In this guide

  • Our verdict
  • Details
    • Product Details
    • Fees
    • Application Requirements
  • Frequently asked questions
  • Your reviews
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Desjardins car loan review

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Desjardins car loan
4.0
★★★★★
Loan Amount
$5,000 - No max.
Loan Term
up to 96 months
Min. Credit Score
N/A
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Our verdict

Shop with a partner dealership and get loan terms of up to 96 months with a Desjardins car loan.

Credit union, Desjardins, offers auto loans to help you drive your dream vehicle off the lot. You can lock in competitive interest rates and flexible repayment terms. Desjardins offers car loans through its network of partner dealers.

Best for: People looking for flexible payment plans and loan terms.

Pros

  • No down payment options
  • Flexible payment scheduling
  • Lengthy loan terms

Cons

  • Limited to participating dealerships
  • Only available in Quebec and Ontario

In this guide

  • Our verdict
  • Details
    • Product Details
    • Fees
    • Application Requirements
  • Frequently asked questions
  • Your reviews

Details

Product Details

Product Name Desjardins car loan
Loan Amount $5,000 - No max.
Loan Term up to 96 months
Serviced Provinces/Territories Quebec and Ontario

Fees

Fees N/A

Application Requirements

Min. Credit Score N/A

Desjardins was included in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 81.30%

What is Desjardins?

Desjardins is a cooperative financial group offering Canadians a range of financial services including car loans, personal loans, credit cards and insurance. It offers a variety of vehicle financing options, whether you’re looking to finance a car, van, sports utility vehicles or leisure vehicles. You can obtain a Desjardins auto loan through one of its 3,000+ partner dealers.

Is Desjardins legit?

Yes, Desjardins is one of Canada’s largest financial cooperative groups with over $407 billion in total assets. It is headquartered in Lévis, Québec with offices in Ontario and Alberta as well. Desjardins was founded in 1900 and has since grown to service over 7.5 million members and clients.

Best-rated

Desjardins secured a spot in the Top 15 Best-Rated car loan providers in the Finder: Car Loans Customer Satisfaction Awards 2023.

What are the benefits of a Desjardins car loan?

If Desjardins is on your shortlist of lenders to finance your auto purchase, here are its key benefits:

  • Lengthy terms. Depending on the vehicle you’re thinking of buying, Desjardins has terms of up to 96 months for cars, SUVs, minivans and trucks, and up to 240 months for motorcycles, snowmobiles, all-terrain vehicles, boats, trailers and motorhomes. This gives you plenty of time to repay your loan.
  • Flexible payment plans. You may be able to choose to pay off your loan in weekly, fortnightly or monthly instalments.
  • 100% financing of your purchase. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
  • No prepayment penalties. If you have the cash on hand, you can repay some or all of your auto loan without incurring any early payment charges.

What to watch out for

On the flipside, borrowers need to pay attention to the red flags with any loan product. Here’s what to keep in mind with a Desjardins car loan:

  • Unclear fees. Desjardins doesn’t list its charges and fees so it’s unclear how much you’ll have to pay in terms of service or administration fees. You may encounter additional fees and extra costs as you go through the loans process, depending on which dealer you go with.
  • Rates not listed. Desjardins doesn’t specify what rates it charges on its auto loans. Instead, it just says that your APR is dependent on your loan amount, vehicle type and term. You’ll need to speak to your dealer for current rates.
  • Limited availability. Desjardins only offers auto loans in Quebec and Ontario, so if you live elsewhere in Canada you won’t be bale to apply for one.

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CarDoor Car Loan
Customer Survey:
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What vehicle loans does Desjardins offer?

The range of options available to you is what makes Desjardins a unique lender.

  • Desjardins auto loan. This car loan product, available through the dealer, provides financing on cars, vans, sports utility vehicles and minivans for as low as $5,000. You can finance up to 100% of the cost of your purchase, with terms up to 96 months.
  • Desjardins leisure vehicle loan. This auto loan product, available through the dealer, provides financing on motorcycles, snowmobiles, personal watercraft, all-terrain vehicles, boats, trailers, tent trailers and motorhomes. Terms range up to 240 months for a recreational vehicle, based on the loan amount and type of vehicle.
  • Auto+ Loan. This car loan product, available through your caisse, applies to cars, motorcycles, snowmobiles, trailers or a motorhome. You can use the financing to buy a used or new vehicle that costs at least $12,500. Once again, you can finance up to 100% of the cost of your purchase, with terms of 6 months to 20 years and rates starting at 9.99% (based on loan amount and vehicle type).

With all of these loan products, you won’t face any prepayment penalties if you decide to pay off some or all of your loan. You can typically also choose a weekly, fortnightly or monthly repayment schedule.

Do I qualify for a Desjardins car loan?

To be eligible, you’ll likely need meet the following basic criteria:

  • Be a Canadian resident, with a valid address in the province.
  • Have a valid driver’s licence and be the age of majority in your province.
  • Must be looking to finance a new or used vehicle at a participating dealership.
  • Have a valid Canadian bank account to make payments on time.

Loan eligibility criteria, such as credit score and minimum annual income, aren’t disclosed online. These can be obtained by speaking with a partner dealer or to Desjardins directly.

Which provinces are Desjardins car loans available in?

Desjardins car loans are only available in Quebec and Ontario, which means you’re out of luck if you live anywhere else in Canada.

What types of vehicles can you buy with Desjardins?

Your vehicle options are open-ended if you’re hoping to secure financing with Desjardins and include the following:

  • New and pre-owned vehicles. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from dealers partnered with Desjardins. You can choose from various makes and models in stock from manufacturers such as General Motors, Fiat Chrysler, Chevrolet, Buick, Cadillac, Dodge, Jeep and Hyundai. Terms for standard vehicles go up to 96 months.
  • New or used leisure vehicles. Apply for financing for motorcycles, snowmobiles, personal watercraft, all-terrain vehicles, boats, trailers, tent trailers and motorhomes. In this case, terms go up to 240 months.

How do I apply for a Desjardins car loan?

If you’re ready to apply for a Desjardins auto loan, the first step is to head to Desjardins’ website to find a partner dealer near you. You can choose the type of vehicle you want to buy (a new/used car, motorcycle, recreational vehicle, boat and more), enter your city or postal code and then browse dealers near you. You can also call any dealerships you’re interested in and ask if they are partnered with Desjardins.

Once you’ve found your local Desjardins partner dealer, you can apply for a Desjardins auto loan at the dealership with the help of an onsite salesperson.

What documents do I need to apply?

The exact documents you’ll need to apply for a Desjardins car loan may vary by dealer, but you’ll likely need to provide the following:

  • Proof of identity (passport or driver’s licence)
  • An idea of how much you want to borrow to purchase your vehicle
  • Your Social Insurance Number
  • Proof of current address (utility bill or credit card bill)
  • Proof of income (pay stubs, employment letters or bank statements)
  • Your bank account direct deposit information
  • Desjardins will likely run a credit check to verify your details and determine your creditworthiness.

I got a Desjardins car loan, now what?

Once you’ve made your car purchase, you’ll start making repayments. Your contract will list the terms of your loan, including your interest rate and repayment schedule.

Desjardins will set you up with an online account exclusively for your Desjardins car loan. When you made your car purchase, you gave your dealer either a void cheque or your bank account information. Your loan payments will be withdrawn from this account automatically.

If you opted into weekly, fortnightly or monthly payments, circle the due dates on your calendar and make sure you have the funds on hand to make your payments. Late or missed payment penalties can hurt your credit score.

You can pay off some or all of your loan at any time without facing any early repayment penalties. Once you’ve paid off your loan, your loan statement will show a balance of zero. Desjardins says this loan statement is an official document showing that your loan has been repaid in full.

Frequently asked questions

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