Car Deal Canada

Scotiabank Car Loan Interest Rates

Scotiabank car loan interest rates
Scotiabank car loan interest rates

Scotiabank Car Loan Interest Rates

About Scotiabank

Scotiabank car loan rates are some of the most favourable rates in Canada. Scotiabank, widely recognized as The Bank of Nova Scotia, stands out as a leading multinational financial services corporation in Canada and is counted among the prestigious “big five banks” of the nation. Ranking as the third-largest bank in Canada in terms of deposits and market capitalization, Scotiabank boasts a storied heritage.

Originally established in Nova Scotia in 1832, Scotiabank moved its executive office to Toronto in 1900. Employing over 88,000 people globally, the bank serves the financial needs of over 25 million customers worldwide.

About Scotiabank

Scotiabank car loan interest rates are some of the most favourable rates in Canada. Scotiabank, widely recognized as The Bank of Nova Scotia, stands out as a leading multinational financial services corporation in Canada and is counted among the prestigious “big five banks” of the nation. Ranking as the third-largest bank in Canada in terms of deposits and market capitalization, Scotiabank boasts a storied heritage.

Originally established in Nova Scotia in 1832, Scotiabank moved its executive office to Toronto in 1900. Employing over 88,000 people globally, the bank serves the financial needs of over 25 million customers worldwide.

6.99%

On Approved Credit

Current Lowest Scotiabank Car Loan Rate

Current Scotiabank Used Car Loan Interest Rates

Loan terms of less than 78 months

6.99% - 10.49%

OAC

Loan terms of 84 months

8.44% - 11.24%

OAC

Loan terms over 84

8.93% - 11.73%

OAC

Car Loan Application showing Scotiabank Car Loan Interest Rates

Scotiabank Car Loan Calculator

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

Make the most of our car loan calculator to easily estimate your monthly payments with Scotiabank. Simply input your preferred Scotiabank car loan rate from the rate sheet provided above and choose the terms that suit you best.

Keeping your budget in check is of utmost importance during your search for the perfect car, and that’s why we have developed a dedicated car payment calculator tailored to this need. This powerful tool empowers you to stay on course by providing valuable insights into your payments.

It ensures that the car loan rate you select harmonizes seamlessly with your financial objectives, helping you make an informed decision with confidence.

Questions About Scotiabank Car Loans?

Scotiabank currently offers car loan interest rates starting as low as 6.99% for new car loans and 7.99% for used car loans. The rate you qualify for will depend on factors like your credit score, loan amount, loan term and the age of the vehicle. Scotiabank offers flexible terms from 12 to 84 months. With excellent credit in the low 700s, you can expect to qualify for their lowest advertised rates.

You can get pre-approved for a Scotiabank car loan by applying online or by phone. You’ll need to provide some basic personal and financial information. Scotiabank will then run a soft credit check and assess your eligibility. If approved, you’ll receive a pre-approval letter with the loan details that’s valid for 30 days. This allows you to shop for your new car knowing exactly how much financing you qualify for.

The minimum credit score to qualify for a Scotiabank car loan is typically 680. Applicants with scores in the mid 600s may still be approved but will pay higher interest rates. Those with excellent credit in the low 700s will qualify for Scotiabank’s lowest advertised rates. Checking your credit reports before applying is advisable to ensure no errors or issues that may negatively impact your score.

Scotiabank offers car loans ranging from $5,000 up to $150,000. The maximum amount you can borrow will depend on factors like your income, existing debt obligations and credit history. Those with strong credit profiles can typically qualify to finance 100% of the vehicle purchase price plus taxes. Speak to a Scotiabank loan officer about your specific situation.

Yes, Scotiabank does offer car loan refinancing options. If you have an existing auto loan with another lender, you may be able to lower your interest rate by refinancing with Scotiabank. You’ll need to apply and qualify based on your current income, debts and credit score. Refinancing could potentially save you thousands in interest costs over the life of the loan.

To apply for a Scotiabank car loan, you’ll need to provide personal identification such as your driver’s license, proof of income through recent pay stubs or tax documents, proof of address, vehicle details if applying for a used car loan, and insurance information including your provider and policy number. Having these documents ready will help speed up the application process.

Yes, Scotiabank does offer car loans for self-employed applicants. You’ll need to provide documents that verify your income such as financial statements, tax returns and bank statements. Good credit and sufficient income to cover the loan payments are also required. Speak to a Scotiabank loan officer to learn more about required documents for self-employed applicants.

You can usually get approved for a Scotiabank car loan within 1-3 business days. Applying online is the quickest option. You’ll get an instant decision on pre-approval. After submitting all required documents, final approval can take 1-3 days. In some cases same day approval may be possible by visiting a branch. Getting pre-approved can speed up the final approval significantly.

Scotiabank does not offer 0% interest auto loans. The lowest rates they offer are typically around 6% for new cars and 7% for used cars with excellent credit. However, Scotiabank does offer promotional low interest rates from time to time so it’s worth checking with your local branch. Manufacturer incentives like cash rebates can help reduce your effective interest rate as well.

Scotiabank does not charge any application fees or pre-payment penalties on their auto loans. You may be charged an origination fee of up to $300 on approved loans. There are no monthly maintenance fees but returned or late payments will incur fees. Optional creditor insurance like life insurance or disability insurance can also be added for an additional monthly cost.

Yes, getting pre-approved for a Scotiabank car loan before visiting dealerships is highly recommended. It allows you to negotiate as a cash buyer and shop with confidence knowing the monthly payments you qualify for. Dealers will often try to get you financed through them but with pre-approval, you can secure Scotiabank’s lower interest rate ahead of time.

To apply for a used car loan with Scotiabank, first research vehicles and get pre-approved to know your budget. When you find the vehicle you want, gather details like make, model, year, mileage and VIN. Complete Scotiabank’s online application or visit a branch providing income proof, ID, insurance info and vehicle details. If approved, you’ll get a loan agreement outlining the rate, term and payments to finalize.

Refinancing can make sense if you can lower your interest rate significantly or reduce your monthly payments. To determine if refinancing your existing auto loan is beneficial, compare Scotiabank’s rates to your current rate. Estimate the refinancing costs like fees and use an auto loan calculator to see potential savings in interest. Meeting with a Scotiabank loan officer can also help assess if refinancing is right for your situation.

Scotiabank offers several optional auto protection products including guaranteed asset protection (GAP) coverage, creditor insurance for life or disability, and extended warranty plans. GAP insurance covers the difference between vehicle value and loan balance if it is totaled or stolen. Creditor insurance pays the loan if you pass away or have a disability. Extended warranties provide repair coverage beyond the manufacturer warranty.

It may be challenging to qualify for a Scotiabank auto loan if you filed for bankruptcy recently. Most lenders require discharged bankruptcies to be at least 2 years old before they will consider lending. However, each application is evaluated case-by-case. Meeting with a Scotiabank loan officer to discuss your situation is recommended if you have a recent bankruptcy.

Get Approved Today

Find out which Scotiabank auto finance rate you qualify for