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Desjardins car loan interest rate

Desjardins Car Loan Rates

Desjardins car loan interest rate

Desjardins Car Loan Rates

About Desjardins

The Desjardins car loan interest rate Is a very favorable rate for most Canadians.

Meet the Desjardins Group, a prominent Canadian financial services cooperative and the largest federation of credit unions in North America. This esteemed organization was founded in Levis, Quebec, in 1900 by Alphonse Desjardins, and to this day, its headquarters remains in Levis. While most of its executive team operates from Montreal, its dedication to serving the community spans far and wide.

The Desjardins Group is an expansive network, comprising over 30 local credit unions, collectively operating more than 1000 points of service. With this extensive reach, the group caters to the needs of over 7 million customers, striving to provide top-notch financial services and support.

About Desjardins

The Desjardins car loan interest rate Is a very favorable rate for most Canadians.

Meet the Desjardins Group, a prominent Canadian financial services cooperative and the largest federation of credit unions in North America. This esteemed organization was founded in Levis, Quebec, in 1900 by Alphonse Desjardins, and to this day, its headquarters remains in Levis. While most of its executive team operates from Montreal, its dedication to serving the community spans far and wide.

The Desjardins Group is an expansive network, comprising over 30 local credit unions, collectively operating more than 1000 points of service. With this extensive reach, the group caters to the needs of over 7 million customers, striving to provide top-notch financial services and support.

6.99%

On Approved Credit

Current Lowest Desjardins Car Loan Rate

Current Desjardins Car Loan Interest Rates

Loan terms upto 78 months

6.99% - 10.49%

OAC

Loan terms of 84 months

6.99% - 10.49%

OAC

Loan terms over 84 months

8.99% - 12.99%

OAC

Car Loan Application showing Desjardins car loan interest rate

Desjardins Car Loan Calculator

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

Unleash the true potential of our car loan calculator to effortlessly estimate your monthly payments with Desjardins Group. Simply input your desired Desjardins car loan rate from the rate sheet provided above and choose the terms that perfectly match your preferences.

We recognize the utmost importance of adhering to your budget while embarking on the journey to find your dream car. To cater to this need, we have developed a specialized car payment calculator, meticulously designed to guide you throughout the process. This powerful tool acts as your reliable compass, offering invaluable insights into your payments, ensuring you stay on track every step of the way.

Rest assured, our calculator is fine-tuned to ensure that the car loan rate you select perfectly aligns with your financial goals. Equipped with this crucial information, you can confidently make an informed decision, bringing you closer to owning the car you’ve always desired. Desjardins Group is a great choice for your next car loan.

Desjardins Car Loan Questions?

Desjardins offers competitive interest rates for car loans in Canada. Rates start as low as 8.99% for used car loans, though you’ll need good credit to qualify for the lowest rates. New car loan rates typically start around 6.99%. Rates are also dependent on factors like your credit score, loan term, down payment, and the vehicle make/model. In general, Desjardins offers the following interest rates for car loans:

 

– New Cars: 6.99% – 9.99%

– Used Cars: 8.99% – 9.99%

– Longer Terms (up to 8 years): Rates are higher, around 8.99% – 12.99%

 

To get the best rate, aim for at least a 20% downpayment, excellent credit (720+ score), and a shorter loan term (3-5 years). Rates are also lower when financing newer model vehicles. Those with poor credit can expect rates around 15-20% or higher.

To qualify for a Desjardins car loan you’ll generally need:

 

– Canadian residency

– Minimum age of 18 years (19 in BC)

– Valid Canadian driver’s license

– Proof of income

– Down payment (ideally at least 20% of vehicle cost)

– Good credit score (650+ though rates are better with 700+ score)

– Low debt-to-income ratio (ideally under 40%)

 

Desjardins evaluates your creditworthiness based on factors like your credit history, income, existing debts and down payment. Those with excellent credit, higher incomes and lower debt get approved for the largest loans at the best rates. If you have bad credit or other risk factors, you may need a co-signer to qualify or get approved for a higher rate loan.

Desjardins offers flexible car loan terms from 24 to 96 months. The most common terms are:

 

24-36 months – Best for new cars

36-48 months – Recommended for used cars

48-60 months – Higher rates but lower monthly payments

72-84 months – For those who need extra time to repay

 

Longer terms (like 72-96 months) result in higher total interest costs but a lower monthly payment. A shorter term is recommended when possible, as you’ll pay less interest and own the vehicle sooner.

 

When choosing a term, balance the monthly payment with total interest paid over the life of the loan. Also consider how long you plan to own the vehicle.

Desjardins doesn’t publish set limits on how much you can borrow for a car loan. The amount you can qualify to borrow depends on factors like:

 

Your income – Higher incomes allow larger loan amounts

Credit score – Better scores qualify for more financing

Existing debt obligations – Lower debt means you can borrow more

Down payment – Larger down payments allow bigger loan amounts

 

As a general guideline, your total vehicle loans, leases and payments should be 20% or less of your gross monthly income. Those with excellent credit and income can sometimes get approved to finance 100% of the vehicle cost.

 

To get approved for the largest loan, aim for a credit score over 720, debt ratio under 40%, solid income documentation and at least 20% down.

Desjardins doesn’t charge any specific application or origination fees for car loans. However, your total cost will include:

 

Interest charges – You’ll pay interest based on your rate and loan amount. This is usually the largest cost.

Optional insurance – You can add creditor insurance for around $15-$30 per month.

Early repayment fees – Paying off your loan early may incur a penalty interest charge.

Late fees – A fee around $25-$50 if your payment is more than 15 days late.

Returned payment fees – Expect a $20-$45 fee for any returned or failed payments.

 

Be sure to review all loan terms and costs before signing your agreement. Avoid extras like creditor insurance to minimize financing fees.

You have a few options to apply for a Desjardins auto loan:

 

Apply online via Desjardins.com – Complete a quick online application form to get pre-approved.

Apply by phone – Call 1-800-CAISSES to speak with a lending agent and begin the application process.

Apply at a dealership – Many dealers work with Desjardins to offer financing on vehicles purchased at their lot.

Visit a caisse or branch – Meet with a representative in person to complete the application and get same-day approval.

 

To expedite the process, have documents like your driver’s license, proof of income, vehicle information and down payment amount ready when you apply. This can help speed up the approval decision.

Desjardins can process auto loan applications very quickly. Here is the typical timeline:

 

Online applications – You’ll get an instant pre-approval decision, then final approval within 1 business day once documents are verified.

Phone applications – Can be approved the same day if you provide all required documents upfront.

In-branch applications – Approval often within the same business day.

Dealer financing – Approval timeframe depends on the dealer submitting your full application promptly.

 

To get approved as fast as possible, complete the application fully and accurately, provide all required documents, and respond promptly to any follow up questions from your Desjardins representative. This can help expedite the underwriting process.

Yes, Desjardins offers pre-approval for auto financing. Pre-approval provides a credit decision upfront before you search for a vehicle. Benefits include:

 

– Knowing your estimated rate and loan amount before shopping. This gives you bargaining power.

– Faster final approval once you’ve selected a vehicle to purchase.

– Ability to shop like a cash buyer by getting financing sorted beforehand.

– Strong negotiating position with dealers since you have financing lined up.

 

To get pre-approved, you’ll need to provide details on your income, debts, down payment and the estimated vehicle price. The pre-approval hold rates and terms for 30-60 days typically.

Yes, Desjardins provides financing for private vehicle purchases in addition to dealer purchases. With a private sale loan, you work directly with Desjardins rather than the seller to obtain financing.

 

Private sale loans have the same competitive rates and terms as dealer loans. To apply, you’ll provide Desjardins with details on the vehicle, seller, your down payment amount and the loan amount needed.

 

Desjardins will deposit the approved loan amount directly into your bank account once the loan is finalized. You can then pay the private seller directly. Private sale loans allow flexibility to find and negotiate on any vehicle.

Desjardins doesn’t publish a minimum credit score requirement for auto loans, but here are general guidelines:

 

Good credit (670+ score) – Needed for approval at average rates

Very good credit (700+ score) – Qualifies for best advertised rates

Excellent credit (750+ score) – Gives access to lowest possible rates

Fair/poor credit (under 620 score) – Will require a subprime loan at a higher rate

 

In addition to your score, Desjardins will review your full credit history including payment history, credit utilization, credit age and mix of accounts. Even if you have excellent credit, high debt levels could impact approval odds.

Have these documents ready when you apply for a Desjardins auto loan:

 

– Valid driver’s license

– Proof of income (Recent pay stubs, tax returns, employment letter)

– Down payment amount (Have funds available in your bank account)

– Cost estimate and details on the vehicle

– Proof of insurance if available

– Supporting financial documents (Bank statements, current debts/assets)

 

For private sales, you’ll also need a bill of sale, details on the seller, and potentially a vehicle inspection report. Having all documentation ready accelerates the approval process.

Yes, Desjardins offers auto financing for self-employed borrowers. As a self-employed applicant, you’ll need to provide additional documents such as:

 

– Last two years of tax returns

– Proof of business registration

– Bank statements showing business revenue/expenses

– Projected income statement

 

Desjardins will assess your personal credit, business revenue, expenses, time in business, and other factors. Stable self-employment income can certainly qualify you, though a higher down payment is sometimes required.

To get the lowest possible interest rate on a Desjardins car loan, focus on:

 

Improving your credit – Shoot for a 750+ credit score. Pay down debts and make timely payments.

Putting 20% or more down – A larger down payment signals lower risk to the lender.

Choosing a shorter term – Opt for a 3-4 year repayment term rather than 5-6 years.

Taking a loan for less than the car’s value – Seek financing for 80% or less of the car’s total price.

Comparing rates from other lenders – Having rate quotes from other banks gives you negotiating power.

Adding a co-signer – If you have insufficient credit history, a co-signer with great credit can lower rates.

 

Strengthening your financial profile before applying gives you the best shot at the lowest rates.

Desjardins gives you a few options to protect your vehicle investment:

 

Guaranteed Asset Protection (GAP) – Covers the difference between the vehicle value and loan balance if it is totaled or stolen.

Creditor Life + Disability Insurance – Pays off your loan balance if you pass away or have a disability.

Extended Warranty – Adds extra warranty coverage beyond the manufacturer’s warranty period.

Mechanical Breakdown Insurance – Protects against repair costs for vehicle breakdowns and failures.

 

These products add about $15-$50 onto your monthly loan payment amount. While optional, they can provide peace of mind and protect you from major repair bills or a loss.

Yes, you can trade in a vehicle as part of the down payment when financing your next car with Desjardins. The trade-in value reduces the total loan amount.

 

To use a trade-in:

 

– Get a written trade-in value estimate from the dealer.

– Provide Desjardins details on your current loan balance – they’ll pay this off.

– Any positive equity after paying the old loan is applied to your new loan as a down payment.

 

Trading in your current vehicle provides down payment funds and convenience. Just be sure the dealer offers fair market value for your trade when negotiating.

Desjardins does not currently offer discounted student rates for auto loans. They do have student credit cards and tailored lending programs to help those in school access affordable financing.

 

For a car loan as a student, focus on these strategies to get the best rates:

 

Apply with a creditworthy cosigner – This provides better loan terms.

Ask about promotional discounts – Dealers sometimes run specials for new grads.

Prioritize affordability – Opt for a used, cheaper car to get lower monthly payments.

Build your credit – Get a credit card and make on-time payments to boost your score.

 

While Desjardins doesn’t advertise student auto rates, they will work with you based on your unique financial situation as a student. Be sure to maximize your credit profile.

You can reach Desjardins for new auto loans or to manage an existing loan here:

 

Phone: 1-800-CAISSES (1-800-224-7737)

Online: https://www.desjardins.com/ca/personal/loans-credit/auto-other-vehicle-loans/index.jsp

Mail: Desjardins Head Office

100 Rue des Commandeurs

Lévis, QC G6V 7N5

 

For help with loan applications, payments, documents or any other questions, their lending agents are available by phone and online. You can also visit a Desjardins caisse or branch location in person.

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