CIBC car loans
Thinking about a car loan with CIBC? You can get started with our guide.
There is a minimum loan amount of $5,000 and you must make at least $17,000 annually (gross amount).
Max. Loan Amount
Min. Credit Score
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 $5,000.
- Choose a loan term from 1 year to 8 years.
- Choose weekly, bi-weekly, semi-monthly 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.
To be eligible for the car loan, you must meet the following criteria:
- Minimum credit score requirements
- Minimum income of $17,000 annually
- 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
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, semi-monthly or monthly.