Types of Coast Capital loans and lines of credit

1. Personal Loan. With a personal loan from Coast Capital, you can get financing for any of your borrowing needs for a term of 1-10 years. You can choose between a fixed and variable rate and a weekly, bi-weekly, semi-monthly, or monthly payment schedule.
2. RRSP Loan. If you need to optimize your RRSP contributions, consider an RRSP loan from Coast Capital. These loans are available for terms of 1-7 years, and you can take up to 30 days before making your first loan payment.
3. Personal Line of Credit. A personal line of credit provides you with access to a pre-approved credit limit that you can use whenever you need it. Interest applies only to the amount you actually borrow. Coast Capital provides several ways to access your line of credit — through your chequing account, debit card, cheques, or in a branch. You can repay your line balance at any time, penalty-free.
4. Home Equity Line of Credit. With a home equity line of credit, you can get financing in the amount of up to 65% of your home equity value, with interest applied only to the borrowed amount. Just like with a personal line of credit, you can access your money through your chequing account, debit card, cheques, or in a branch, and repay your balance in full at any time.
5. Auto Finance. Coast Capital provides auto financing solutions for various vehicle needs, whether it is a new or used car, a hybrid or electric vehicle, a car for your personal use, or a fleet of vehicles for your business needs. With Coast Capital, you can get a pre-approved car loan with a secured interest rate, refinance your existing car loan, or receive financing for a private car sale.

How to apply for a Coast Capital loan?

You can apply for a Personal Loan, Personal Line of Credit, Home Equity Line of Credit, and Auto Financing solutions online. To apply for an RRSP loan, you will need to book an appointment with a Coast Capital advisor by phone at 1.888.517.7000 or by filling out a contact form.

When applying for a loan or line of credit online, you will need to provide the following information:

• Whether you have declared bankruptcy in the last seven years
• Whether a third party will use the loan, you are applying for
• Whether you are a politically exposed foreign person
• Whether you are a member of Coast Capital Savings
• The loan type (a loan or line of credit)
• Your loan purpose (education, renovation, retirement fund, debt consolidation, or other)
• Whether it is a joint application
• The loan amount you need
• Whether you have borrowed from Coast Capital Savings before
• Your personal information (including your title, first name, middle name, last name, date of birth, email, phone number, marital status, and number of dependents)
• Your address
• Whether you have lived at the specified address for more than three years
• Your employment information (including your employment status, company name, job title, and whether you have worked there for more than three years)
• Your annual gross income
• Whether you own any property
• Whether you have any funds in savings, mutual funds, or RRSPs with any other financial institution
• Whether you own a vehicle
• Whether you have life or disability insurance other than what is offered through your employer
• Whether you own, rent, or live with family or a relative
• Whether your personal income taxes are up to date with Canada Revenue

Once you enter the required information, put a tick next to a loan application agreement, credit disclosure, and privacy policy, and click “Continue”. Next, review all the information once again and click “Submit” to finalize your loan application.

Requirements

To qualify for a loan or line of credit from Coast Capital, you must be a Canadian resident at the age of majority in your province.

In addition, be ready to provide your employment and address history for the last three years.

Pros and cons

Here are the advantages of loans and lines of credit from Coast Capital:

• A range of lending solutions for various borrowing needs
• Flexible repayment schedules
• An online application feature available for most financing options

The disadvantages are:

• The lack of transparency about the interest rates
• No online application for an RRSP loan

How to make a payment?

You can make a loan payment in any of the following ways:

• By transferring funds from your other account through Coast Capital digital banking or the Coast Mobile® Banking app
• By setting up a recurring bill payment in Coast Capital digital banking or the Coast Mobile® Banking app
• In person at your local Coast Capital branch