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Desjardins Car Loan review

Choose between fixed and variable rates and terms of up to 96 months with a Desjardins car loan.

To be eligible, you must be a Canadian resident and a Desjardins member as well as willing to finance a vehicle at a participating dealership.

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Product NameDesjardins Car Loan
Loan Termup to 96 months for an automobile and up to 240 months for a recreational vehicle, based on the loan amount and type of vehicle
Serviced Provinces/TerritoriesQuebec and Ontario
Please note: All information about Desjardins Car Loan has been collected independently by Finder and this product is not available through this site.

30-second take

If you’re ready to buy a car but need help with financing, credit union Desjardins may have an auto loan to help you drive your dream vehicle off the lot. Here are the highlights of a Desjardins auto loan:

  • Think of a Desjardins auto loan if your priorities include competitive rates, fixed or variable interest rates and flexible repayment terms.
  • Pick something else if you aren’t a Desjardins member. You’re also limited to participating dealerships, depending on the type of auto loan you’re applying for.
  • Keep in mind that Desjardins allows financing of up to 100% of the cost of your purchase.

What makes Desjardins Car Loans unique?

The range of options available to you is what makes Desjardins a unique lender.

  • Desjardins auto loan. This car loan product, available through the dealer, provides financing on cars, vans, sports utility vehicles and minivans, with a minimum loan of $7,500. You can finance up to 100% of the cost of your purchase, with terms of 6 to 96 months.
  • Desjardins leisure vehicle loan. This auto loan product, available through the dealer, provides financing on motorcycles, snowmobiles, personal watercraft, all-terrain vehicles, boats, trailers, tent trailers and motorhomes. Financing starts at $7,500, and you can finance up to 100% of the cost of your purchase. Terms range from 6 to 240 months.
  • Auto+ Loan. This car loan product, available through your caisse, applies to cars, motorcycles, snowmobiles, trailers or a motorhome. You can use the financing to buy a used or new vehicle that costs at least $12,500. Once again, you can finance up to 100% of the cost of your purchase, with terms of 6 months to 20 years.

With all of these loan products, you won’t face any prepayment penalties if you decide to pay off some or all of your loan, and you can choose between fixed or variable interest rates. You can also choose a weekly, fortnightly or monthly repayment schedule.

Do I qualify for a Desjardins Car Loan?

To be eligible, you’ll need to meet the following criteria:

  • Be a Canadian resident, with a valid address in the province.
  • Be a Desjardins credit union member.
  • Have a valid driver’s licence and be the age of majority in your province.
  • Must be looking to finance a new or used vehicle at a participating dealership.
  • Have a valid Canadian bank account to make payments on time.

Loan eligibility criteria, such as credit score and minimum annual income, aren’t disclosed online. These can be obtained by speaking to Desjardins directly.

Which provinces are Desjardins Car Loans available in?

Desjardins Car Loans are available in Quebec and Ontario.

What types of vehicles can you buy?

Your vehicle options are open-ended if you’re hoping to secure financing with Desjardins and include the following:

  • New and pre-owned vehicles. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from dealers partnered with Desjardins. You can choose from various makes and models in stock from manufacturers such as General Motors, Fiat Chrysler, Chevrolet, Buick, Cadillac, Dodge, Jeep and Hyundai. Terms for standard vehicles go up to 96 months.
  • New or used leisure vehicles. Apply for financing for motorcycles, snowmobiles, personal watercraft, all-terrain vehicles, boats, trailers, tent trailers and motorhomes. In this case, terms go up to 240 months.

What are the benefits of a Desjardins Car Loan?

If Desjardins is on your shortlist of lenders to finance your auto purchase, here are its key benefits:

  • Lengthy terms. Depending on the vehicle you’re thinking of buying, Desjardins has terms of up to 96 months for cars, SUVs, minivans and trucks, and up to 240 months for motorcycles, snowmobiles, all-terrain vehicles, boats, trailers and motorhomes. This gives you plenty of time to repay your loan.
  • Flexible payment plans. You can choose to pay off your loan in weekly, fortnightly or monthly instalments.
  • 100% financing of your purchase. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
  • No prepayment penalties. If you have the cash on hand, you can repay some or all of your auto loan without incurring any early payment charges.
  • Get pre-authorized for the amount you want. Desjardins says members can get pre-approved for an auto loan so you won’t have to complete a credit application at the dealer, saving you time and allowing you to focus on vehicle shopping. Learn more about car loan pre-approval.

What to watch out for

On the flipside, borrowers need to pay attention to the red flags with any loan product. Here’s what to keep in mind with a Desjardins Car Loan:

  • Unclear fees. Desjardins doesn’t list its charges and fees so it’s unclear how much you’ll have to pay in terms of service or administration fees. You may encounter additional fees and extra costs as you go through the loans process, depending on which dealer you go with.
  • Rates not listed. Desjardins doesn’t specify what it charges on its fixed or variable rate auto loans. Instead, it just says that your APR is dependent on your loan amount, vehicle type and term. You’ll need to speak to your dealer for current rates.

How do I apply?

If you’re ready to apply for a Desjardins auto loan, follow the steps below:

  • Book an appointment. Either visit a local Desjardins branch or head to the Desjardins website to book an appointment to apply for your auto loan.
  • Call. You can also contact Desjardins by calling 1-888-277-8726 to apply for a loan.
  • Apply online. Head to the Desjardins website, navigate to “Personal” on the homepage, then “Auto and other vehicle loans.” Choose the vehicle loan you’d like to apply for and click “Get this product.” From there, you can select “Apply for a pre-authorized Desjardins loan” to fill out the simple application form.
  • Visit a participating dealership. You can also receive a Desjardins Car Loan via a local vehicle dealership. You can find a participating dealership near you here.

What documents do I need to apply?

To apply for a Desjardins auto loan, you’ll need the following:

  • Your Desjardins membership ID and proof of identity (passport or driver’s licence)
  • An idea of how much you want to borrow to purchase your vehicle
  • Your Social Insurance Number (optional)
  • Proof of current address and previous address (if your current address is less than 3 years)
  • Proof of income (pay stubs or employment letters)
  • Your banking information
  • Desjardins will run a credit check to verify your details and determine your creditworthiness.

I got a Desjardins car loan, now what?

Once you’ve made your car purchase, you’ll start making repayments. Your contract will list the terms of your loan, including your interest rate and repayment schedule.

Desjardins will set you up with an online account exclusively for your Desjardins car loan. When you made your car purchase, you gave your dealer either a void cheque or your bank account information. Your loan payments will be withdrawn from this account automatically. If you opted into weekly, fortnightly or monthly payments, circle the due dates on your calendar and make sure you have the funds on hand to make your payments. Late or missed payment penalties can hurt your credit score.

You can pay off some or all of your loan at any time without facing any early repayment penalties. Once you’ve paid off your loan, your loan statement will show a balance of zero. Desjardins says this loan statement is an official document showing that your loan has been repaid in full.
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