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The table below shows an overview of Scotiabank car loan options. Scotiabank is a Canadian headquartered bank that’s also a leading bank in the U.S. It was established in 1832 as the Bank of Nova Scotia and is one of the oldest financial institutions in Canada. It’s also a top choice for vehicle financing at Canadian dealerships. What’s the cost of a car loan from Scotiabank? Crunch the numbers and get your monthly repayment estimate using the Scotiabank car loan calculator below. You can input your desired loan amount and term or explore different payment scenarios.
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.
Scotiabank car loans review
You can get the best deal and competitive rates when you visit your dealership and ask for Scotiabank financing. You can buy a new vehicle or a used vehicle that’s up to seven years old.
Scotiabank car loan features
Before visiting your dealership, confirm that a Scotiabank car loan is right for you by reviewing the following features and benefits.
- Loan amounts. Scotiabank offers up to $200,000 on your next vehicle when you take out a secured car loan.
- Loan terms. You can pay off your loan over a maximum period of 96 months (eight years).
- Payment frequency. You can choose a weekly, bi-weekly, or monthly payment plan.
- Payment breaks. Scotiabank allows you to postpone a month’s payment for each year of your loan term, but keep in mind your interest will continue to accrue during that month.
- Fixed or variable rate.You can choose a variable or fixed interest rate.
- Manage your loan online. Your loan account number enables you to manage your loan online. You’ll be able to change your payment amount, due date, and frequency.
- No prepayment penalties. You can pay off your loan faster with lump sum payments at no extra cost.
Applying for a Scotiabank car loan
Applying for a Scotiabank car loan is as simple as visiting your local dealership and asking for Scotiabank auto financing. Scotiabank has partnered with over 4,000 dealerships across Canada. If you want to first discuss your car loan options with a Scotiabank representative, call 1 (800) 4SCOTIA
Check that you’re eligible
Scotiabank car loan requirements include the following general requirements:
- Be the age of majority in your province
- Be a permanent Canadian resident
- Have a driver’s licence
- Meet the minimum income
- Meet the minimum credit score requirements
- Have a valid bank account
What you’ll need:
- Government-issued photo ID
- Personal, contact, income, and employment details
- Social Insurance Number
- Your loan details, such as desired loan amount and term
Scotiabank car loan calculator
Scotiabank car loans FAQs
A fixed interest rate never changes, so your repayments will stay the same. However, a variable rate might fluctuate because it’s tied to the Scotiabank Prime Rate, which also fluctuates.
You’ll need to visit your local dealership to get a Scotiabank auto loan. However, you can still opt for an unsecured Scotiabank personal loan, which can be used to finance your car. You don’t have to visit a dealership to secure a Scotiabank personal loan.
A secured car loan uses the car you’re buying as security for the loan and typically offers a lower rate. An unsecured loan doesn’t require collateral but comes with a higher rate.
When you finance with a loan, you own the car once it’s paid off. You won’t own the car with a lease, but as long as you make payments, you can get a new car every few years.
Additionally, a lease might have driving distance limits per year, and you won’t be able to customize the car how you want. Once you sign the lease, you’ll also be responsible for keeping the car in good condition
Learn more about Scotiabank in this video
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