Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан

CIBC Car Loans of february 2023

Apply for Car Loans from CIBC verified by our specialists. On 08.02.2023 you have access to 3 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 3

Updated
10.01.2023
12:35
CIBC Green Vehicle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$20000
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Car loan for newcomers
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
CIBC car loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$7500
Term
i

Loan term for the financial product

1 to 8 years

Calculate the car loan
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
7500 C$
100000 C$
Loan amount
i

Loan amount

CAD
CAD
USD
7500 C$
100000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
0
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

months
days
12
96
Interest rate
i

Choose the interest rate on the loan

3.5 %
9 %
Type of payments
i

Specify the type of payment for calculating

Online application for a car loan

Cost of the vehicle:
5000 C$
150000 C$
Term:
6
120
Online application for a car loanOnline application for a car loanOnline application for a car loanOnline application for a car loanOnline application for a car loan
Your data is securely protected
Loan amount
0 C$
Loan term
0 months
Loan comission
1 393 C$
More

Other types of car loans

Fill out an application
Fill out an application
On our website you can fill out a short application form for a loan.
Pass a credit check
Pass a credit check
We will offer you to check your credit rating online for free.
Send your application online to the suggested companies
Send your application online to the suggested companies
After checking your credit rating, you will be able to send the loan application to the appropriate companies.
Wait for a response from the lender
Wait for a response from the lender
If necessary, the lender will contact you to clarify the details.
Get your loan!
Get your loan!
Get the money to your bank account or in cash at the bank branch.
Apply for a loan Your data is securely protected

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
CIBC Car Loans of february 2023

Types of CIBC car loans 

CIBC provides personal car loans for new or used cars with an option not to make a down payment. Loan terms vary from 1 to 8 years with fixed and variable rates.

The minimum borrowing amount is $7,500, with the possibility to finance up to 100% of the vehicle cost, depending on the car's age.

Auto loans are available at over 3,200 dealerships. You may ask for CIBC financing when you apply directly at the local car dealership. If you buy a vehicle outside dealerships, just apply online or at the banking center. You don't have to be an existing CIBC client.

Other options:

  • A car loan for newcomers is an offer for people living in Canada for five years or less with no credit history.
  • CIBC Green Vehicle Loan is a particular program for electric, hybrid, or fuel cell vehicle with promotional rates only available for green vehicles from CIBC-partnered dealerships. In addition, the bank will donate $25 to the Nature Conservancy of Canada. The minimum loan amount is $20,000.

You could also apply for a CIBC personal loan or line of credit to finance your vehicle purchase.

Paying the loan in full or part with no prepayment penalty is possible. Also, you can skip up to two payments yearly, but the interest will accrue.

How to apply for a CIBC car loan?

You can obtain a CIBC Personal Car Loan by applying online or visiting a branch. If you apply at a dealership, you are not obliged to be a CIBC client.

Requirements

To be eligible for a CIBC car loan you:

  • Must be a Canadian resident
  • Must be over the age of majority in your province
  • Meet the bank's standard lending criteria
  • Haven’t been declined for credit from CIBC in the last six months
  • Haven’t declared bankruptcy in the past seven years 
  • Have a minimum total annual income of $17,000
  • Have a government-issued photo ID, a void cheque, and proof of employment, for example, a recent pay stub. 

To qualify for a CIBC car loan for newcomers, you must provide:

  • Proof of permanent residency in Canada
  • A valid Canadian driver's license
  • One proof of employment (a recent pay stub or a letter from your employer). 

Pros and cons

Pros

  • No prepayment penalty
  • The possibility of no down payment
  • Apply and manage your loan through online banking or a mobile app
  • Used and new car purchase 
  • Flexible repayment terms - you choose the frequency
  • Special offers for newcomers and green vehicles 

Cons

  • A significant minimum loan amount is required
  • Interest rates and fees aren't disclosed on the website
  • A good credit score and stable income are required 

How to pay?

You could repay your car loans through your CIBC bank account using online or mobile banking: sign on, complete no charge pre-authorized Electronic Funds Transfer, or add your loan as a bill payee. 

You could make your payments scheduled to avoid an NSF fee and delays. 

Also, you could make it in person at the CIBC branch.

Call an advisor for any loan questions at 18665258622.

FAQ

What are CIBC auto loan interest rates?

The interest rates aren't published on the bank's website. Instead, all the information is provided during the application. The current prime rate is 4.7%.

Can I get a CIBC car loan with bad credit?

Yes, but you may have to provide stable income and employment proof, a co-signer, or a significant down payment. Usually, a good credit score is required. If you don't qualify, your credit history will be affected.

Can I pay off my CIBC car loan early?

Yes, you can settle the entire loan or pay a part of it anytime with no penalty.