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Laurentian Bank

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About bank

Laurentian Bank of Canada stands as a cornerstone of financial services in the Canadian landscape, boasting a rich history spanning over 175 years. Since its inception as the Montreal City and District Savings Bank in 1846, the institution has evolved into a prominent Schedule 1 bank, catering primarily to the province of Quebec while extending its footprint into key regions like Ontario, Alberta, British Columbia, and Nova Scotia. Over the years, Laurentian Bank has garnered a reputation for its commitment to serving families, businesses, and communities, embodying values centered around diversity, equal opportunity, and customer-centricity.

With a workforce of over 2,800 employees spread across Canada and the United States, Laurentian Bank operates under a unified vision of building a winning team that thrives on collaboration and innovation. As the only bank in North America to have had a labor union, Laurentian Bank has navigated various milestones, including its public listing on stock exchanges in Montreal and Toronto and strategic rebranding efforts. Embracing Environmental, Social, and Governance (ESG) principles, the bank remains steadfast in its mission to simplify operations, prioritize customer satisfaction, and make responsible choices that resonate with its values and societal expectations.

Laurentian Bank

Key features

  1. Comprehensive Banking Services. Offering a wide range of financial products and services tailored to meet the diverse needs of individuals, businesses, and communities.

  2. Regional Focus. Primarily serving the province of Quebec while maintaining a presence in key regions across Canada, including Ontario, Alberta, British Columbia, and Nova Scotia.

  3. Customer-Centric Approach. Prioritizing customer satisfaction by maintaining a relentless focus on understanding and meeting the evolving needs of clients and communities.

  4. Environmental, Social, and Governance (ESG) Practices. Incorporating ESG principles into business activities and operations, aligning with the bank's commitment to making responsible choices and contributing positively to society.

Pros and cons

Pros

Competitive Advantage. Leveraging size as an advantage to stay agile in assessing new opportunities and maintaining competitiveness within the financial services industry.

Simplified Operations. Streamlining internal processes and enhancing efficiencies to provide seamless banking experiences for customers and improve overall organizational effectiveness.

Public Listing. Shares of Laurentian Bank are publicly listed on major stock exchanges, including the Montreal Stock Exchange and the Toronto Stock Exchange.

Cons

Competitive Landscape. Competing with larger Canadian banks, Laurentian Bank may face challenges in terms of scale and resources.

Market Volatility. As a publicly listed company, Laurentian Bank's performance may be subject to market fluctuations and economic conditions.

Limited Geographic Reach. While the bank has a presence in key regions across Canada, its primary focus on Quebec may limit its accessibility to customers outside this region.

Laurentian Bank requirements

  1. Residency Status. To open an account at Laurentian Bank, you must either be a Canadian resident with a permanent resident visa, a student visa, or a landed immigrant.

  2. Canadian Citizenship. Alternatively, if you are a Canadian citizen, you will need to present two identification documents, one of which must include a photograph. Acceptable forms of identification include a passport, birth certificate, or driver’s license. While a passport is considered valid identification, it does not exempt you from providing a second form of identification.

  3. Proof of Residency. Along with identification documents, you must provide proof of residency. This could include documents such as utility bills or rental agreements.

  4. Credit Check Authorization. It's important to be aware that Laurentian Bank may request authorization to conduct a credit check as part of the account opening process. This is a standard procedure to assess creditworthiness and eligibility for certain banking services.

Access on the go

  1. Mobile Banking App. Laurentian Bank offers a user-friendly mobile banking app, providing customers with convenient access to their accounts anytime, anywhere. The app is designed to offer a seamless banking experience, allowing users to perform various transactions, check account balances, transfer funds, pay bills, and manage their finances on the go. With robust security features, such as biometric authentication and encryption protocols, customers can trust that their personal and financial information remains protected while using the app.

  2. Online Account Management. In addition to the mobile banking app, Laurentian Bank provides customers with access to online banking services through its website. Through the online portal, customers can view account statements, monitor transaction history, set up alerts, and update account information from the comfort of their own homes or offices. Online banking with Laurentian Bank offers flexibility and convenience, allowing customers to manage their finances efficiently without the need to visit a physical branch.

  3. ATM Network. Laurentian Bank maintains a network of ATMs across Canada, providing customers with convenient access to cash and basic banking services. With a large number of ATMs strategically located in various cities and towns, customers can easily withdraw cash, check account balances, transfer funds between accounts, and perform other transactions outside of traditional banking hours.

Laurentian Bank products

  1. Chequing Accounts. Laurentian Bank offers a variety of chequing account options tailored to meet the diverse needs of its customers. These accounts typically provide features such as unlimited transactions, cheque-writing privileges, access to online banking, and optional overdraft protection.

  2. Savings Accounts. Laurentian Bank provides a range of savings account options designed to help customers save and grow their money. These accounts may offer competitive interest rates, flexible withdrawal options, and the ability to set up automatic savings plans.

  3. High-Interest Savings Accounts. For customers looking to maximize their savings potential, Laurentian Bank offers high-interest savings account options that typically provide higher interest rates compared to traditional savings accounts. These accounts may have minimum balance requirements and offer the benefit of earning higher returns on deposited funds. Interest is either compounded annually (paid at maturity) or paid annually to the LBC Digital account of your choice.

  4. Investment Accounts. Laurentian Bank offers investment accounts that allow customers to invest in a variety of financial products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). These accounts may offer personalized investment advice and portfolio management services.

  5. Credit Cards. Laurentian Bank provides a selection of credit cards with various features and benefits, including cashback rewards, travel rewards, low-interest rates, and premium perks such as travel insurance and concierge services.

  6. Loans and Mortgages. Laurentian Bank offers a range of lending products, including personal loans, lines of credit, mortgages, and home equity lines of credit (HELOCs). These products may have flexible terms, competitive interest rates, and options for both fixed and variable rates.

  7. Insurance Products. Laurentian Bank offers insurance products to help customers protect themselves and their assets. These products may include life insurance, disability insurance, critical illness insurance, and home and auto insurance policies.

Laurentian Bank services

  1. Online Banking. Laurentian Bank provides online banking services that allow customers to manage their accounts, pay bills, transfer funds, and access account statements securely from any internet-enabled device.

  2. Mobile Banking. The bank offers a mobile banking app that provides customers with convenient access to their accounts on the go. The app allows users to perform various banking transactions, including mobile check deposits, fund transfers, bill payments, and account balance inquiries.

  3. Investment Advisory Services. Laurentian Bank offers investment advisory services to help customers achieve their financial goals. These services may include financial planning, portfolio management, retirement planning, and investment advice tailored to individual needs and risk tolerance.

  4. Wealth Management. Laurentian Bank provides wealth management services to high-net-worth individuals, families, and organizations. These services may include estate planning, tax optimization, philanthropic giving, and legacy planning.

  5. Business Banking. Laurentian Bank offers a range of banking services tailored to meet the needs of businesses, including business accounts, commercial loans, cash management solutions, merchant services, and business credit cards.

  6. Financial Planning. The bank offers financial planning services to help customers create personalized financial plans tailored to their goals and circumstances. These services may include retirement planning, education planning, investment planning, and risk management.

  7. Customer Support. Laurentian Bank provides customer support through various channels, including phone, email, and in-person assistance at branch locations. The bank's customer service representatives are available to assist with account inquiries, technical support, and general banking assistance.

Which associations does Laurentian Bank belong to?

  1. Canadian Deposit Insurance Corporation (CDIC). Laurentian Bank is a member of CDIC, which is a federal Crown corporation that provides deposit insurance to eligible deposits held at member financial institutions. CDIC protects deposits up to certain limits in case a member institution fails.

  2. Interac Association. Laurentian Bank participates in the Interac network, which facilitates electronic debit transactions between financial institutions and merchants in Canada. Interac provides secure, efficient, and reliable payment solutions for consumers and businesses across the country.

Laurentian Bank reliability

Assessing the reliability of Laurentian Bank involves considering various factors such as its long-standing presence in the Canadian banking sector, its adherence to regulatory requirements, and its track record in serving customers and managing financial operations. While Laurentian Bank has a rich history spanning over 175 years and is a member of key financial associations and regulatory bodies in Canada, it has faced challenges and undergone strategic reviews in recent years. As with any financial institution, customers may wish to conduct their due diligence and consider factors such as customer reviews, financial stability ratings, and the bank's response to industry changes when evaluating its reliability for their banking needs.

Editorial opinion

With a long history and regional focus primarily on Quebec, Laurentian Bank has established itself as a reputable financial institution, offering a range of banking products and services to its customers. However, recent challenges, including strategic reviews and regulatory scrutiny of Laurentian Bank Securities, may raise questions about its resilience and adaptability in a rapidly evolving industry. While some customers may appreciate its localized approach and personalized services, others may seek the broader reach and resources offered by larger national banks. Ultimately, individual preferences and priorities will play a significant role in determining the suitability of Laurentian Bank for specific banking needs.

Additional resources

Sources

FAQ

Is Laurentian a good bank?

Determining whether Laurentian Bank is a good fit for individual banking needs requires a balanced assessment of its offerings, customer service, and reputation within the industry. As one of Canada's oldest banks, with over 175 years of history, Laurentian Bank has established itself as a reputable financial institution primarily serving the province of Quebec.

While its regional focus may limit accessibility for customers outside Quebec, the bank's commitment to personalized service, diverse product offerings, and adherence to regulatory standards are notable strengths. However, recent challenges, including strategic reviews and union decertification, have raised questions about its resilience and adaptability. Ultimately, customers should conduct thorough research and consider their specific banking preferences and priorities when evaluating Laurentian Bank's suitability for their financial needs.

Is Laurentian Bank hard to get approved for?

Obtaining approval for banking products or services from Laurentian Bank is subject to individual eligibility criteria, which may vary depending on the specific product or service being sought. Like other financial institutions, Laurentian Bank evaluates factors such as credit history, income, employment status, and overall financial stability when considering applications for accounts, loans, credit cards, or other banking products.

While the bank aims to serve a broad range of customers, including those with varying financial backgrounds, approval decisions are ultimately based on risk assessment and compliance with regulatory requirements. As such, some individuals may find Laurentian Bank's approval process straightforward, while others may encounter challenges based on their unique financial circumstances.

Is the Laurentian Bank for sale?

Laurentian Bank recently concluded its strategic review, opting not to pursue a sale despite prior speculation. Instead, the Montreal-based bank has chosen to focus on enhancing shareholder value through an accelerated evolution of its existing plan, emphasizing efficiency and simplification. The decision underscores the bank's confidence in its market positioning and commitment to its customers.

While the review initially prompted rumors of a potential acquisition, Laurentian Bank has clarified its intent to streamline organizational structure and prioritize high-performing businesses and specialized products. With Eric Provost assuming leadership in personal banking and Sebastien Belair appointed as chief administrative officer, Laurentian aims to strengthen its operations and deliver meaningful results. The bank plans to unveil further details of its renewed strategic plan during an investor day in early 2024, demonstrating a commitment to transparency and strategic vision.

What is the interest rate for the Laurentian Bank of Canada?

Laurentian Bank of Canada's prime rate, which serves as its reference rate for commercial loans in Canadian dollars, currently stands at 7.200%. Additionally, the bank's U.S. base rate, utilized for determining interest rates on commercial loans in U.S. dollars granted in Canada and based on a calendar year, is set at 9.000%.

For variable base rate personal loans and line of credit base rate, the bank applies an annual interest rate of 9.450%. These rates are subject to change at any time without prior notice by Laurentian Bank, and certain conditions may apply to their application.

Company documents

Laurentian Bank Financial Group Privacy Statement

We believe in making the better choice by living up to our values and incorporating Environmental, Social and Governance (ESG) practices into our activities and operations. We are focused on ensuring that everyone feels like they belong and has the chance to thrive.

© Laurentian Bank Of Canada
Financial products
Laurentian Bank
Visa Black Reward Me®
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Laurentian Bank
Visa DOLLARS®
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Laurentian Bank
Visa EXPLORE®
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Laurentian Bank
Laurentian Bank Visa Infinite®
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Laurentian Bank
Student line of credit
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Recommended FinScore™
0
300
650
1000
$1,500 and up
Term
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Loan term for the financial product

7 years
Laurentian Bank
Student loan
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650
1000
Term
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Loan term for the financial product

10 years
Laurentian Bank
RRSP Maxi-Loan
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0
300
650
1000
$1,500 and up
Rate
i

Effective interest rate on the product

5.25%
Laurentian Bank
RRSP line of credit
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0
300
650
1000
$1,500 and up
Rate
i

Effective interest rate on the product

5.75%
Rating by Finanso®
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Recommended FinScore™
0
300
650
1000
1500.00 – 50000.00 C$
Rate
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Effective interest rate on the product

7.75 – 10.50 %
Term
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Loan term for the financial product

1 years – 10 years
Laurentian Bank
Personal Line of Credit
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0
300
650
1000
$1,500 and up
Laurentian Bank
Personal loan
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0
300
650
1000
$3,500 and up
Term
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Loan term for the financial product

10 years
Laurentian Bank
Student line of credit
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0
300
650
1000
up to $30,000
Term
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Loan term for the financial product

up to 7 years
Laurentian Bank
Student loan
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650
1000
Term
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Loan term for the financial product

up to 10 years
Laurentian Bank
Retirement line of credit
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Laurentian Bank
Equity line of credit
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650
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$10,000
Rate
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Effective interest rate on the product

4,950%
Laurentian Bank
Fixed-rate mortgage
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Rate
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Effective interest rate on the product

7,050%
Laurentian Bank
A mortgage with cash back
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0
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650
1000
Rate
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Effective interest rate on the product

6,140%
Term
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Loan term for the financial product

5 years
Laurentian Bank
Variable-rate mortgage
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650
1000
Term
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Loan term for the financial product

5 years
Laurentian Bank
ActionGIC
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Term
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Loan term for the financial product

2-5 years
Laurentian Bank
Fixed-Rate GIC
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$500 minimum investment
Rate
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Effective interest rate on the product

up to 5.10%
Term
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Loan term for the financial product

up to 2 years
Laurentian Bank
Term Deposits
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$500 minimum investment
Term
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Loan term for the financial product

15 months
Laurentian Bank
Life Income Fund (LIF)
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Laurentian Bank
Locked-In Retirement Account (LIRA)
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Laurentian Bank
Registered Retirement Income Fund (RRIF)
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Laurentian Bank
Registered Retirement Savings Plan (RRSP)
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$500 minimum investment
Laurentian Bank
Registered Education Savings Plan (RESP)
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Laurentian Bank
Tax-Free Savings Account (TFSA)
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Laurentian Bank
Day By Day Interest Plus US Account
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Laurentian Bank
High Interest Savings Account
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Rate
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Effective interest rate on the product

3.00%
Laurentian Bank
Basic account
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$4.00 monthly fee
Laurentian Bank
Preferred account
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$7.50 monthly fee
Laurentian Bank
Unlimited account
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$14.75 monthly fee
Laurentian Bank
Car loans
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300
650
1000
$7,500-$15,000
Term
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Loan term for the financial product

1 to 5 years
aggregation.company.all-products
Similar products
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650
1000
Rate
i

Effective interest rate on the product

19.75% - 21.49%
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1000
Rate
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Effective interest rate on the product

19.99% - 22.99%
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0
300
650
1000
from $5,000
Rate
i

Effective interest rate on the product

19.99% - 22.99%
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Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.99% - 22.99%
Rating by Finanso®
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Recommended FinScore™
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300
650
1000
Rate
i

Effective interest rate on the product

21.99% - 22.99%
Best Quick Loan Today 23.06.2024*
Mr. Payday
Need a Quick Loan Now?
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0
300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
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Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal Loan
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0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
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Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 C$
Term
i

Loan term for the financial product

6 months – 60 months
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0
300
650
1000
7000.00 – 25000.00 C$
Rate
i

Effective interest rate on the product

24.99 – 29.99 %
Term
i

Loan term for the financial product

3 years – 5 years
Mogo
Mortgage
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0
300
650
1000
Rate
i

Effective interest rate on the product

4.46%
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Recommended FinScore™
0
300
650
1000
$10,000-$100,000,000
Rate
i

Effective interest rate on the product

up to 4.95%
Term
i

Loan term for the financial product

up to 10 years
Think Financial
Mortgage
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0
300
650
1000
$50,000-$500,000
Rate
i

Effective interest rate on the product

up to 5.19%
Term
i

Loan term for the financial product

up to 25 years
CHIP Reverse Mortgage
Reverse Mortgage
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0
300
650
1000
$100,000-$500,000
Rate
i

Effective interest rate on the product

up to 7.67%
Term
i

Loan term for the financial product

up to 25 years
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0
300
650
1000
$1,000-$10,000,000
Rate
i

Effective interest rate on the product

up to 4.94%
Term
i

Loan term for the financial product

up to 40 years
Toronto-Dominion Bank
TD Every Day Savings Account
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$0 monthly fee
Tangerine Bank
Savings Account
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$0 monthly fee
Rate
i

Effective interest rate on the product

1.00%
Scotiabank
Ultimate Package
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up to $30.95 monthly fee
Royal Bank of Canada
Savings Deposit
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Recommended FinScore™
0
300
650
1000
no minimum deposit
Rate
i

Effective interest rate on the product

0.5%
Car Loans Canada
Car loan
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Recommended FinScore™
0
300
650
1000
$7,500 - $59,995
Rate
i

Effective interest rate on the product

up to 31.99%
Term
i

Loan term for the financial product

up to 96 months
Rifco
Auto financing
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0
300
650
1000
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 31%
Term
i

Loan term for the financial product

up to 86 months
Eden Park
Car loan
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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
$1,000-$50,000
Rate
i

Effective interest rate on the product

up to 22.9%
Term
i

Loan term for the financial product

up to 84 months
iA Auto Finance
Car 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
$5,000-$50,000
Rate
i

Effective interest rate on the product

up to 29.99%
Term
i

Loan term for the financial product

up to 84 months
Coast Capital Savings
Auto finance
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
Rate
i

Effective interest rate on the product

from 4%
Term
i

Loan term for the financial product

from 84 months
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All Laurentian Bank’s reviews by june 2024
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