Why Canadian drivers refinance
The three most common reasons are a lower rate, a lower payment, and removing a co-signer. Everything else tends to follow from those.
- Dealership financing often includes a markup that a direct refinance does not.
- Credit improves faster than most people expect after a year of on-time payments.
- A shorter term can cut total interest dramatically even when the payment stays similar.
- Refinancing is not a sale, so no sales tax applies and no trade-in is involved.
What it costs to refinance
There is no cost to apply or to pre-qualify. Where a lender charges an administration or registration fee, it is disclosed before you sign and can usually be paid up front rather than added to the loan.
Where refinancing is available
We help drivers in every province except Quebec. Whether you are in Vancouver, Calgary, Winnipeg, Toronto, Halifax or a smaller community, the process is the same and it happens online.
How the refinancing process works
Refinancing is not a sale and it is not a new purchase. Your current lender is paid out in full, a new loan is registered against the vehicle you already own, and your payments restart on the new terms.
- Apply online with your VIN, the vehicle details and a rough idea of your current loan balance.
- Your finance manager requests a payout statement from your current lender.
- Documents arrive by DocuSign. Review the rate, term and payment, then sign from home.
- The old loan is paid out, the new loan begins, and your payment drops to the new amount.
Who qualifies to refinance
Most Canadian drivers with an active auto loan qualify. The vehicle, the remaining balance and your payment history matter more than a perfect credit score.
- The vehicle is registered, insured and roadworthy, with no active insurance claim against it.
- The loan is an auto loan or a dealer-arranged finance contract, not a lease.
- You have made at least a few months of payments on the current loan.
- The vehicle is not already pledged as security on a separate title or payday loan.
- You live outside Quebec, where our lending partners do not currently operate.
Save thousands
Save thousands by refinancing your vehicle anywhere in Canada.
Free to apply, no obligation, and no credit check to pre-qualify.
Frequently asked questions
We serve every province except Quebec, where our lending partners do not currently operate.
No. The vehicle, the registration and the policy stay the same. Only the loan behind the vehicle changes.
Yes. A lower rate reduces the payment on the same term, and extending the term reduces it further, though extending a term usually increases total interest.