Borrowing Options for Buying a Car, Truck or Recreational Vehicle

If you already know what you want to buy and prefer a fixed payment schedule, we recommend a CIBC Personal Car Loan or CIBC Personal Loan. If you haven't yet decided, but want a pool of money to draw on when you do decide, check out a CIBC Personal Line of Credit. And if you need a more substantial sum of money, consider our CIBC Home Power™ line of credit product, which secures your line of credit with the equity in your home.

CIBC Personal Car Loan

If you like a structured payment plan and have identified the car, truck or van you want, this loan is ideal (not available for RVs). And, unlike most dealership financing, you may not even need to make a downpayment.

receive up to 100% financing on both new or used vehicles
keep your payments low with an amortization of up to 7 years (84 months)
borrow a minimum of $5,000
choose the payment schedule that's best for you - weekly, bi-weekly, semi-monthly or monthly
pay your loan off early with no penalty

CIBC Personal Loan

If you need financing for a Recreational Vehicle, like a structured payment plan, and have identified the vehicle you want, this may be the fastest way to get you behind the wheel of your new RV. Here's how it works:

borrow a minimum of $5,000
make fixed payment amounts
choose the payment schedule that's best for you - weekly, bi-weekly, semi-monthly or monthly
pay your loan off early with no penalty

CIBC Personal Line of Credit

Haven't got the right vehicle picked out yet? Not sure how much it will cost? You can get a pool of funds today and draw from it when the time comes.

borrow a minimum of $5,000
decide your payment amount (as long as you meet the minimum monthly amount)
decide how quickly you'd like to pay off your vehicle
pay interest only on the amount you use
minimum income requirement is $35,000

CIBC Home Power line of credit

Finance your new vehicle with the equity you've built up in your home, and receive flexible, ongoing access to larger borrowing amounts while receiving our most favourable rates. Not available in Nunavut.

borrow a minimum of $10,000
receive one of our most competitive rates
payments as low as interest-only available

Tips
Borrowing to invest in stocks? Your loan interest may be tax-deductible. (However, it is advised that you borrow to invest only if you are debt-free, have maximized your RRSPs and are in a 40 per cent or higher marginal tax bracket.)

If you have ‘one-time' costs, consider a loan of a set amount. However, a Line of Credit could be better for ongoing, unanticipated costs (you discover the roof in the den leaks!) that are often part of moving.

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.

Resources

Home Power line of credit Calculator

CIBC Loan Calculator

Planning a vacation? You can finance your trip with a CIBC Personal Line of Credit. Find out more.