CIBC auto finance review

Our verdict

Our verdict

CIBC auto finance is available at a nationwide network of dealerships, but you can also apply for a loan online if you're buying from a private seller. These fixed-rate loans offer the flexibility to tailor a repayment schedule to suit your budget, there's no down payment financing available, and you have up to eight years to pay back what you borrow. CIBC also offers special rates if you want to finance a hybrid or electric car.

Pros

• Up to 100% financing available
• Flexible payment schedules
• Car loans available if you're buying privately
• Promotional rates for Green Vehicle Loans

Cons

• Borrowers with bad credit may need to consider other options
• Other banks have larger dealership networks
• Rates not listed online

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

Overall customer satisfaction score: 83.14

What is CIBC?

The Canadian Imperial Bank of Commerce (CIBC) is one of the largest banks in Canada and North America. It offers a full range of personal, business and commercial banking products as well as wealth management services.For personal banking customers, CIBC offers chequing and savings accounts, credit cards, mortgages, personal loans and investment accounts.

Is CIBC legit?

Founded in 1867, CIBC has 13 million personal banking, business, public sector and institutional clients in Canada and around the globe. The bank is headquartered in Toronto, employs approximately 50,000 people and has total assets of $943.6 billion.

In Canada, CIBC operates a network of over 1,000 branches and more than 2,900 ATMs. It also won two leadership awards in The Digital Banker’s 2023 World Digital Bank Awards, and received the highest score in overall client satisfaction for online banking among Canada’s Big Five banks in the J.D. Power 2022 Canada Online Banking Satisfaction Study.

Features of CIBC car loans

What are the interest rates of CIBC auto loans?

CIBC car loan rates are not listed online, so you’ll need to contact the bank to find out what sort of rate you may be eligible for.

There are a number of factors that can impact the CIBC car loan interest rate you get, such as:

• Your credit score
• Your income
• Your debt-to-income ratio
• How much you want to borrow
• Your loan term
• Whether you buy a new or used vehicle

CIBC also offers special interest rates when you finance an eligible new or used hybrid, plug-in hybrid, battery electric or fuel cell vehicle.

What we like about CIBC car loans

• No down payment. Eligible borrowers can finance up to 100% of the vehicle purchase price with CIBC auto finance.
• Terms of up to 8 years. You have up to 96 months to pay off your CIBC car loan.
• Loans of $7,500 and up. The minimum loan amount is $7,500 and no maximum limit is listed.
• Large dealership network. You can apply for CIBC car financing at a network of over 3,200 dealerships across Canada.
• Loans for buying privately. If you’re not buying from a dealership, you can apply for a CIBC Personal Car Loan online. Learn more about car loans for a private sale.
• New or used vehicles. You can use your CIBC vehicle loan to buy a new or used vehicle that is up to 10 years old.
• Flexible payment schedules. Choose a monthly, bi-weekly or weekly payment plan to suit your income and budget.
• Skip payments. You have the option to skip up to two car loan payments a year if needed.
• Loans for newcomers. If you’ve lived in Canada for less than five years and don’t have any Canadian credit history, CIBC also offers car loans for newcomers.
• Green Vehicle Loans. Designed to finance the purchase of new or used hybrid, plug-in hybrid, battery electric or fuel cell vehicles, these loans offer special fixed interest rates and terms of up to 96 months. Learn more in our EV buying guide.

What to watch out for

• Rates not listed online. CIBC car loan rates are not published online.
• Not suitable for bad credit. Like other big financial institutions, CIBC primarily works with clients who have good to excellent credit.
• Other lenders have larger dealership networks. Auto financing from other major banks is available at a larger number of dealerships across the country.
• Interest. Interest will still accrue when you take advantage of the option to skip your payments.
• Slow application process. If you apply online for a CIBC Personal Car Loan, it could take up to five business days for CIBC to contact you by phone to complete your application.

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What do CIBC reviews have to say?

Like all other major Canadian banks, CIBC has lots of negative customer reviews online. Common complaints include long customer support phone waiting times, account errors and poor customer service.

Reviews for individual CIBC locations vary from one branch to another, so check how your nearest branch fares if you plan on carrying out face-to-face banking transactions regularly. And if you regularly use mobile banking, the CIBC Mobile Banking app averages 3.6 out of 5 among Android users and 4.3 out of 5 among Apple users.

Summary of CIBC reviews

What are the vehicle loans offered by CIBC?

You can choose from the following CIBC auto finance options:

• Dealership financing. You can apply on the spot for a CIBC vehicle loan at a dealership when buying a vehicle. Loan amounts start at $7,500, terms of up to 8 are available, and you can find financing at a network of over 3,200 dealerships across Canada.
• Personal Car Loan. If you’re buying a car from a private seller, you can apply for a CIBC Personal Car Loan. This loan comes with a fixed rate, terms of up to 96 months, and the option for eligible borrowers to finance up to 100% of the purchase price.
• Green Vehicle Loan. This fixed-rate loan funds the purchase of new or used hybrid, plug-in hybrid, battery electric or fuel cell vehicles. The minimum loan amount is $20,000, special financing rates are available, and CIBC will donate $25 to the Nature Conservancy of Canada when you take out a Green Vehicle Loan.
• Car Loan for Newcomers. If you’ve lived in Canada for less than five years, you can ask for a CIBC Car Loan for Newcomers at over 3,200 dealerships nationwide. You’ll need to provide a Canadian driver’s licence, proof of employment and proof of permanent residence in Canada.

Alternatively, you could use a CIBC personal loan or line of credit to fund your vehicle purchase.

How does borrowing from CIBC work?

Taking out a CIBC car loan is simple. If you’re buying from a dealership, you can apply in-person once you’ve found the vehicle you want to buy. But if you want a car loan to buy a vehicle being sold privately, you can fill out an online application.

Once approved, you can manage your loan online or via the CIBC Mobile Banking app. This allows you to check your balance, make extra payments and check when your next payment is due.

What are the eligibility requirements of CIBC car loans?

If you want to apply for a CIBC Personal Car Loan, you’ll need to meet the following criteria:

• Canadian resident and you have reached the age of majority in your province
• Minimum total annual income (gross) of $17,000
• Must not have been declined for credit by CIBC in the last 6 months
• Must not have declared bankruptcy in the past 7 years

Eligibility requirements for a CIBC car loan accessed through a dealership aren’t listed online, but you can expect them to be similar to those listed above.

How to apply for a CIBC auto loan

If you’re buying from a dealership, here’s what you need to do to apply for a CIBC car loan:

1. Compare makes and models across a range of manufacturers.
2. When you find the car you want, ask the dealership for a CIBC car loan.
3. Apply for financing by providing your personal details, contact information and details of your income and employment.
4. Provide proof of ID, a void cheque and proof of employment.
5. Submit your application.

If you’re not buying from a dealership, you can apply for a loan online by entering the amount you want to borrow, the make and model of your car, your personal and contact details, and your employment information.

Bottom line

CIBC car loans are well worth considering if you need to finance your next vehicle. They offer flexible repayment options, are widely available, and offer special rates if you’re buying a hybrid or electric vehicle.

However, make sure you compare car loans from a wide range of lenders before deciding where to apply.

Frequently asked questions

• How do I check my CIBC car loan balance?

  You can check the outstanding balance on your CIBC car loan via online banking or by logging in to CIBC Mobile Banking. You can also phone the bank or visit your nearest branch if you have a question about your loan.

• Will I be charged a fee if I pay my CIBC car loan off early?

  No. You can pay off all or part of your loan ahead of schedule at any time without incurring any fees.

• Can I get a CIBC car loan with no down payment?

  Yes, if you meet credit score and income requirements, CIBC may be able to finance 100% of the purchase price of your vehicle.

• What documents can I use to provide proof of employment?

  You can provide a recent paystub, a letter from your employer, or a recent tax document with notice of assessment.