Types of Laurentian Bank of Canada car loans
- Car loans
With a car loan from Laurentian Bank, you can finance a purchase of a new or pre-owned car at a fixed interest rate. If you are buying a used car, it should be no older than five years to qualify for a loan.
The minimum amount to borrow with an auto loan is $7,500. When borrowing $7,500-$15,000, your interest rate will be 13.500%. If your loan amount is higher than $15,000, your interest rate will be 12.000%. Once approved, you will repay your car loan in fixed monthly installments.
Car loans from Laurentian Bank are available for terms of one to five years. The early repayment of an auto loan is penalty-free.
Optionally, you can add loan insurance products like life and disability products to your car loan. These products will ensure coverage of your financial obligations in the event of disability or loss of life.
How to apply for a Laurentian Bank of Canada car loan?
There is no option to apply for a car loan from Laurentian Bank online. To apply, call a Laurentian Bank advisor at 1-877-522-3863 to request additional information and schedule an appointment. Then, you will need to visit a branch near you in person.
Requirements
To qualify for a Laurentian Bank auto loan, you must be a Canadian resident of the age of majority in your province or territory.
When visiting a Laurentian Bank branch to apply for a loan, bring the following documents with you:
- A valid government-issued photo ID — such as a driver’s license or passport
- Social Insurance Number
- Proof of income or employment — such as pay stubs or bank statements
- Documents verifying your employment information, housing expenses, assets you own, and financial liabilities you have
Pros and cons
Let’s outline the benefits of Laurentian Bank auto loans:
- Competitive fixed interest rates
- Flexible repayment terms
- Penalty-free early payoff
Here are the drawbacks to keep in mind:
- The lack of an online application
- No option to apply for a vehicle loan at a dealership
- A minimum loan amount of $7,500
How to make a payment?
Laurentian Bank offers several ways to make a car loan payment:
- Through your LBCDirect online banking account
- Via the Laurentian Bank mobile app
- Through Laurentian Bank telephone banking
- At a Laurentian Bank ATM
- In person at a Laurentian Bank branch near you
