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BMO car loan interest rates & product view

Bank of Montreal

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The table below shows BMO car loan options at a glance. Bank of Montreal was established in 1817 and holds a prestigious place in history as the first bank in Canada. Today, BMO is a leading bank in Canada and the United States. Forbes has recognized it as one of the World’s Best Banks in both countries. How much will a car loan from BMO cost you? The BMO car loan calculator below shows your monthly repayment estimate based on your desired loan amount and term. You can also use it to explore different payment scenarios.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Bank of Montreal car loans review

When you ask for a BMO car loan at your local dealership, you can expect to get behind the wheel sooner with financing that offers competitive rates and many flexible features.

BMO car loan features

If you are after a BMO car loan, check out the following features and benefits:

  • Loan term. You can pay off your loan over 36 months (three years) up to 96 months (eight years).
  • Loan amounts. You may borrow a minimum of $7,500.
  • Interest rate options. Both fixed and variable interest rates are available.
  • Choose your payment frequency. Your options are monthly, semi-monthly, bi-weekly, and weekly.
  • Flexible payment terms. BMO allows you to skip a month’s payment twice a year.
  • Manage your payments. It’s possible to make changes to your loan payments by calling or visiting the nearest BMO branch. For instance, you can change your due date, payment frequency, or the bank account linked to your loan payments.
  • Pay off your loan early. You can pay off your loan early without penalty. Simply call BMO or visit the nearest BMO branch with your loan number in hand.

How to apply for a BMO car loan?

  • Select the car you want. Once you have the right car in mind, all you have to do is visit a BMO-authorized dealership.
  • Ask for a BMO car loan. BMO will work with your dealership to process your application there and then.
  • Submit your application. When you apply, BMO will check your credit history, and if approved, the next step is managing your payments.

Check that you’re eligible:

To meet BMO’s requirements, you must:

  • Be the age of majority in your province
  • Be a permanent resident or citizen of Canada
  • Have a valid driver’s licence
  • Meet the minimum income and credit score requirements
  • Have a valid bank account
  • Be 18 years of age or the age of majority in your province

What you’ll need:

  • Government-issued photo ID
  • Proof of employment – this could be a letter from your employer, recent pay stubs, or recent T4/T4A slips
  • Social Insurance Number
  • A government-issued photo ID

 

Bank of Montreal FAQs

How do I check my credit score before applying for a car loan from BMO?

BMO has partnered with TransUnion, and this allows you to check your credit score through CreditView. In addition, you can get a copy of your credit file from Equifax Canada or Trans-Union Canada.

How do I get in touch with BMO if I’m interested in applying for a car loan?

You can reach out to your nearest branch by visiting a BMO branch, emailing [email protected], or calling 1-866-727-0992. You can also visit your local dealership and ask for a BMO auto loan.

When applying for a BMO car loan, what’s the difference between a variable and fixed rate?

A variable rate is linked to BMO Prime Rate, so it may fluctuate over the life of your loan. A fixed rate is not affected by changes to BMO Prime Rate – it stays fixed throughout your loan term.

Can I get a BMO car loan without visiting a dealership?

You can only apply for a BMO auto loan through an authorized BMO dealership.

Video: Loan vs Line of Credit

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