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CIBC Car Loan Rates

CIBC Car Loan Rates

CIBC Car Loan Rates
About CIBC

The CIBC car loan rates are some of the most popular rates in Canada.

The Canadian Imperial Bank of Commerce (CIBC) holds a prestigious position among Canada’s big five banks. Its formation took place in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, making it the most significant bank merger in Canadian history. With its headquarters situated in Toronto, it stands as one of the two banks, along with the Toronto Dominion Bank, to originate from this thriving city.

CIBC boasts a vast workforce of over 40,000 dedicated employees and serves a diverse clientele of over 11 million customers worldwide. Throughout its history, the bank has earned a strong reputation for providing exceptional financial services and support to individuals and businesses across the globe. With its extensive reach and commitment to excellence, CIBC continues to be a driving force in the Canadian financial landscape.

About CIBC

The CIBC car loan rates are some of the most popular rates in Canada. The Canadian Imperial Bank of Commerce (CIBC) holds a prestigious position among Canada’s big five banks. Its formation took place in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, making it the most significant bank merger in Canadian history. With its headquarters situated in Toronto, it stands as one of the two banks, along with the Toronto Dominion Bank, to originate from this thriving city.

CIBC boasts a vast workforce of over 40,000 dedicated employees and serves a diverse clientele of over 11 million customers worldwide. Throughout its history, the bank has earned a strong reputation for providing exceptional financial services and support to individuals and businesses across the globe. With its extensive reach and commitment to excellence, CIBC continues to be a driving force in the Canadian financial landscape.

7.20%

On Approved Credit

Current Lowest CIBC Car Loan Rate

Current CIBC Car Loan Rates

Loan terms up to 78 months

7.20% - 9.99%

OAC

Loan terms of 84 months

7.20% - 9.99%

OAC

Loan terms over 84 months

7.20% - 9.99%

OAC

Car Loan Application showing CIBC car loan rates

CIBC Car Loan Calculator

Want to find out your payments with a CIBC Car Loan? 

Discover the convenience of our state-of-the-art car loan calculator, making it effortless to estimate your monthly payments with the Canadian Imperial Bank of Commerce (CIBC) rates. Simply input your desired CIBC car loan rate from the provided rate sheet and customize the terms to perfectly align with your preferences.

We deeply understand the paramount importance of staying within your budget while embarking on the journey to find your dream car. To cater to this essential need, we have meticulously crafted a specialized car payment calculator, designed as your reliable guide throughout the entire process. Empowering you with invaluable insights into your payments, this powerful tool ensures you remain on track every step of the way. Take advantage of our user-friendly car loan calculator to pave the way towards owning the car you’ve always desired.

CIBC Car Loan Questions?

CIBC offers both fixed and variable interest rate options for auto loans. Variable rates are tied to the CIBC Prime Rate, which is currently 7.20% as of April 2024. Specific rates will depend on individual factors like credit score, loan term, down payment amount, etc. but generally fall in the range of 7.99% to 9.99% for new vehicles and 8.99% to 10.99% for used. Those with lower credit scores can expect to pay towards the higher end of those ranges. CIBC also offers special discounted “green vehicle” rates on electric and hybrid cars.

CIBC provides flexible car loan terms up to 8 years. Most borrowers choose terms of 24 to 72 months. Shorter terms of 1-5 years are available but mean higher monthly payments. Going with the full 8 year repayment period lowers payments but increases total interest paid over the life of the loan.

CIBC will finance up to 100% of the vehicle purchase price, so borrowers have the option to get loans covering the entire cost of the car without any down payment. However, at least 20% down is recommended to get the best rates. There is no set minimum or maximum loan amount – it depends on the borrower’s financial situation.

Yes, CIBC does work with borrowers who have poor or damaged credit. Those with low credit scores will pay higher interest rates but can still qualify for financing in many cases. Having a reliable source of income and providing a higher down payment improves chances for approval.

Pre-approvals can be instant in some cases. If applying at the dealership, CIBC aims to provide a lending decision within 30 minutes for applications submitted during business hours. After business hours or for non-urgent loans, wait 1-2 business days. Final approval depends on verification of income and other details.

CIBC auto loans are available at over 3,200 dealership locations across Canada that partner with CIBC. Apply conveniently at the dealership where you’re purchasing the vehicle. Online applications are also accepted through CIBC’s website or mobile app. Pre-approvals can be obtained before shopping for faster service when ready to buy.

You’ll need:

 

– Proof of income – recent pay stubs, T4, etc

– Government issued ID

– Social insurance number

– Down payment amount

– Information on the vehicle

– Proof of insurance if available

Yes, CIBC does provide auto financing for self-employed borrowers. Be ready to supply documentation like tax returns, financial statements, and bank statements to verify income. Steady earnings from self-employment for at least 2 years is recommended for approval.

If denied by CIBC, try applying with other major banks or check rates from online lenders and credit unions. Adding a cosigner with good credit may help obtain approval or improve your rate. Down payment assistance programs for lower-income applicants are also available.

No, CIBC does not charge any prepayment penalties. You can pay off your auto loan early without fees and reduce the total interest paid. Even making extra lump sum payments when possible can save on interest charges over time.

Missing payments will damage your credit score and likely incur late fees around $42.50. After 2-3 months of non-payment, CIBC can begin vehicle repossession procedures. To avoid this, contact CIBC immediately if you anticipate payment issues due to financial hardship.

If you’re registered for CIBC online banking, you can check your up-to-date auto loan balance at any time. Otherwise, call telephone banking or visit a CIBC branch location to speak with a representative and obtain your current balance. Your monthly statements will also show the amount still owing.

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