
Sign up & start saving!
Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
Coast Capital is available across Canada except Saskatchewan, Quebec and the territories. It offers a flexible car loan that you can use to finance many types of vehicles, including private sale vehicles, classic cars, powersport vehicles, RVs and commercial vehicles. A credit union membership is not required.
Varies
Interest Rate
No Maximum
Max. Loan Amount
650
Min. Credit Score
Coast Capital is one of the largest credit unions in Canada with headquarters in Surrey, BC. It has been operating for 80 years and now has over 600,000 members. However, you don’t need to become a member to get its auto loan.
Feature | Details |
---|---|
Loan amount | Varies |
Loan term | 18 - 84 months |
Interest rate | Varies |
Fees | No application or origination fees |
Serviced provinces | Alberta, British Columbia, Manitoba, Ontario, Newfoundland and Labrador, New Brunswick, Nova Scotia and Prince Edward Island. |
Basic eligibility criteria | Able to service debt payment of $300/month |
Coast Capital finances many types of vehicles, including:
Yes. Coast Capital is a large, member-owned credit union with an 80-year legacy in Canada. It’s a member of the Canada Deposit Insurance Corporation (CDIC) and has won some accolades as a top employer and well-managed company.
To be qualify for a Coast Capital auto loan, you’ll need to meet the following criteria:
If you want to apply for a Coast Capital car loan, you’ll have to fill in an online application. From there, you’ll be contacted by a customer service agent to discuss your eligibility, along with rates and terms. You’ll then need to finalize your loan and take care of all the necessary paperwork to proceed with approval.
Once you’re approved and all of your paperwork is squared away, you’ll get access to money to purchase the vehicle of your choice. You can easily get pre-approved to buy a new or used vehicle with a dealership. You may need to jump through a couple more hoops to get private sale financing or to purchase a fleet of vehicles for your business.
It’s not clear what documents you’ll need to apply. That said, it’s likely you’ll need to submit the following paperwork:
The cost of your auto loan will depend on your interest rate (which will depend on personal factors), loan amount and loan term. As an example, a $20,000 Coast Capital auto loan with a 4.5% APR and loan term of 60 months will have a monthly payment of $373 and a total loan cost of $22,372 ($2,372 interest).
Your loan
|
---|
Loan amount |
$
|
Loan terms (in years) |
|
Interest rate |
%
|
or
Compare car loans nowPrincipal | $ |
---|---|
Interest | $ |
Total Cost | $ |
In addition to your monthly payment, this calculator shows how much you’d pay on your loan’s principal amount and how much you’d pay overall in interest. The principal amount is the amount that you borrowed and should be equal to your loan amount. Total interest is the amount you would pay on top of the principal — the cost of having your loan.
When you refinance your loan, Coast Capital will pay off your existing loan from another institution. From there, you’ll pay the outstanding balance of your former loan back to Coast Capital instead of your old lender. This allows Coast Capital to give you a lower interest rate or better terms on your loan.
A new loan is issued by Coast Capital and remains there until it’s paid off, unless you refinance it with another institution.
You’ll negotiate your term length and loan repayment terms when you sign your Coast Capital auto loan agreement. The payments you have to make will be based on your interest rate, how long your term is and how often you make payments. If possible, you should see if Coast Capital offers no-fee prepayment on its loans (in case you come into a lump sum of cash).
Once you sign your loan, you’ll have to start making payments right away. These will usually be taken out of your bank account using an automatic debit. You should start by finding out what dates your money will come out and making sure you have enough in your account to cover your payments.