Car Deal Canada

Scotia Dealer Advantage Car Loan Rates

Scotia Dealer Advantage Car Loan Rates
Scotia Dealer Advantage Car Loan Rates

Scotia Dealer Advantage Car Loan Rates

About Scotia Dealer Advantage

Scotia Dealer Advantage car loan rates are some of the most available in the country.

Scotia Dealer Advantage offers non-prime car loans for both new and used vehicles, catering to Canadians with bad credit or no credit history. Their strong national financing team has a deep understanding of local needs, they provide personalized plans to perfectly fit your requirements when purchasing a car in Canada.

About Scotia Dealer Advantage

Scotia Dealer Advantage car loan rates are some of the most available in the country. Scotia Dealer Advantage offers non-prime car loans for both new and used vehicles, catering to Canadians with bad credit or no credit history at all. As a national financing team with a deep understanding of local needs, they provide personalized plans to perfectly fit your requirements when purchasing a car in Canada.


9.99%

On Approved Credit

Current Lowest Scotia Dealer Advantage Car Loan Rate

Current Scotia Dealer Advantage Used Car Loan Rates

5 Star+

Starting 9.99%

OAC

5 Star

Starting at 13.99%

OAC

4 Star

Starting at 16.99%

OAC

3 Star

Starting at 19.99%

OAC

2 Star

Starting at 26.99%

OAC

1 Star

Starting at 29.99%

OAC

Car Loan Application showing Scotia Dealer Advantage Car Loan Rates

Scotia Dealer Advantage Car Loan Calculator

Want to find out your payments with a Scotia Dealer Advantage Car Loan? 

Unlock the full potential of our cutting-edge car loan calculator, allowing you to effortlessly estimate your monthly payments with Scotia Dealer Advantage. By simply entering your desired car loan rate and customizing the terms to suit your preferences, you’ll be equipped with the necessary insights to make an informed decision and stay on track within your budget while realizing your dream car ownership.

At Scotia Dealer Advantage, they understand the significance of catering to customers with diverse credit backgrounds, which is why they offer non-prime car loans for both new and used vehicles. Their national financing team possesses an in-depth understanding of local needs, ensuring we provide personalized plans that best fit your unique requirements when buying a car in Canada. You can confidently drive away, knowing you have secured a great car loan with the support of Scotia Dealer Advantage.

Scotia Dealer Advantage Car Loan Questions?

Scotia Dealer Advantage offers competitive interest rates on new and used car loans across Canada. Rates start as low as 9.99% on select new models and can range from 10.99% to 29.99% for used vehicles depending on factors like your credit score, loan term, down payment amount, and the vehicle make/model. Scotia Dealer Advantage has partnerships with many dealerships, so you can often get a rate discount when financing through a participating dealership.

Scotia Dealer Advantage is one of the top lenders for car loans in Canada along with banks like RBC, TD, CIBC and credit unions. A key advantage is that Scotia Dealer Advantage offers discounted rates when financing at partner dealerships. They also have flexible terms from 24 to 84 months, allow flexible down payments, and have an easy online application process. Scotia Dealer Advantage approves a wide range of credit from good to poor, however their rates for bad credit are higher versus alternatives like Fairstone Financial.

To qualify for a Scotia Dealer Advantage car loan you’ll need:

 

– To be a Canadian resident aged 18+

– Valid Canadian driver’s license

– Gross monthly income of at least $1600

– Down payment of $0 to $20,000 or more

– Proof of insurance

– Bank statements and pay stubs for income verification

 

Approval is based on your credit history, income, expenses and ability to make the monthly payments. Scotia Dealer Advantage finances a wide range of credit scores but lower rates require good (700+) credit.

Scotia Dealer Advantage offers flexible loan terms from 24 to 84 months (2 to 7 years). The longer the term, the lower your monthly payment will be, however you pay more interest over the life of the loan.

Here are the most common loan term options:

 

– 24 months

– 36 months

– 48 months

– 60 months

– 72 months

– 84 months

 

Your credit history will determine the maximum term you qualify for. Applicants with good credit can get up to 84 month terms for lower monthly payments.

Yes, Scotia Dealer Advantage allows you to get pre-approved for an auto loan before visiting the dealership. Pre-approval locks in an interest rate and loan amount for up to 90 days.

 

To start the pre-approval process, you can apply online or visit a Scotiabank branch. You’ll need to provide information on the vehicle you plan to purchase including the make, model, year and purchase price. Pre-approval can give you strong negotiating power at the dealership.

Yes, Scotia Dealer Advantage provides financing for both new and used vehicle purchases including private sales. For private sales, you’ll need to bring the vehicle to a mechanic for a safety certification inspection report before applying for financing. Rates for used vehicles are higher ranging from 10.99% to 29.99% based on factors like your credit score, loan term, vehicle type etc.

Scotia Dealer Advantage finances a wide range of credit from good to poor. Here are the typical credit score requirements:


Excellent credit (720+): Best rates from 9.99% to 13.99%

Good credit (680-719): Approved at competitive rates from 16.99% to 19.99%

Fair credit (620-679): Can still get approved but higher rates from 26.99% to 29.99%

Poor/Rebuilding credit: May get approved but rates from 29.99% +

 

Higher scores get lower rates and more flexible terms. Scotia Dealer Advantage focuses more on your ability to make the monthly payments versus just your credit score.

When applying for a Scotia Dealer Advantage car loan, have these documents ready:

 

– Driver’s license

– Recent pay stubs

– Proof of insurance

– Down payment funds

– Bills to verify expenses

– Optional: Bank statements to supplement income verification

 

For private sales you’ll also need the safety certification for the used vehicle. Having all documentation ready speeds up the application and approval process.

With Scotia Dealer Advantage you can often get an instant credit decision when you apply online or at the dealership. Approval timelines are:

 

Online pre-approval: Less than 1 hour

At dealership: Instant decision

Private sale: 1-3 days

 

Once approved, you can complete purchase paperwork and drive home your new vehicle right away in most cases. Direct lending through Scotia Dealer Advantage enables quick financing approvals versus going through the bank.

Yes, Scotia Dealer Advantage welcomes applications from self-employed individuals. As documentation you’ll need to provide:

 

– Proof of business registration and ownership

– Business license

– Financial statements for the last 2-3 years

– Tax returns and NOAs

– Large contracts or deals to support revenue

 

A consistent income history is important. Having 2+ years of self-employment income makes it easier to get approved and get lower rates.

Yes, Scotia Dealer Advantage can finance lease buyouts and lease takeovers once your current lease ends. To buyout your lease, you get financing for the residual buyout amount owed. For a lease takeover, financing covers the remaining payments.

 

Scotia Dealer Advantage offers easy financing for customers looking to keep their leased vehicle long-term. You can apply for pre-approval before your lease ends.

When financing with Scotia Dealer Advantage, these are the common fees:

 

Documentation fee: $0 to $150

Lien registration fee: $0 to $100

Dealer admin fee: Around $499

Optional protection packages: Vary based on the coverage selected

NSFF fee: $45 for missed/returned payments

 

There are no prepayment penalties if you pay off your loan early. Read all loan documents carefully to understand fees. Avoid extras like credit insurance to reduce costs.

Unfortunately Scotia Dealer Advantage does not currently offer special discounted rates for students. As a student applying for a car loan, you can still get competitive rates but will need:

 

– Proof of enrollment

– Part-time or full-time job with income

– Parent/guardian as a co-signer

– Down payment from savings

– Good credit history if you have a credit profile

 

Make sure to compare rates from banks and other lenders like TD and RBC to find the best financing offer as a student.

Yes, Scotia Dealer Advantage allows trade-ins as part of the financing package when purchasing a new or used vehicle. The value of your trade-in will be deducted from the total purchase price when calculating the loan amount.

 

To trade-in your vehicle:


– Get an appraisal to determine the trade-in value

– Clean it thoroughly and provide maintenance records

– Pay off any remaining loan balance

– Transfer the ownership to the dealership

 

Consider selling privately for more money if your vehicle has significant value.

Scotia Dealer Advantage offers two excellent insurance discounts:

 

Multi-policy discount: Get 5% off Scotia Dealer Advantage car loan insurance rates when you have two or more policies such as home and auto insurance.

Bundling discount: You can get up to 15% off insurance when bundling your Scotia Dealer Advantage car loan with Scotiabank products like a Momentum VISA and chequing account.

 

Leveraging these discounts can save you hundreds per year. Ask about combining your banking and insurance policies.

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