Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Scotiabank auto loan review

For Canadians looking to buy a car, Scotiabank is one of the country's oldest and most widespread lending institutions.

Take up to 96 months to pay back a loan of up to $200,000. Choose between a fixed and variable interest rate.

No reviews yet. Write a review


Max. Loan Amount


Min. Credit Score

Please note: All information about Scotiabank Car Loans has been collected independently by Finder and this product is not available through this site.

30-second take

  • Consider applying for a Scotiabank car loan if you want to see what interest rates Scotiabank has to offer. As a Big Five bank, Scotiabank can offer competitive rates.
  • Consider another car loan if you want to apply for a car loan online. Scotiabank car loans are only available through dealerships.
  • You might want to get car loan pre-approval before applying for Scotiabank financing at a dealership so you can better negotiate.

What makes Scotiabank car loans unique?

As one of the biggest banks in Canada, Scotiabank can offer competitive interest rates and has widespread availability. You can get a Scotiabank auto loan at over 4,000 dealerships across Canada to finance a new or used vehicle. Choose a loan term of up to 8 years, a fixed or variable interest rate and a payment schedule that you can change any time. Scotiabank also offers special pricing if you’re buying an eligible electric vehicle. If you’re a newcomer, you can get an auto loan from Scotiabank’s StartRight auto finance program.

    What are the benefits of a Scotiabank auto loan?

    • Flexible loan term. If you want, you can take up to 96 months to pay off your loan.
    • New or used car. You can buy a new or used car that’s up to 7 years old.
    • Loan amount. Depending on your credit score and security, you can get a loan of up to $200,000.
    • Fixed or variable. You can choose between a fixed and variable interest rate. A fixed rate means your car loan interest rate will stay the same throughout the loan term, which will give you predictable payment amounts. A variable rate means your interest rate will fluctuate with the markets, which could increase or decrease your repayments.
    • Widely available. Ask for financing at over 4,000 dealerships across Canada.
    • Flexible payment schedule. Choose weekly, bi-weekly or monthly payments. Change the frequency of your payments at any time.
    • Change your payment amount. You have the option to increase your payment up to 200%.
    • Skip a payment. If you happen to run into some financial issues, you can postpone 1 payment each year.
    • No prepayment penalties. Pay off your loan at any time without any fees.
    • Manage your car loan online. You can find out how much of your loan is left, make an extra payment, increase your payment amount or change your payment schedule online.
    • StartRight program. If you’re a newcomer with no credit history in Canada, get up to $75,000 for a new car or a used car that’s up to 4 years old. Take up to 5 years to pay off your Scotiabank auto loan. You must have Permanent Resident or Foreign Worker status. Pay your car loan weekly, bi-weekly or monthly.

    What to watch out for with a Scotiabank auto loan

    • Application is not online. You’ll need to visit a dealership to get financing.
    • Rates are not online. You’ll have to reach out to a dealership to find out what your interest rates are.
    • Interest will accrue for a skipped payment. When you choose to skip a month, interest will still accrue.
    • Variable rate is not available in Quebec. If you’re in Quebec, your only option is a fixed-rate Scotiabank car loan.
    • Varying special offers. Special offers and incentives may vary based on the dealership or manufacturer. You will need to contact a dealer directly to find out about special promotions.
    • Payments can be increased but not decreased. You can increase your payments to pay off your loan faster, but you cannot decrease them.

    Am I eligible?

    Scotiabank does not list any eligibility requirements, so the best way to discover this information is by calling the bank or visiting a car dealership where Scotiabank financing is available.

    Below are common eligibility requirements for bank car loans.

    • Meet minimum credit score (usually good to excellent credit above 660)
    • Meet minimum income
    • Age of majority in your province
    • Haven’t declared bankruptcy in the last several years
    • Haven’t been declined credit in the last several months

    You will need to provide identification and proof of income. Scotiabank will also run a credit check and inspect your credit history before approving you for a car loan.

    Compare car loans

    Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements Table description
    Loans Canada Car Loans
    0% - 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% - 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% - 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.
    Splash Auto Finance
    9.9% - 29.9%
    24 - 84 months
    Min. income of $2,200 /month, 3+ months employed
    Splash Auto Finance provides auto loans to borrowers with fair credit, bad credit, no credit or bankruptcy. Get financing for a new or used car.
    LoanConnect Car Loans
    9.90% - 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
    4.90% - 29.95%
    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% - 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% - 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

    How do I apply for a Scotiabank auto loan?

    Unlike some of Canada’s other big banks, you cannot apply for a Scotiabank car loan online. You must apply at a dealership that offers Scotiabank financing. Thankfully, you have over 4,000 dealerships to choose from.

    Before applying at a dealership, you may want to get pre-approval from multiple lenders. With pre-approved car loans, you find out what interest rate you qualify for. By having this information ready before visiting the dealership, you have more negotiating power.

    Can I afford the repayments on a Scotiabank car loan?

    Car loan monthly calculator

    Calculate how much you could expect to pay each month
    Your loan
    Loan amount
    Loan terms (in years)
    Interest rate
    $ %

    Fill out the form and click on “Calculate” to see your estimated monthly payment.


    Compare car loans now

    Based on your loan terms...

    You can expect to pay back $ per month

    This breaks down to...

    $ in principal and $ in interest charged, with a total cost of $ Compare car loans now

    I got a Scotiabank car loan. Now what?

    Congratulations! There are a few things to keep in mind with a Scotiabank car loan. It is up to you to pick your payment plan. Scotiabank offers 3 options: weekly, bi-weekly or monthly.

    You also have the flexibility to choose a fixed or variable interest rate. And you can choose how much you would like to pay by increasing your payment up to 200%.

    If at any time you fall behind and need breathing room, you can choose to delay 1 payment a year, although interest will continue to accrue during this period.

    Finally, should you wish to pay off the loan early, you can do so with no penalties or fees.

    Bottom line

    A Scotiabank auto loan is a safe and reliable means of helping you purchase a new or used car. As one of Canada’s oldest and largest financial institutions, Scotiabank is trustworthy and reliable. However, it does not publish any rate or promotional information online, so you will have to visit a bank or dealership to learn more.

    Frequently asked questions

    Go to site