CIBC Auto Loan
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CIBC Auto Loan Plus
Pros
- Flexible loan terms available
- Competitive interest rates
- Ability to finance up to 100% of the vehicle's value
- Option for early repayment without penalties
Cons
- Credit approval required
- May have fees associated with late payments
- Limited to Canadian residents only
With the current prime rate hovering around 7.20%, now is a good time to compare auto loan options in Canada. The CIBC Auto Loan is a popular choice among Canadians, offering competitive rates and flexible terms. By reviewing the features, pros, and cons of this product, you can make an informed decision about whether it's the right fit for your vehicle financing needs.
Key Features
- Flexible repayment terms ranging from 12 to 84 months
- Competitive interest rates, with a potential welcome bonus (check current offer)
- Optional financing for vehicles up to 10 years old
- Fees vary depending on the loan amount and term
- Earn standard rates with no surprises or hidden charges
- Access to online account management and payment options
Pros & Cons
Pros:
- Established bank with a strong reputation in Canada
- Convenient online application and account management
- Flexible repayment terms to suit your budget
- Potential for competitive interest rates
- Optional financing for older vehicles
Cons:
- Fees can add up, depending on the loan amount and term
- Interest rates may not be the lowest available in the market
- Requires a good credit score (e.g., 660+ on Equifax)
- May not be the best option for those with poor credit history
How It Compares
| Product | Interest Rate | Term |
|---|---|---|
| CIBC Auto Loan | Competitive rates (check current offer) | 12-84 months |
| TD Auto Finance | Variable rates (e.g., 6.50%-8.50%) | 12-72 months |
| RBC Royal Bank Auto Loan | Competitive rates (e.g., 6.20%-8.20%) | 12-84 months |
Who It's For
The CIBC Auto Loan is suitable for Canadians with a good credit score, a stable income, and a reliable vehicle. Residents of British Columbia and Ontario may find this product particularly appealing due to CIBC's extensive branch network in these provinces. However, it's essential to review the terms and conditions to ensure they align with your individual needs and financial situation.
How to Apply
To apply for the CIBC Auto Loan, you can visit the CIBC website, call their customer service, or visit a branch in person. The application process typically involves providing personal and financial information, as well as details about the vehicle you wish to finance.
FAQ
Can newcomers get the CIBC Auto Loan?
Yes, newcomers to Canada may be eligible for the CIBC Auto Loan, but they may need to meet additional requirements, such as providing proof of income and credit history.
What credit score do I need to qualify?
A good credit score, typically 660+ on Equifax, is recommended to qualify for the CIBC Auto Loan. However, CIBC may consider other factors, such as income and employment history, when evaluating your application.
Are there any prepayment penalties?
CIBC may charge prepayment penalties if you pay off your loan early. It's essential to review the terms and conditions of your loan agreement to understand any potential penalties.
Can I finance a used vehicle with the CIBC Auto Loan?
Yes, the CIBC Auto Loan allows you to finance used vehicles up to 10 years old, subject to certain conditions and approval.
Is the CIBC Auto Loan regulated by the FCAC?
Yes, the CIBC Auto Loan is subject to regulations set by the Financial Consumer Agency of Canada (FCAC), which ensures that consumers are treated fairly and have access to clear information about the loan terms and conditions.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR's editorial team evaluates products using independent testing, consumer data, and verified Canadian market pricing.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.