GBC car loan interest rates & product overview

General Bank of Canada

The table below shows General Bank of Canada (GBC) car loan options. This Schedule 1 Chartered Bank was launched in 2005 and has its headquarters in Edmonton, Alberta. Initially, the bank’s founder offered financing to car buyers through dealerships before expanding into banking. Currently, the bank provides auto loans to Canadians across the country and has even expanded into commercial lending and aviation financing. How much will a car loan from GBC cost you? The GBC car loan calculator below estimates your monthly repayment when you input your desired loan amount and term.

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 General Bank of Canada car loans

With GBC, you have access to a new or used auto loan at any one of their 2,000+ partner dealerships spread across the country. In a nutshell, GBC automobile loans come with attractive rates, flexible repayment terms, and no surprises.

GBC car loan features

  • Competitive rates. According to GBC, they have fewer overhead costs, and the savings are passed down to borrowers.
  • Fixed interest rate. A fixed-rate translates to fixed and predictable repayments that are easy to budget for.
  • Secured loans. GBC requires you to post your car as security. However, once your debt is repaid, they will no longer have an interest in the vehicle.
  • Penalty-free early repayment. You can make extra payments and pay off your loan at any time without penalty.

How to apply for a GBC car loan

  • Visit a GBC partner dealership. Over 2,000 dealerships participate in the GBC auto financing program. Visit any one of them and select the car you wish to buy.
  • Ask for GBC auto financing. Complete a loan application form and ask the dealership’s Financial Services Manager to submit it to GBC.
  • Finalize your application. GBC will get in touch to finalize the application, so you can complete the purchase.

Check that you’re eligible:

To meet GBC car loan requirements, you must:

  • Provide your personal, contact, and financial details
  • Be the age of majority in your province
  • Be a permanent resident of Canada
  • Have a reliable source of income
  • Meet the minimum credit score requirements
  • Have a valid bank account

What you’ll need:

  • Social Insurance Number
  • Proof of income
  • Proof of address
  • Driver’s licence


GBC car loan calculator

Calculator coming soon

Bank of Montreal FAQs

Why is a GBC car loan better than a line of credit?

A GBC auto loan comes with a fixed interest rate that makes it easy to plan your budget since you will know the loan’s cost. In addition, you can save on interest by making early payments and closing your account early at any time.

On the other hand, a line of credit makes it challenging to control costs because as long as you’re making payments, credit is always available.
The other thing is, that some lines of credit require you to use your home as collateral, whereas a GBC carries less risk because you will only be required to offer your car as security.

How do I contact General Bank of Canada if I’m interested in applying for a car loan?

Visit an affiliate dealership and ask them to submit your auto loan application to GBC. Alternatively, you can call 1.877.443.5620 or email [email protected].

What’s the difference between a variable and a fixed rate?

A variable rate may fluctuate over the life of your loan because it’s influenced by Canada’s Prime Rate. However, your GBC auto loan will have a fixed interest rate that’s not affected by changes to the Prime Rate. That means your rate and your repayments stay fixed throughout your loan term.

What other auto loan products does GBC offer?

GBC specializes in equipment financing and auto leasing facilities for entrepreneurs. Their services also include aviation financing for personal and business aircraft.

Can I get a GBC car loan without visiting a dealership?

Unfortunately, that is not an option. However, you can use our comparison table to find the best personal loan for you if you’re buying a car privately.