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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).

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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 $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.

Eligibility requirements

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

    Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements Table description
    Loans Canada Car Loans
    0% to 29.99%
    3-96 months
    Min. income of $1,800 /month, 3+ months employed
    Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
    3.99% to 29.99%
    12-96 months
    Min. income of $1,800 /month, 1+ months employed
    Available in Ontario only.
    Browse thousands of available vehicles and apply online from the comfort of your own home. Receive confirmation of your financing options and get your new vehicle delivered to your door anywhere in Ontario free of charge. All credit scores considered.
    CarsFast Car Loans
    4.90% to 29.90%
    12-96 months
    Min. income of $1,800 /month, 3+ months employed
    Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
    Coast Capital Car Loan
    18-84 months
    Able to service debt payment of $300/month
    Finance or lease both new and used vehicles with competitive rates and flexible terms from one of Canada's largest credit unions. No credit union membership required for this product.
    Canadian Auto News
    3.99% to 29.95%
    12-84 months
    Min. income of $2,000 /month, 3+ months employed
    Answer a few simple questions to get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
    LoanConnect Car Loans
    9.90% to 46.96%
    3-120 months
    No min. income requirement
    Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
    Canada Auto Finance
    3-96 months
    Min. income of $1,500 /month, 3+ months employed
    Canada Auto Finance is a broker that connects borrowers with partnered local lenders. Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
    Carloans411 Car Loans
    1.90% to 19.99%
    Up to 72 months
    Min. income of $1,600 /month, 3+ months employed
    Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
    Fairstone Secured Personal Loan
    19.99% to 23.99%
    36-120 months
    Established credit history and own your home
    Fairstone offers secured personal loans up to $50,000.

    Compare up to 4 providers

    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.

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