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Important disclosure

CIBC Car Loans Overview

The table below shows Canadian Imperial Bank of Commerce’s (CIBC) car loan options. CIBC is headquartered in Toronto but provides car loans to many customers across the country. The bank was founded in 1961 when two major chartered banks merged.

The merger between the Canadian Bank of Commerce and the Imperial Bank of Canada is still the largest in the country’s history. Today CIBC is one of the Big Five Banks.

Wondering how much a CIBC car loan will cost you? Once you input your desired loan amount and term, the CIBC car loan calculator below will show your monthly repayment estimate.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

About CIBC car loans

Overall, the CIBC car loan is best for borrowers looking to make a quick online application to finance a new or used car at the dealership.

Pros

Flexible repayment periods (1-8 years)
Potential to skip a up to two payments yearly (at the bank’s discretion)
No early repayment penalties

Cons

No secured car loans, so rates might not be as competitive.

CIBC car loan features

Loan amount. $5,000 minimum.
Loan term. For more affordable monthly payments, you can pay off your loan over a maximum period of 8 years (96 months).
New/Used. Receive up to 100% financing whether you’re buying a new or used car.
Unsecured. Your car will not be used as collateral, but keep in mind unsecured car loans often have higher rates than secured options.
Repayment frequency. Choose weekly, bi-weekly, semi-monthly, or monthly payments, depending on your pay cycle.
Early repayments. CIBC allows you to make lump sum payments or settle your debt in full early without penalty.
Payment holiday. You can skip up to two payments a year. However, this is subject to approval (based on payment status), and interest accrues during this break.
Other loan details. When CIBC approves your application for the first time future applications become easier because you only need to update your information. In addition, making scheduled payments via EFT is free of charge.

How to apply for a CIBC car loan

Apply online. Applying online only takes 5 minutes and gets you faster approval. After submitting your application, you’ll get a response by phone within 5 business days.
Find a branch. Need to speak to a CIBC representative directly? You can browse CIBC branches by province to locate the nearest one.
Call CIBC telephone banking. 1-866-525-8622

Check that you’re eligible:

To qualify for a CIBC personal car loan, you must:

Be a Canadian resident
Have reached the age of majority in your province
Apply in your own name
Earn at least $17,000 annually
Have not declared bankruptcy in the last 7 years
Not have had your application rejected by CIBC in the previous 6 months

What you’ll need

Social Insurance Number
Bank account numbers
Credit account numbers
Financial information, such as assets, liabilities, and income proof
Valid driver’s licence
Government-issued photo ID

CIBC Car Loan Calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$100,000

Term

60 months

Change

Sorry, no results were found

Featured

RBC car loan

EST Monthly Repayment

$2,659 Inclusive of fees

Interest Rate

19.99%
APR

Repayment Period

12 months
to 96 months

Loan Amounts

$5,000
to $100,000

GO TO SITE

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CIBC car loans FAQs

What other car buying products does CIBC offer?

– CIBC personal loan. A CIBC personal loan comes with loan terms of up to 5 years and allows you to finance a car that’s more than 7 years old.
– CIBC personal line of credit. This option gives you continued access to a pool of funds that you can use to pay all or part of the vehicle’s cost. You only pay interest on the amount you use.
– CIBC Home Plan. If you have taken out a mortgage with CIBC, you can use your home equity to finance your car.

What interest rate will I get when applying for a CIBC car loan?

CIBC car loan interest rates are not disclosed on their website. Generally, your rate will be based on your credit score and stated in your loan contract.

How do I make payments on my CIBC car loan?

Payments can be made through pre-authorized electronic funds transfer using CIBC online banking. Alternatively, you can visit any banking center to make a direct payment. If you want to make additional payments, you can do so via online banking or the bank’s mobile app.