This began in early 2011.
Every private auto listing on Canada’s largest used car marketplace, AutoTrader.ca includes a financing option provided by CommunityLend.
Canadians are accustomed to shopping for cars based on monthly affordability, rather than total purchase price, after being conditioned by new car manufacturers who have marketed cars that way for more than a decade. Now Canadians can shop private auto listings that way too.
By “every” private listing, they mean every listing in Ontario under $25,000. They will soon expand the program to other provinces, and to higher priced cars & trucks.
To put the scale of this partnership into context, the volume of private auto listings is over $6 Billion per year in Canada. (This does not include used car dealerships, just individual sales.) No one has ever offered a comprehensive financing solution to meet the needs of these car buyers and sellers until now. Another interesting application of social lending in action.