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BMO Car Loans of february 2023

Apply for Car Loans from BMO verified by our specialists. On 08.02.2023 you have access to 1 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 1

Updated
11.01.2023
10:12
Auto loans
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Loan amount
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Loan amount

CAD
CAD
USD
5000 C$
200000 C$
Down payment
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%
C$
0
90
Your loan amount
C$
Loan term
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months
days
1
120
Interest rate
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1 %
50 %
Type of payments
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Online application for a car loan

Cost of the vehicle:
5000 C$
150000 C$
Term:
6
120
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Loan amount
0 C$
Loan term
0 months
Loan comission
1 393 C$
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GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
BMO Car Loans of february 2023

Types of BMO car loans

  • Auto loans

If you are looking to finance the purchase of a new or used car in Canada, an auto loan from BMO can help you get behind the wheel faster. Available through BMO’s partner dealerships, a BMO vehicle loan is easy to apply for. Once you complete your car loan application action right at a dealership, BMO experts will process it and make a decision on it.

Auto loans from BMO are available for up to eight years at both fixed and variable rates. The actual rate you qualify for is determined upon application and depends on your borrower profile. If your credit score is 660 and higher, you are more likely to get a loan at a competitive rate.

BMO offers flexible repayment schedules for its auto loans, so you can make your loan payments on a weekly, bi-weekly, semi-monthly, or monthly basis. If you need a break, you have the option to defer a monthly payment two times each year.

How to apply for a BMO car loan?

To apply for a BMO car loan, ask a dealership if they offer BMO financing. If yes, you can apply for a loan right where you are shopping for a car. Complete an application at a dealership and wait for a response from a BMO expert.

Requirements

To qualify for a BMO auto loan, you must be a Canadian resident at the age of majority in your province or territory. When applying, take the following documents to a dealership with you: a letter from your employer, your recent pay stubs, and recent T4/T4A slips or T1 income tax return. If you reside in Quebec, have a letter from your employer, your recent pay stubs, and RL1 or Revenue Quebec TP1 with corresponding notice of assessment.

Pros and cons

BMO car loans have definite advantages, such as:

  • Flexible repayment schedules
  • Both fixed and variable interest rates available
  • An option to skip a monthly payment up to twice a year
  • An opportunity to update payments as needed
  • Easy loan management through online banking
  • Penalty-free early prepayment

Still, there are disadvantages to keep in mind:

  • Availability of car loans through dealerships only
  • The lack of transparency about interest rates 
  • A good to excellent credit score required

How to make a payment?

There are several ways to make a BMO auto loan payment:

  • Through online, mobile, or telephone banking
  • In person at your local BMO branch
  • At a BMO ATM

FAQ

What will my BMO car loan payments look like?

To get an idea of your approximate auto loan payment, you can use a car loan calculator. To calculate your regular payment amount, enter the loan amount, interest rate, payment frequency, and loan term into the designated field. Once you do, you will get the estimated payment amount, together with the interest costs paid over the loan term.

Can I apply for a BMO car loan not through a dealership?

BMO vehicle loans are available through dealerships only. If you want to apply for financing online or in person, consider a personal loan or line of credit. You can use these lending solutions for any of your borrowing needs.

Does BMO charge early prepayment penalties?

Whenever you have spare cash, you can make lump-sum prepayments or pay off your car loan in full, penalty-free. To arrange payment ahead of schedule, call BMO at 1-866-727-0992 or visit a BMO branch near you. Before contacting BMO, prepare your loan number to speed up the payment arrangement process. 

How to check my outstanding car loan balance?

You can see your outstanding car loan balance by signing in to your BMO online banking account. The figure posted online is exactly what you owe to BMO at this time, given your last loan payment.

If you haven’t enrolled in BMO online banking yet, you can call BMO at 1-866-727-0992 to check the balance on your vehicle loan. To speed up the process, have your loan number handy.

I want to change my car loan payment date. What should I do?

You can change your BMO car loan payment date or switch to another repayment schedule at any time. Call BMO at 1-866-727-0992 or visit your local BMO branch, and a BMO customer service specialist will assist you with your request.