lending resource centre

Borrowing options for buying a car

CIBC Personal Car Loan

If you have already found the car you want and you prefer a structured payment plan, a CIBC Personal Car Loan is an ideal option. And, unlike most dealership financing, you may not even need to make a down payment.

  • Receive up to 100% financing on both new and used vehicles
  • Keep your payments low with an amortization of up to 8 years (96 months)
  • Borrow a minimum of $7,500
  • Choose the payment schedule that’s best for you - weekly, bi-weekly or monthly
  • Pay your loan off early with no penalty
  • Ask for a CIBC loan at your local dealership

CIBC Personal Line of Credit

If you have yet to choose a vehicle and don't know your exact budget, a CIBC Personal Line of Credit is a great way to facilitate ongoing access to funds.

  • Borrow a minimum of $5,000
  • Decide your payment amount (provided you meet the minimum monthly amount)
  • Decide how quickly you would like to pay off your vehicle
  • Pay interest only on the amount you use

CIBC Home Power Plan®

Finance your new vehicle with the equity you have built up in your home using a CIBC Home Power Plan® and receive flexible, ongoing access to larger borrowing amounts at lower interest rates. (Not available in Nunavut)

  • Borrow a minimum of $10,000
  • Receive our most competitive rates
  • Payments as low as interest-only available

Advice and resources

Try our car loan calculator

Get a car loan with no down payment

Learn how to test drive a car

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