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Scotiabank Car Loans of february 2023

Apply for Car Loans from Scotiabank verified by our specialists. On 08.02.2023 you have access to 6 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 6

Updated
10.01.2023
10:42
Recreational vehicle 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
$200000
Term
i

Loan term for the financial product

20 years
Motorcycle and leisure vehicle 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
Term
i

Loan term for the financial product

6 years
Marine and boat 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
$200000
Term
i

Loan term for the financial product

20 years
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Get Your FREE Quote Today!

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

StartRight auto finance program
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
$75000
Term
i

Loan term for the financial product

5 years
Grad auto 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
Term
i

Loan term for the financial product

3 years
Auto 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
$200,000
Term
i

Loan term for the financial product

8 years

Calculate the car loan
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
5000 C$
200000 C$
Loan amount
i

Loan amount

CAD
CAD
USD
5000 C$
200000 C$
Down payment
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Specify the percentage of the down payment

%
C$
0
90
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

months
days
3
96
Interest rate
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Choose the interest rate on the loan

3 %
15 %
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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Send your application online to the suggested companies
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After checking your credit rating, you will be able to send the loan application to the appropriate companies.
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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
Scotiabank Car Loans of february 2023

Types of loans

Scotiabank has financing solutions tailored to your needs if you want to buy a new or used car, a motorcycle, a boat, or an RV.

  • Auto loans

With an auto loan from Scotiabank, you can borrow up to $200,000 to purchase a car of your choice — either a new one or one no older than seven years. You can stick to either a fixed or variable rate and the term of up to 8 years. With flexible payment options, you can choose to pay on a weekly, bi-weekly, or monthly basis.

  • Grad auto loans

If you have graduated recently or are about to, Scotiabank has a financing solution to help you buy a new or used car up to 3 years old. To qualify for a grad auto loan, you should start your full-time job within 90 days from purchasing a vehicle. 

This lending option provides 100% financing and allows you to skip payments for up to 90 days.

  • StartRight auto finance program

For newcomers to Canada, Scotiabank offers the StartRight auto finance program. Under this program, borrowers with no Canadian credit history can apply for a car loan and purchase either a new or a used car up to 4 years old. In addition, newcomers to Canada can get up to $75,000 in financing and pay it back within up to 5 years.

  • Marine and boat loans

If you want to buy a boat, Scotiabank can lend you up to $200,000 for the purchase. The boat of your choice can be of any age, and the loan term can be up to 20 years.

  • Motorcycle and leisure vehicle loans

Need money to buy a new or used motorcycle, all-terrain vehicle (ATV), quad, snowmobile, or personal watercraft (PWC)? Scotiabank has financing options for that. Apply for a motorcycle and leisure vehicle loan and pay it back within up to 6 years.

  • Recreational vehicle loans

To buy a new or used RV of up to 12 years old, you can get financing of up to $200,000 from Scotiabank. The loan term can be up to 20 years, and the amount of the down payment is up to you.

How to apply?

Over 4,000 dealerships across Canada partner with Scotiabank, which means you can apply for an auto loan right where you shop for a car.

Requirements

To qualify for car loans from Scotiabank, you need to be at least 18 years old. To verify your identity, residency, employment status, and financial capabilities, have the following information and documents at hand:

  • Your passport, your driving license, or a valid government-issued ID
  • An employment letter
  • A salary slip
  • CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary (for self-employed)

With certain types of car loans, Scotiabank will check your credit score — ideally, it should be 650 and higher. StartRight auto finance program allows you to apply for a car loan with no Canadian credit history.

To apply for a grad auto loan, be ready to provide a college diploma, a university degree, or reasonable proof of graduating within 90 days. In addition, you will need to show a letter from your employer or a contract with your start date to verify that your job starts within 90 days and your income will allow you to pay for your loan.

To qualify for the StartRight auto finance program, you should be a Canadian resident for three years or less. To apply, have Proof of Permanent Residence or Foreign Worker status at hand and provide the date of your arrival in Canada.

Pros and cons

Here are the definite pros of Scotiabank auto loans:

  • A possibility to apply for Scotiabank financing at the dealership 
  • The flexibility of payment schedules 
  • No penalties for making lump-sum payments or paying off your car loan in full early
  • An opportunity to manage your loan through online or mobile banking 
  • A possibility to take a payment break and postpone one payment per year 

As for the cons, beware of the following:

  • Applying for a Scotiabank car loan is only available through dealerships 
  • The maximum amount to borrow under a grad auto loan is unclear 
  • The interest rates are not present online, so you will need to reach out to dealerships to find them out 
  • When you postpone a monthly payment to take a payment break, interest will still accrue
  • Variable interest rates are not available in Quebec 

How to make a payment?

You can pay for your Scotiabank car loan directly from your bank account — either online or through the Scotiabank mobile app. You can also set up automated payments on the due date to avoid late fees.

FAQ

What can I do with my car loan online?

You can check your outstanding debt and the next payment date through your online banking account, make loan payments, and update your payment schedule.

What will my car loan payments look like?

To get an idea of your monthly loan payments, use Scotiabank's auto loan payment calculator. It is a free online tool available 24/7.

I want to postpone one loan payment. How to do this?

Scotiabank allows you to postpone one regular monthly principal payment each calendar year. Complete your payment extension request at least four business days before the next payment date. Once you do, Scotiabank will extend loan amortization and life and disability coverage by one month. Still, Scotiabank will debit the payment's interest portion from the pre-authorized account.