In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.
🏆 Finder award

BMO car loans review

  • Avatar
BMO Car Loans
APR Range
9% - 13%
Loan Amount
$7,500 - No max.
Loan Term
1 - 10 years
Min. Credit Score
All information about BMO Car Loans has been collected independently by Finder. Finder is not connected with BMO products, and this page is not sponsored, endorsed or administered by, or associated with, BMO. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get a competitive rate and a flexible repayment schedule when you apply for BMO car financing.

Gold Finder Awards Badge
Finder Awards 2023 winner
Customer Satisfaction Award

BMO car loans offer the choice of a fixed or variable rate, terms of up to 8 years, and the flexibility of monthly, semi-monthly, bi-weekly or weekly payments. You can apply for a BMO loan when buying a car at the dealership, and you can pay off your loan early without penalty. However, if you have bad credit, you'll need to consider car loans from alternative lenders.


  • Flexible repayment schedule
  • Choose a fixed or variable rate
  • Security of dealing with a big six bank


  • Not suited to bad credit borrowers
  • You need to apply at a dealership
  • Online pre-approval not available

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Picture not described
BMO was a winner in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 90.77%

What is BMO?

The Bank of Montreal is a major Canadian bank that offers a comprehensive range of banking products and services to over 13 million customers around the world. Its products include chequing and savings accounts, credit cards, mortgages, investment accounts, insurance, personal loans and car loans.

Is BMO legit?

BMO is one of Canada’s largest and oldest banks. Established in 1817, It is the eighth largest bank in North America in terms of assets and is one of Canada’s so-called “big six” banks.

Headquartered in Montreal, the bank has eight million personal and commercial customers in Canada and $1,251 billion in total assets.

Winner — Traditional Car Loan Lender category

BMO was the winner for the Best Traditional Car Loan Lender category in the Finder: Car Loans Customer Satisfaction Awards 2023 with an overall customer satisfaction score of 90.77%. Customers appreciate this bank’s competitive interest rates and the relatively simple application process, so it’s no surprise that BMO made it to both the Top 15 Most Recommended and Top 15 Best-Rated car loan provider lists. Unfortunately, BMO is shutting down its direct-to-consumer car loan business, effective September 15, 2023; however, Canadians can still access BMO car loans through dealership financing.

Features of BMO car loans

Loan amount$7,500 and over
Loan term1 - 10 years
APR9% - 13%
Serviced provincesAll
Eligibility requirementsMust be the age of majority, a Canadian resident and meet credit score and income requirements

What are the interest rates of BMO car loans?

BMO does not list any car loan interest rates on its website. However, the interest rate you get for your loan will vary depending on factors such as:

  • Your credit history
  • Your income
  • Your debt-to-income ratio
  • Whether you choose a fixed or variable rate
  • Your loan term
  • Your down payment amount

What we like about BMO auto loans

  • Competitive interest rates. As one of Canada’s “big six” banks, BMO can offer competitive interest rates.
  • Fixed vs variable rate. You’ll have the choice between a fixed or variable interest rate, depending on your financial needs.
  • Flexible payments. Choose between weekly, bi-weekly, semi-monthly or monthly payments to suit your budget.
  • Loan amount. The minimum BMO car loan amount is $7,500, with no specified maximum.
  • Loan term. Loan terms can range between 1 years and 10 years.
  • Skip payments. You have the option to defer a month’s payment towards your loan up to two times a year.
  • No prepayment penalties. If you want to pay your loan off early, BMO will not charge any additional fees.

What to watch out for

  • Bad credit not OK. If your credit score is poor, you’ll need to consider alternative lenders. Learn more about bad credit car loans.
  • Interest rate is not specified. Car loan interest rates depend on several factors, such as credit score, loan term, down payment and more.
  • Need to apply through a dealership. In order to get a BMO car loan, you would have to visit a dealership and let them know you’d like to apply for a BMO auto loan. Before going to a dealership, you might want to find out first what kind of rate and loan term you can negotiate for by getting a pre-approved car loan.
  • Inconvenient application process. Not only will you have to visit a dealership, but you might have a more difficult time comparing rates. Do not apply on the spot if this is the first offer you have, because you may miss out on better offers.
  • Changing payments. You will need to call or visit a BMO branch if you want to make changes to your car loan payments, such as payment frequency, payment date and payment deferral.

Alternatives to BMO car financing

1 - 6 of 6
Name Product Ratings APR Range Loan Amount Loan Term Requirements Broker Compliance
CarsFast Car Loans
Customer Survey:
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
CarsFast will connect you with a dealership near you to help you find the right financing.
Loans Canada Car Loans
Customer Survey:
0% - 46.96%
$500 - $50,000
3 - 60 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Loans Canada is a loan search platform. Get matched with a suitable dealer based on your credit history and borrowing requirements.
Approval Genie
Not yet rated
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed, Ontario only
Get customized car loan and auto financing solutions for a used vehicle that fits your budget and lifestyle.
Dealerhop Car Loans
Not yet rated
6.99% - 29.99%
$7,000 - $50,000
3 - 120 months
Requirements: Min. income of $2,000 /month, 3+ months employed
Dealerhop matches you with a dealer partner to get you financing.
Clutch Car Loans
Customer Survey:
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only
Apply for financing with online dealer Clutch, who partners with some of Canada’s largest financial institutions to get you competitive interest rates.
CarDoor Car Loan
Customer Survey:
From 7.99%
$5,000 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario only
Online dealer CarDoor works with multiple lenders to help you get a competitive interest rate. Apply for financing directly with CarDoor and get help every step of the way.

What do BMO reviews have to say?

There are plenty of negative BMO reviews online. Customers complain about issues such as poor customer service, account errors and fees. There are some more positive reviews for good-quality customer service at individual BMO branches, but these can vary from one location to the next.

It’s also worth mentioning that BMO’s mobile banking app has picked up plenty of positive reviews, averaging 4.6 or higher out of 5 stars on both Google Play and Apple’s App Store.

Summary of BMO reviews

BBB accreditedNo
BBB ratingF
Google reviews1.3 out of 5 stars, based on 115 BMO reviews (BMO Financial Group)
Review scores also vary from branch to branch
Trustpilot reviews1.2 out of 5 stars, based on 796 BMO reviews
Facebook reviewsNo BMO reviews available
Customer reviews verified as of21 August 2023

What are BMO’s vehicle loans?

BMO car loans are designed to help you fund the purchase of a new or used vehicle. With loan amounts of $7,500 or more, you can get behind the wheel of your next car sooner and then repay what you borrow over a term of up to 10 years.

You can choose from a fixed or variable interest rate for your loan, and you can choose from four repayment frequency options based on your income and budget:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Weekly

How does borrowing from BMO work?

If you want to apply for a BMO car loan, you can’t do so online. You will instead need to apply for a loan at the dealership once you’ve chosen the car you’d like to buy.

Simply let the dealership know that you want a BMO car loan and you will then be able to fill out an application in-store. BMO and the dealership work together to process your application, and you then make loan repayments to BMO.

What are the eligibility requirements of BMO car loans?

BMO doesn’t list any car loan eligibility requirements on its website. However, as a general guide, when applying for a car loan from a bank you will need to:

  • Be a Canadian resident and the age of majority in your province or territory
  • Meet credit score requirements
  • Earn sufficient income to be able to afford loan repayments
  • Not have been declined credit within the last six months
  • Not have declared bankruptcy in the last several years

How to apply for a BMO auto loan

If you want to apply for a BMO car loan, follow these steps.

  1. Compare vehicles at a range of dealerships to find the car you want to buy.
  2. Tell the dealer you will be financing your purchase and that you want a BMO car loan.
  3. Complete an application by providing your name, date of birth, contact details, and income and employment information.
  4. Provide photo ID and proof of employment, such as a letter from your employer or recent paystubs.
  5. Submit your application for processing.

Bottom line

If you’ve got good to excellent credit, BMO car loans are well worth a look. They combine competitive rates with flexible repayment schedules, and you get the peace of mind that comes from dealing with a major financial institution.

However, the in-dealership application process won’t suit all car buyers, so make sure you compare a range of car loans to find the best rate and terms that suit your needs.

Frequently asked questions

Go to site