Purchasing a car as an international student in Canada or the U.S. can provide flexibility and convenience, especially in navigating school and work schedules.
However, financing a vehicle often requires the help of a car loan.
The Canadian Imperial Bank of Commerce (CIBC) is a leading provider for financial products, including car loans tailored to international students.
This guide highlights the 9 best CIBC car loan for international students, along with other loan providers offering competitive car loan options.
Best CIBC Car loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. CIBC Car Loan | Up to $75,000 CAD | Yes | Starting at 5.99% | Up to 8 years | Canadian co-signer required. |
| 2. RBC Auto Finance | Up to $50,000 CAD | Yes | Starting at 6.00% | Up to 7 years | Must have Canadian co-signer or credit history. |
| 3. TD Auto Loan | Up to $100,000 CAD | Yes | Starting at 5.74% | Up to 8 years | Valid visa and co-signer required. |
| 4. Scotiabank Auto Loan | Up to $75,000 CAD | Yes | Starting at 6.25% | Flexible terms | Canadian co-signer required. |
| 5. BMO Auto Loan | Up to $50,000 CAD | Yes | Starting at 5.50% | Up to 7 years | Enrollment in Canadian institution. |
| 6. College Ave Auto Loan | Up to $40,000 | Yes | Starting at 7.99% | 3 – 6 years | U.S. co-signer and valid visa required. |
| 7. Desjardins Auto Loan | Up to $75,000 CAD | Yes | Starting at 6.45% | Up to 8 years | Requires Canadian co-signer. |
| 8. Prodigy Finance Car Loan | Up to $30,000 | No | 8.00% – 10.50% | Up to 6 years | Partner schools only; no co-signer needed. |
| 9. National Bank Auto Loan | Up to $100,000 CAD | Yes | Starting at 5.99% | Up to 7 years | Co-signer required for international students. |
1. CIBC Car Loan
CIBC provides car loans designed for students, offering flexibility in terms and competitive interest rates.
- Loan Amount: Up to $75,000 CAD.
- Interest Rates: Starting at 5.99% (fixed and variable options available).
- Loan Terms: Up to 8 years.
- Eligibility Requirements: A Canadian co-signer is required, along with proof of enrollment in a Canadian institution and a valid visa.
2. RBC Auto Finance
RBC offers comprehensive auto loans, ideal for students seeking low monthly payments.
- Loan Amount: Up to $50,000 CAD.
- Interest Rates: Starting at 6.00%, depending on credit history and co-signer’s profile.
- Loan Terms: Up to 7 years.
- Eligibility Requirements: International students need a Canadian co-signer or credit history.
3. TD Auto Loan
TD Canada Trust provides flexible auto financing solutions for new and used cars.
- Loan Amount: Up to $100,000 CAD.
- Interest Rates: Starting at 5.74%.
- Loan Terms: Up to 8 years.
- Eligibility Requirements: A valid visa and a Canadian co-signer are required for international students.
4. Scotiabank Auto Loan
Scotiabank offers competitive auto loans, with terms that accommodate international students.
- Loan Amount: Up to $75,000 CAD.
- Interest Rates: Starting at 6.25%.
- Loan Terms: Flexible, depending on the loan amount and repayment capacity.
- Eligibility Requirements: Canadian co-signer is mandatory.
5. BMO Auto Loan
Bank of Montreal (BMO) provides reliable auto loans with favorable terms for students.
- Loan Amount: Up to $50,000 CAD.
- Interest Rates: Starting at 5.50%, depending on the vehicle’s age and co-signer’s creditworthiness.
- Loan Terms: Up to 7 years.
- Eligibility Requirements: Students must be enrolled in a Canadian institution and have a co-signer.
6. College Ave Auto Loan
While College Ave is better known for student loans, they also provide financing options for vehicles in the U.S.
- Loan Amount: Up to $40,000.
- Interest Rates: Starting at 7.99%.
- Loan Terms: 3 to 6 years.
- Eligibility Requirements: A U.S.-based co-signer and a valid visa are required, along with enrollment in a recognized U.S. institution.
7. Desjardins Auto Loan
Desjardins specializes in vehicle financing for students, with tailored repayment terms.
- Loan Amount: Up to $75,000 CAD.
- Interest Rates: Starting at 6.45%.
- Loan Terms: Up to 8 years.
- Eligibility Requirements: A Canadian co-signer is necessary for international students.
8. Prodigy Finance Car Loan
Prodigy Finance extends its student loan offerings to include car loans for international students.
- Loan Amount: Up to $30,000.
- Interest Rates: Ranges between 8.00% and 10.50%.
- Loan Terms: Up to 6 years.
- Eligibility Requirements: Students must attend a partner school, but no co-signer is needed.
9. National Bank Auto Loan
National Bank provides financing solutions for both new and used vehicles, with competitive interest rates.
- Loan Amount: Up to $100,000 CAD.
- Interest Rates: Starting at 5.99%.
- Loan Terms: Up to 7 years.
- Eligibility Requirements: International students must have a Canadian co-signer to apply.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get a car loan without a co-signer?
Yes, lenders like Prodigy Finance offer car loans to international students without requiring a co-signer. However, the interest rates may be higher.
What is the interest rate on a CIBC car loan for international students?
CIBC car loans for international students start at 5.99%, with fixed and variable rate options.
How much can I borrow with a CIBC car loan?
International students can borrow up to $75,000 CAD, depending on the co-signer’s creditworthiness and other eligibility criteria.
Conclusion
Choosing the right car loan as an international student involves understanding interest rates, loan terms, and eligibility requirements.
Lenders such as CIBC, RBC, and College Ave provide tailored car loan options for international students, making vehicle ownership an achievable goal.
Whether you require a co-signer or prefer a no-co-signer option, this list of the 9 best car loans for international students can help you make an informed decision.
