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Coast Capital car loan review

Get a Coast Capital car loan to lock in competitive interest rates with this reputable credit union.

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.

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Coast Capital car loans at a glance

  • Finance many types of vehicles
  • Refinancing available
  • One of the largest credit unions in Canada
  • Good credit required
  • Physical branches are in BC only

What is Coast Capital?

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.

Coast Capital auto loan features

Loan amountVaries
Loan term18 - 84 months
Interest rateVaries
FeesNo application or origination fees
Serviced provincesAlberta, British Columbia, Manitoba, Ontario, Newfoundland and Labrador, New Brunswick, Nova Scotia and Prince Edward Island.
Basic eligibility criteriaAble to service debt payment of $300/month

What vehicles does Coast Capital finance?

Coast Capital finances many types of vehicles, including:

  • New cars
  • Used cars
  • Classic cars
  • Exotic and luxury cars
  • Private sale cars
  • RVs
  • Boats
  • Jet skis
  • Motorcycles
  • ATVs

What we like about Coast Capital car loans

  • Reputable lender. Coast Capital is 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).
  • Quick pre-approval and approval. Once you apply, Coast Capital will reach out to you to talk about your loan offer within 1 business day.
  • 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).
  • Wide range of vehicles considered. Coast Capital can finance vehicles that other lenders don’t.
  • Business fleet financing. You could qualify for financing if you want to purchase multiple vehicles for your business.
  • Refinancing. Refinance with Coast Capital to help reduce your monthly payments. You can apply to get a lower interest rate, better loan term or both.

What to watch out for

  • Not available in all of Canada. You won’t be able to use Coast Capital Car Loans in Quebec, Saskatchewan or the territories.

    Is Coast Capital legitimate?

    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.

    Am I eligible?

    To be qualify for a Coast Capital auto loan, you’ll need to meet the following criteria:

    • Be a Canadian citizen or resident
    • Have a 650 minimum credit score
    • Able to service debt payment of $300/month
    • No past bankruptcies

    How do I apply for a Coast Capital car loan?

    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.

    How much will a Coast Capital car loan cost me?

    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).

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    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.

    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.

    I got the Coast Capital car loan – now what?

    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.

    Compare Coast Capital to other car loans

    1 - 6 of 6
    Name Product APR Loan Amount Loan Term Requirements Long Table Description
    CarsFast Car Loans
    4.90% - 29.90%
    $500 - $75,000
    12 - 96 months
    Requirements: Min. income of $2,000 /month, 3+ months employed
    Loans Canada Car Loans
    0% - 31.99%
    $500 - $35,000
    24 - 120 months
    Requirements: Min. income of $1,800 /month, 3+ months employed
    0% financing applies to some new models with loan terms up to 60 months. Offer ends March 31, 2023.
    Canada Car Loans
    1.49% - 31.99%
    $7,500 - No max.
    12 - 96 months
    Requirements: Min. income of $1,900 , 3+ months employed
    Canada Auto Finance
    4.90% - 29.95%
    $500 - $45,000
    3 - 96 months
    Requirements: Min. income of $1,500 /month, 3+ months employed
    Splash Auto Finance
    9.90% - 31.00%
    $5,000 - $50,000
    24 - 84 months
    Requirements: Min. income of $2,200 /month, 3+ months employed
    Clutch Car Loans
    From 8.49%
    $7,500 - No max.
    12 - 96 months
    Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only

    Frequently asked question about Coast Capital auto loans

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