Borrowing Options for Buying a Car

While the choices for financing a car may seem endless, a simple assessment of budget, vehicle type, and preferred payment structure will help determine which financing method is best.
 

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 $3,000
  • Choose the payment schedule that is best for you - weekly, bi-weekly, semi-monthly or monthly
  • Pay your loan off early with no penalty
     

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