Car Loans

Car Loan

Have you found that rare gem, a new vehicle that's got everything you’re looking for? So now you want payments that work with your budget...right? Or maybe you're planning to buy a used vehicle from another person.

Either way, we strongly encourage you to read this page. When choosing the best financing solution for your needs, you need to do your homework just like when you’re buying a vehicle. Shop around and above all, take the time to get all the information you will need.

Regardless of the financing solution you choose, by protecting yourself with loan insurance, you can ensure that your dream will live on, even when the unexpected happens.

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  • Customize your car loan1 by choosing a fixed or variable interest rate.
  • Get access to flexible payment terms: weekly or monthly payments with the option to prepay in part or in full at any time and with no penalty.
  • Take up to eight years2 to pay back your loan. Take advantage of this extended repayment period to choose a vehicle model or optional features that meet your needs, like extra cargo space or a more energy-efficient car.

Example

Let’s assume that your monthly budget is $400. The following table shows you the cost of the vehicle you can afford based on different repayment periods.

Monthly Payment Loan Term Interest Rate and APR3 Loan Amount

$400

4 years

7.59%4

$16,514.65

5 years

7.49%5

$19,966.86

6 years

7.49%6

$23,141.09

7 years

7.49%7

$26,086.94

8 years2

7.49%8

$28,820.85

As you can see, with an eight-year car loan2, you can buy a more expensive vehicle while sticking to your monthly budget.

The data in this table is hypothetical and is used to illustrate the benefits of this product in identical conditions. This data does not create any legal or contractual obligation for National Bank.

  • Call us
    Montreal 514 394-5555 Outside Montreal 1 888 TELNAT-1
    (1 888 483-5628)

 

1 Subject to credit approval by National Bank.
2 Subject to credit approval by National Bank. Certain conditions apply.
3 APR means "Annual Percentage Rate" and represents the total interest and fees charged by the Bank, expressed as an annual percentage. It corresponds to the annual interest rate if the cost of borrowing is comprised exclusively of interest.
4 Example based on financing of $16,514.65, with a four-year term and a hypothetical rate of 7.59%.
5 Example based on financing of $19,966.86, with a five-year term and a hypothetical rate of 7.49%.
6 Example based on financing of $23,141.09, with a six-year term and a hypothetical rate of 7.49%.
7 Example based on financing of $26,086.94, with a seven-year term and a hypothetical rate of 7.49%.
8 Example based on financing of $28,820.85, with an eight-year term and a hypothetical rate of 7.49%.

Our tools!

Suggested reading to help you make the right choice

Useful links

Did you know...

National Bank does business with over 400 dealerships across Canada. When you go to a dealership to apply for financing, you can choose the financial institution you would like to deal with. Be sure to ask for us by name.

If you take out a car loan1 with National Bank and sign up for our AccessPlus package or the ClickStudent programTM, we will waive the monthly fees on the package or program for six months2.

What’s more, if you sign up for an eligible National Bank MasterCardTM, you can take advantage of a 3.9% introductory rate on your balance transfers and cash advances for the first six months3.After this period, the annual interest rate in effect, currently 19.5%, will apply. The eligible cards are: Edition, Allure, Ovation Gold and Platinum. As at June 30, 2011, annual fees are $0 for the Edition and Allure cards with the cashback, $20 for the Edition and Allure cards with the À la carte rewards plan, $95 for the Ovation Gold card, and $125 for the Platinum card.

Contact us!

Don't delay. Call a National Bank Advisor for more information about these offers.

 

TM ClickStudent is a trademark of National Bank of Canada
1
Subject to credit approval by National Bank.
2 This offer applies to anyone who does not have a National Bank package, who takes out a National Bank car loan, and who signs up for an Access Plus package or a ClickStudent programTM. The fixed monthly fees for the AccessPlus package or ClickStudent programTM will not be billed for the first six (6) months following enrolment. After this period, the fixed monthly fees in effect will automatically be billed and shown on the monthly statement. These fees are currently $12.25/month for the AccessPlus package and $2.75/month for the ClickStudent programTM. National Bank reserves the right to end or extend the promotion at any time without notice. Details in branches.
3 Subject to credit approval by National Bank. Offer valid until October 31, 2011. This offer applies to anyone who does not have a National Bank MasterCard. National Bank reserves the right to end this offer at any time without notice. The promotional rate applies only to balance transfers and cash advances during the first six (6) monthly billing periods covered by the MasterCard statement (i.e., approximately six (6) months after the date the card is issued). After this period, all balance transfers and cash advances will be subject to the regular annual interest rate in effect for the chosen card. The promotional rate may be revoked if your account is not in good standing. Accordingly, please refer to the conditions governing the use of the National Bank of Canada MasterCard. No interest will be charged on purchases made during the month provided the client pays his balance in full within twenty-one (21) days of the date of the statement. This grace period does not apply to cash advances or balance transfers. The minimum payment to be made to the Bank every period will be equal to 3% of the account balance plus any overdue amount or $10, whichever is higher (or the account balance if it is lower than $10). If the credit limit is exceeded, the minimum payment required will be 3% of the account balance or the amount in excess of the credit limit, whichever is higher. A statement of account is sent out monthly.

Examples of credit charges calculated for a 30-day period based on the rate in effect as at June 30, 2011:

 

Average balance

Annual interest rate $500 $3,000
19.5% $8.01 $48.08

Our other financing solutions

National Bank All-In-One TM

All-In-One makes it possible to use the equity of your property or investments to consolidate your financing needs, while providing access to your funds at all times.

Personal Flex Line TM

Use a Personal Flex Line to purchase your dream car or make other life goals a reality. Available for amounts of $5,000 and up, it gives you the freedom to get your projects in gear.