolled into the total amount financed and added to your payments. When your new loan is paid off, it will also pay off your previous loan amount. When you bring over previous debt, we as the dealer will pay off the total amount of your previous car loan. You will not have any more payments withdrawn from that loan. The remaining balance is added to your new loan.
This is common if you have a previous car payment scheduled to come out within a few days of taking possession of your new vehicle and loan. Do not be alarmed! We always tell customers to be prepared for a possible payment to be withdrawn for their previous loan as it can take banks up to 10 business days to pay off the previous loan once the cheque is received. If a payment does come out, you will be reimbursed. Once the bank receives the funds, they will be ‘overfunded’, whereby the difference will be deposited back into your account.
Note: When you complete the process with EVsDirect we recommend putting a stop payment on the vehicle you have traded to reduce the likelihood of a double payment.
The minimum amount a bank can finance is $7,500 after taxes. If the amount is below this, banks are not able to finance a contract. However, after the vehicle is financed, you can put money down on the loan.
The PPSA fee is a fee that is imposed by the bank, not EVsDirect.com. It is the bank’s registration fee for the contract. The amount varies depending on the bank and the term of the loan – it usually ranges from $55 – $170.