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Coast Capital car loan review

Looking to take out a car loan? Get competitive interest rates when you borrow money from this reputable credit union.


  • Consider a Coast Capital car loan if you want to save money on interest and you’re looking to borrow from a credible institution.
  • Pick something else if you’d prefer to get financing from a major bank or you don’t live in a province where Coast Capital offers its services.

Expert review

Coast Capital is one of Canada’s largest and most reputable credit unions. It operates primarily in BC and offers car loan refinancing to customers across several Canadian provinces. All you need to do is fill out some basic personal information along with details about your current financial situation to see if you qualify.

You’ll pay different interest rates on your car loan depending on how much you’re looking to borrow as well as what your credit score looks like. You can use your loan to pay for a new or used vehicle from a dealership as well as private sales. You may even be able to apply for financing to purchase a new fleet of business vehicles, depending on your circumstances.

First, do I qualify?

To get financing from Coast Capital, you’ll need to be at least 19 years old and have a valid Social Insurance Number. You’ll also need to show that you’re a Canadian citizen or resident with a steady income and regular employment.

Most customers will need to consent to a credit check to qualify for a Coast Capital car loan. Just be aware that you may run into issues getting a loan if you have bad credit, no credit or a recent bankruptcy.

What provinces are Coast Capital car loans available in?

Coast Capital car loans are available in most Canadian provinces, with the exception of Saskatchewan and Quebec. That said, Coast Capital only has physical branches in BC. This means that you might want to consider another option if you would prefer to deal with your car loan in person.

What makes Coast Capital car loans unique?

Coast Capital car loans are unique because they’re offered with a reputable credit union, rather than a big bank or private lender. This means that you won’t pay big bank prices to borrow money and you won’t need to go with a private lender that you’re unsure about or who doesn’t have very many good reviews online.Coast Capital car loans are also unique because they let you choose which type of vehicle you want to finance. It can be either a new, used or private sale vehicle – depending on your preferences. This is uncommon in the car loan industry, as many lenders will only finance brand new vehicles or those over a certain price point.

What types of car loans does Coast Capital offer?

You’ll be able to apply for a number of different car loans with Coast Capital, depending on what type of financing you need and what type of car you want to buy.

  • New or used car loans. It’s possible to qualify for new or used car financing from a dealership if this is the route you want to go.
  • Private sale loans. You can get money to purchase a vehicle from a friend or an online marketplace (such as Kijiji or Craigslist) if you want to spend less overall.
  • Refinancing loans. You’ll be able to apply to refinance an existing loan to get better interest rates or a longer term.
  • Pre-approved loans. You can apply to be pre-approved for a loan if you want to know how much money you have to spend before you start shopping.

What are the benefits of a Coast Capital car loan?

  • Reputable dealer. Coast Capital is one of the largest credit unions in Canada and it’s well known for offering decent loan rates and repayment schedules.
  • Competitive rates. You’ll likely pay less with Coast Capital than you will with any of Canada’s Big Five Banks (and you can often refinance your loan for less as well).
  • Flexible payment options. You can choose a payment schedule and loan term that meets your unique set of needs and budget.
  • Deferred payments. You may be eligible to make no loan payments in your first 90 days, depending on the status of your credit (though interest will still be charged).
  • Private sales loans. You can use the money you borrow to purchase a private sale vehicle and Coast Capital will help you make sure the car you want to buy isn’t a lemon.
  • Business fleet financing. You could qualify for financing if you want to purchase multiple vehicles for your business with a Coast Capital car loan.
  • Wide range of vehicles considered. You may be able to get financing for all types of vehicles – including compact, hybrid, luxury and commercial vehicles.

How is refinancing my loan different from getting a new 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. Most new Coast Capital car loans will have terms ranging from three to five years. There are no interest rates outlined on the company website, so you’ll need to speak directly to an agent to find out more about how much you’ll have to pay.

What to watch out for

  • Few loan details are available. There’s no information about interest rates or term lengths online, so you won’t know what your loan might look like before you apply for a quote.
  • No new loans for recreational vehicles. You won’t be able to use your loan to purchase recreational vehicles (but you may be able to get this type of loan refinanced).
  • High rates for bad credit. You could end up paying higher than normal rates for your loan if you have a bad credit score.
  • Not available in all of Canada. You won’t be able to use Coast Capital car loans in Quebec or Saskatchewan.
  • No online quotes. You’ll have to speak to a customer service representative over the phone to get pricing information for your loan.

How do I apply?

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.

What documents do I need to apply?

It’s not clear what documents you’ll need to apply. That said, it’s likely you’ll need to submit the following paperwork:

  • Proof of ID. This can include a government-issued form of ID as well as your Social Insurance Number.
  • Proof of income. You may need to submit documents such as pay stubs, tax receipts and letters of employment.
  • Credit report. You’ll have to allow Coast Capital to pull your credit report so that it can assess your creditworthiness.
  • Other financial information. You may need to provide a list of your debts and assets, along with other evidence that you can afford your monthly payments.

Comare car loan options from other lenders

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
4.90% to 29.90%
12 months - 8 years
Gross 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.
Loans Canada Car Loans
0% to 29.99%
3-96 months
Employed for at least 3 months, min. income of $1,800/month
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Car Loans Canada
3.99% to 29.95%
12-84 months
3+ months employed, min. income of $2,000/month
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Canada Auto Finance
3-96 months
3+ months employed, min. income of $1,500/month
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
Employed for 3+ months, min. income of $1,600/month
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.
LoanConnect Car Loans
10.00% to 46.96%
6-60 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.
Fairstone Secured Personal Loan
19.99% to 23.99%
3-10 years
Have an established credit history and own your home
Fairstone offers secured personal loans up to $35,000.

Compare up to 4 providers

I got the loan – now what?

You’ll negotiate your term length and loan repayment terms when you sign your 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.

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