Scotia auto loan review
- APR Range
- Not disclosed
- Loan Amount
- Varies
- Loan Term
- up to 96 months
- Min. Credit Score
- N/A
Our verdict
Finance your next vehicle with one of Canada's largest banks.
If you have good to excellent credit, a Scotia auto loan could be just what you need to finance your next set of wheels. Scotiabank car loans are available from a nationwide network of dealerships and offer large loan amounts, flexible loan terms and customizable payment schedules. Graduates and newcomers to Canada can get financing, and it's easy to manage your loan online.
Best for: Borrowers with strong credit looking for convenient dealership financing.
Pros
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Loans of up to $200,000 available
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Flexible payment plans
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Available at over 4,000 dealerships nationwide
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Pre-pay your loan without penalty
Cons
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Can't apply online
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Interest rates not listed online
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Variable rate not available in Quebec
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Not suitable for bad credit
What is Scotiabank?
Scotiabank is one of Canada’s largest and oldest banks. It offers Canadian customers a wide range of banking products and services, including chequing and savings accounts, mortgages, personal loans and investment accounts. If you’re searching for a Scotia auto loan, financing is available through more than 4,000 car dealerships nationwide.
Is Scotiabank legit?
The Bank of Nova Scotia, which does business as Scotiabank, is one of Canada’s “Big Six” banks. Founded in Halifax in 1832, it is now headquartered in Toronto.
Scotiabank serves over 10 million banking customers in Canada, operating over 900 branches and a network of around 3,600 ABMs. The bank also trades on the Toronto and New York stock exchanges.
What are the interest rates of Scotia car loans?
Scotiabank car loan rates aren’t listed online, so you’ll need to apply at a dealership to find out the rate you qualify for. As a general guide, the interest rate you get will vary depending on factors like:
- Your credit score and history
- Your income and employment details
- Your loan term
- How much you borrow
- Whether you buy a new or used vehicle
- Your down payment amount
In the current environment, new car loan rates in Canada are typically 0% - 7.5%. Zero-interest financing is a special offer for new cars and comes with terms and conditions. Used car loan rates are 8% - 10%.
What we like about Scotia auto loans
- Flexible loan term. If you want, you can take up to 96 months to pay off your loan.
- New or used car. You can buy a new or used car that’s up to 7 years old.
- Fixed or variable. You can choose between a fixed and variable interest rate. A fixed rate means your car loan interest rate will stay the same throughout the loan term, which will give you predictable payment amounts. A variable rate means your interest rate will fluctuate with the market, which could increase or decrease your repayments.
- Widely available. You can ask for Scotiabank car financing at over 4,000 dealerships across Canada.
- Flexible payment schedule. Choose weekly, bi-weekly or monthly payments to suit your income. You can also change the frequency of your payments at any time.
- Skip a payment. If you happen to run into some financial issues, you can postpone one payment each year (but interest will continue to accrue on the loan).
- Manage your car loan online. You can find out how much of your loan is left, make an extra payment, increase your payment amount or change your payment schedule online.
What to watch out for
- You can’t apply online. To get financing, you’ll need to visit a dealership that offers Scotiabank auto loans.
- Rates are not listed online. You’ll have to reach out to a dealership to find out the interest rate you qualify for.
- Interest will accrue if you skip a payment. When you choose to skip a month, interest will still accrue on your loan.
- Varying special offers. Special offers and incentives may vary based on the dealership or manufacturer. You will need to contact dealers directly to find out about special promotions.
Alternatives to Scotia car financing
Finder Score for car loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 10+ car loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
What do Scotia reviews have to say?
Like many other major banks, Scotiabank has picked up its fair share of negative reviews. Customers who left negative reviews commonly complained about factors like account errors and poor customer service.
However, Google reviews for Scotiabank branch locations vary from one branch to another, while its mobile banking app has earned a high average rating from Apple and Android users.
Summary of Scotia reviews
| Feature | Details |
|---|---|
BBB accredited | No |
BBB rating | D- |
BBB reviews | 1.17 out of 5 stars based on 84 reviews |
Google reviews | Varies from branch to branch |
Trustpilot reviews | 1.2 out of 5 stars based on 1,160+ Scotiabank reviews |
Customer reviews verified as of February 7, 2025.
What are the vehicle loans offered by Scotiabank?
Scotiabank auto loans are designed for purchasing new or used vehicles. Financing is available straight from the dealership, you can choose between a fixed or variable rate and you have up to 96 months to repay what you borrow.
While standard Scotia auto loans are designed for borrowers with good to excellent credit, the lender also offers loans for borrowers with limited or no credit history, such as permanent residents and recently graduated students.
Other vehicles you can finance with Scotia include boats and RVs.
How does borrowing from Scotia work?
Scotiabank auto loans are available through a network of more than 4,000 dealerships across the country. So, while some other lenders allow you to apply online, you’ll need to apply for Scotia car financing at the dealership.
Once you apply and get approved, you can easily manage your loan account via online banking. Use Scotiabank’s online portal to check how much you owe, view your next payment due date, make extra payments and change your payment amount/frequency.
What are the eligibility requirements for a Scotia auto loan?
Scotiabank doesn’t list any detailed eligibility requirements on its website. However, when borrowing from a bank, you will generally need to:
- Be the age of majority in your province or territory
- Be a Canadian resident
- Have a good to excellent credit score
- Earn sufficient income to afford your loan repayments
- Not have declared bankruptcy in the last several years
- Not have been declined credit in the last several months
How to apply for a Scotia auto loan
You can’t apply for a Scotia auto loan online. You must apply at a dealership that offers Scotiabank financing, and you have a large network of dealerships around the country to choose from. Once you’ve found the car you want, tell the dealer that you want to apply for Scotiabank car financing.
You’ll need to provide the following:
- Your name, date of birth and Social Insurance Number
- Your address and contact details
- Proof of ID
- Proof of income and employment
Before applying at a dealership, you may want to get pre-approval from multiple lenders. With pre-approved car loans, you find out the interest rate you qualify for. Having this information ready before visiting the dealership gives you more negotiating power.
Bottom line
A Scotiabank auto loan offers a safe and reliable way to purchase a new or used car. As one of Canada’s oldest and largest financial institutions, Scotiabank is trustworthy and reliable. Additionally, it offers flexible loan terms and repayment schedules.
However, it does not publish any rates or promotional information online, so you will have to visit a bank or dealership to learn more about the Scotiabank car loan features you can qualify for.
Frequently asked questions
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