Secured Loan FAQs

We accept standard passenger vehicles such as hatchback cars, sedans, off-road trucks, SUVs, pick-up trucks, or vans.

We understand that sometimes difficult situations happen where you cannot make your payments. We are dedicated to working with you to keep your account payments current. If we come to the point that no intervention is effective, we will be forced to eventually take possession of the vehicle. This may affect your credit score.^†​

You can direct deposit your money to your bank account (funds availability varies by bank) or you could receive your loan in as little as 15 minutes when you choose Interac e-Transfer^®.

AutoPay is a hassle-free payment arrangement where you can set it and never miss your due date. With on time payments, you could build your credit.^†​

Yes, but LendDirect will be a lien holder. The proceeds of the sale will be used to pay off the loan.

We're happy to help Customers with various credit scores. A credit score is just one of many factors we consider when processing loan applications.

It can be a good option when you need more funds than an unsecured loan may offer.

Yes. Vehicles of 20 model years or newer and limited to 250,000 kms or less are eligible.

Over time, your maximum approval amount will decrease to reflect the depreciation of the vehicle you used to secure your Secured Loan.​

Yes, with no penalty for early, partial, or full payments.

Currently, customers are not eligible to have both at the same time.

The APR is 34.99%. It is a fixed rate for the life of the loan.​

Please contact a LendDirect branch near you for help with your specific situation.

No, classic cars are not eligible. The vehicle must be 20 model years or newer.

Yes! You will be able to use your car as long as your vehicle is eligible and you make timely loan payments.​

There are multiple factors that affect your credit score. We report Secured Loan payment history to Equifax^® Canada credit reporting agency so it can help build your credit if used responsibly. One way to help build credit† is by making your payments on time.​

Contact Equifax® Canada: Equifax Canada Co., National Consumer Relations, Box 190, Montreal, Quebec H1S 2Z2

Visit a LendDirect branch with the vehicle you want to secure to the loan and any needed documentation to see what you are pre-approved for without impacting your credit score. If you decide to accept the pre-approved offer, then a credit inquiry will occur which may impact your credit score.^§​