Pandemic Economy Spurs 200% Growth for Online Auto Loan Service
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Pandemic Economy Spurs 200% Growth for Online Auto Loan Service

Wednesday, March 31, 2021 10:00 AM
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Car Loans Canada reaches 500,000-member milestone with a massive increase in prime rate shoppers

Car Loans Canada is innovating the way Canadians are financing vehicles in Canada over the past 19 years. Canadians no longer need to worry if they will be approved or not and can take the mortgage approach before shopping by receiving a no-obligation pre-approval to know exactly what they are approved for.

OTTAWA, ON / ACCESSWIRE / March 31, 2021 / Canadians turning to online shopping during the pandemic have added one more item to their virtual basket: new and used vehicles purchased through online loan services.

Over the past year, Ottawa-based Car Loans Canada has experienced exponential growth, particularly amongst prime rate shoppers in an industry normally dominated by subprime purchases, said Andrew Lemoine, CEO of Car Loans Canada.

"Throughout the pandemic, the online shopping trend has greatly impacted business, notably with prime rate purchasers, which indicates a dramatic shift in the industry," Lemoine said. "There has been a massive uptick in subprime shoppers too, as transit use declines and consumers search for two to three-year-old vehicles that are more reasonably priced because of depreciation," he added, noting an upswing in demand for former rental cars in the used car market.

Under Lemoine's leadership, Car Loans Canada has bumped its membership to 500,000 nationally by tripling its dealer network across the country. He also notes that the pandemic has forced car and truck dealerships to embrace online shopping by developing services like video walkarounds, online document signing, home delivery, and 30-day exchange policies.

Established in 2002, Car Loans Canada is an all-in-one resource that guides Canadians seamlessly by matching individuals to certified approval centres and dealer partners to guide them through financing and loan approvals, with the best price, loan terms, and interest rates.

"There is a crisis of low inventory in Canada as American dealers continue to leverage their purchasing power to buy Canadian used vehicles," Lemoine stated. This situation means Canadians need to be educated about pre-approvals more than ever. "We are stressing the importance of pre-approvals to address this issue. With limited inventory, a salesperson is more willing to work with clients that they know will be approved for financing," he said.

For more information, contact Car Loans Canada at [email protected]

Visit Us: www.carloanscanada.com

Car Loans Canada is a privately held car loan service focused on bringing transparency and education to the auto industry. Car Loans Canada matches consumers and their purchasing profile to dealerships.

SOURCE: Car Loans Canada

Car Loans Canada
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