You could repay your car loans through your CIBC bank account using online or mobile banking: sign on, complete no charge pre-authorized Electronic Funds Transfer, or add your loan as a bill payee. A good credit score and stable income are required.Interest rates and fees aren't disclosed on the website.A significant minimum loan amount is required.
Special offers for newcomers and green vehicles.Flexible repayment terms - you choose the frequency.Apply and manage your loan through online banking or a mobile app.One proof of employment (a recent pay stub or a letter from your employer).To qualify for a CIBC car loan for newcomers, you must provide: Have a government-issued photo ID, a void cheque, and proof of employment, for example, a recent pay stub.Have a minimum total annual income of $17,000.Haven’t declared bankruptcy in the past seven years.Haven’t been declined for credit from CIBC in the last six months.Meet the bank's standard lending criteria.Must be over the age of majority in your province.If you apply at a dealership, you are not obliged to be a CIBC client. You can obtain a CIBC Personal Car Loan by applying online or visiting a branch. Also, you can skip up to two payments yearly, but the interest will accrue.
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Paying the loan in full or part with no prepayment penalty is possible. You could also apply for a CIBC personal loan or line of credit to finance your vehicle purchase. In addition, the bank will donate $25 to the Nature Conservancy of Canada. CIBC Green Vehicle Loan is a particular program for electric, hybrid, or fuel cell vehicle with promotional rates only available for green vehicles from CIBC-partnered dealerships.A car loan for newcomers is an offer for people living in Canada for five years or less with no credit history.You don't have to be an existing CIBC client. If you buy a vehicle outside dealerships, just apply online or at the banking center. You may ask for CIBC financing when you apply directly at the local car dealership.
The minimum borrowing amount is $7,500, with the possibility to finance up to 100% of the vehicle cost, depending on the car's age.Īuto loans are available at over 3,200 dealerships. Loan terms vary from 1 to 8 years with fixed and variable rates. Of course, there's a little more to it than that.CIBC provides personal car loans for new or used cars with an option not to make a down payment. You can also choose to pay the loan off in one lump sum or even adjust your payment schedule, allowing you flexibility and freedom in your repayment plan.įundamental difference: Secured loans mean your loan is backed by collateral such as your house or investments whereas unsecured loans are not backed by any collateral. In other words, if you try to make a payment other than the exact monthly payment, you'll be charged a fee if you have a closed-end loan but not if you have an open loan.ĬIBC offers only open loans, meaning you can prepay any amount of the loan that you wish without incurring penalty fees. Depending on your borrowing need, here are some options to consider on your loan or line of credit.įundamental difference: Open loans don't have any prepayment penalties while closed-end loans do. There are many reasons you may need to borrow money such as remodeling your kitchen, buying a new car, paying off credit card debt, helping the kids pay for university or making a major purchase.
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