Thinking about a car loan with CIBC? You can get started with our guide.
Purchasing your own car can make life more convenient, but it comes at a price. With a car loan, you can pay for your car by making payments on your own terms.
There are a lot of options that don’t involve the dealership, and with the Canadian Imperial Bank of Commerce (CIBC), you can even finance your car online. It only takes a few minutes to compare rates and loan terms to find the best deal for your needs.
Finder does not currently have access to this lender. Please review the product details, application criteria and terms and conditions on the provider website if you are considering applying for this product.
Why CIBC is unique?
CIBC offers the standard products that you’d find at any Canadian bank. One option you could consider is combining your car loan with a CIBC home loan to get a higher credit limit. One perk that comes with a CIBC car loan is that you can repay the loan in full at any time without penalty.
CIBC personal car loan
This is a secured loan, which means your new or used car will act as the asset backing up your car loan. The loan term ranges from one to eight years.
Features of the CIBC personal car loan
- There is a minimum loan amount of $3,000
- 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
To be eligible for the loan, you must meet the following criteria:
- Must meet CIBC’s standard credit lending criteria
- Haven’t been declined for credit within the last six months from CIBC
- Earn a minimum of $17,000 annually
- Are over the age of 18 for PEI, QC, ON, MB, SK and AB and over the age of 19 for NL, NB, NS, BC, YK, NT and NU
- Haven’t declared bankruptcy within the last seven years
- Are a Canadian resident
- Intend to use the loan for a car purchase
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 Personal Loan by pre-authorized electronic funds transfers from any CIBC account using CIBC Online Banking or in-person at any banking center.
As mentioned earlier in this article, you can make extra payments to all personal loans and even pay the loan 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, fortnightly, semi-monthly or monthly.