CIBC car loans

Thinking about a car loan with CIBC? You can get started with our guide.

There is a minimum loan amount of $7,500.

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Max. Loan Amount

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Min. Credit Score

Please note: All information about CIBC car loans has been collected independently by Finder and this product is not available through this site.

30-second take

Borrowers can apply for CIBC car loans to finance a new or used car. This loan comes with flexible repayment options, and you can repay it in full at any time without penalty. Apply online, over the phone or at a branch.

  • Consider applying for a CIBC car loan if you’re interested in seeing what rates CIBC can offer.
  • Consider another car loan if you have poor credit or if you want a secured loan.
  • This product is unsecured, meaning your car will not be collateral.

Features of the CIBC car loans

  • There is a minimum loan amount of $7,500.
  • Choose a loan term from 1 year to 8 years.
  • Choose weekly, bi-weekly or monthly payments.
  • Make scheduled payments from your CIBC account at no charge using electronic fund transfer (EFT).
  • You can skip up to two monthly repayments in a year if you have any financial issues or need to take a break from repayments.
  • There are no application fees.
  • You can apply online for faster approval.
  • It’s possible to get this loan without a down payment.

What to watch out for

  • CIBC’s car loan rates are not published online.
  • Like other big financial institutions, CIBC primarily works with clients who have good to excellent credit.
  • The product type is unsecured. Unsecured loans, which don’t involve collateral, generally have higher interest rates than secured loans.
  • Interest will still accrue when you skip your payments.
  • Once you submit your application, it can take up to 5 days to get a response.

Eligibility requirements

To be eligible for the car loan, you must meet the following criteria:

  • Minimum credit score requirements
  • Haven’t been declined for credit within the last six months by CIBC
  • Haven’t declared bankruptcy within the last seven years
  • You aren’t applying on behalf of someone else
  • Canadian resident of legal age in your province
  • Intend to use the loan for a car purchase

Compare car loans

1 - 8 of 8
Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
$500 - $75,000
4.90% - 29.90%
12 - 96 months
300
Min. income of $2,000 /month, 3+ months employed
Get a new or used vehicle delivered to your door.
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs.
Loans Canada Car Loans
$500 - $35,000
0% - 31.99%
24 - 120 months
300
Min. income of $1,800 /month, 3+ months employed
Compare rates from 60+ lenders.
Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered. 0% APR for new cars only, used car rates start at 7.99%.
Coast Capital Car Loan
Varies
Varies
18 - 84 months
650
Able to service debt payment of $300/month
Competitive rates and flexible terms.
Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
Clutch Car Loans
$7,500 - No max.
From 3.90%
12 - 96 months
580
3+ months employed, Max.1 bankruptcy
Pre-qualify for a loan in under 2 minutes with no impact to your credit score.
Get approved for financing in under 24 hours for the used car you want. No hidden fees. Get the vehicle delivered to your door.
goPeer Car Loans
$1,000 - $25,000
8.00% - 31.00%
36 - 60 months
600
Min. income of $40,000 /year
P2P platform with competitive rates.
Canada's first regulated consumer peer-to-peer lending platform that connects creditworthy Canadians looking for a loan with Canadians looking to invest.
Carloans411 Car Loans
$500 - $50,000
1.90% - 19.99%
Up to 72 months
300
Min. income of $1,600 /month, 3+ months employed
High application approval rate.
Get connected with suitable lenders to finance your next car, van or truck. Check eligibility for this loan through LoanConnect.
Canada Auto Finance
$500 - $45,000
4.90% - 29.95%
3 - 96 months
300
Min. income of $1,500 /month, 3+ months employed
Get financing from partnered local lenders.
Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
Splash Auto Finance
$5,000 - $50,000
9.90% - 31.00%
24 - 84 months
300
Min. income of $2,200 /month, 3+ months employed
Apply with any credit score.
Get financing for a new or used car. Auto loans for borrowers with fair credit, bad credit, no credit or bankruptcy.
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What’s next after the loan?

If the loan has been approved and the funds have been released, you can plan your loan repayments so they suit your needs.

You can repay your CIBC loan by pre-authorized electronic funds transfers from any CIBC account using CIBC online banking or in-person at any banking centre.

As mentioned earlier in this article, you can make extra payments your loan and even pay it off early without a penalty. You can change your repayment options at any time, or you can change them to coincide with pay periods. You can make payments weekly, bi-weekly or monthly.

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