Auto Loan

Why an Auto Loan?

If it’s time for your first car, a second vehicle or your next one, an auto loan from Coastal Community can help.  Not only will an auto loan from Coastal Community provide the freedom you need to get from A to B, but the flexibility to work within your budget.  

Auto Loan Considerations

When it comes to an auto loan, there are a number of factors to consider and discuss with a Coastal Community expert.

Rate

We offer fixed and variable auto loan rates; both types of rates offer benefits depending on your situation.  A fixed rate auto loan involves an interest rate that is set for the duration of your loan. The benefits of a fixed rate loan include consistent monthly payments and monthly budget control—you’ll have the peace of mind knowing exactly how much you owe each month.

A variable rate auto loan involves an interest rate that fluctuates depending on market conditions. The benefit of a variable rate auto loan is the ability to take advantage of falling interest rates. 

Our experts will discuss both options with you, so that you can get the rate that works best for your situation.

Terms

A term is the length of time for which your loan agreement with Coastal Community is valid. Our auto loans have a minimum term of one year and a maximum term of five years.

Amortization

Amortization is the length of time it will take you to pay off your auto loan. For instance, you may be able to amortize your loan and pay it off within the term that you choose. If not, at the end of your term, you may choose to pay off the loan or refinance. The longer the amortization period, the lower the payments. However, the longer it takes you to pay back your car loan, the more interest you will pay. We offer amortization periods up to 20 years, depending on different factors.

Payment Options

You can arrange to make payments weekly, bi-weekly or monthly. You can also pay off part or the entire amount of your loan at any time without any penalty.

What You’ll Need When You Apply

We make it simple and easy for you to borrow by providing applications online.

The application online process should take between 5 and 20 minutes, depending on the information you have available. Once completed, a Coastal Community Representative will contact you for further details.

* Please note:  if you are applying with a co-applicant, your application will continue past the main screens to gather co-applicant information as well.

Before you begin your online application, please make sure you have the following information handy:

  • Your Social Insurance Number (SIN)
  • If applicable, your co-applicant's SIN, date of birth, employer's name and phone number.
  • Monthly expenses such as rent, mortgage payments, alimony, etc. 
  • Assets including bank accounts, investments, vehicles, real estate, etc.
  • Liabilities including car payments, loans, credit card debt, etc.

How Long Before Your Application is Approved

Depending on your situation, your car loan application will be approved within 1 to 2 business days.

Apply Now

Visit the branch nearest you.

Protect Your New Vehicle

Coastal Community Insurance Services (2007) Ltd. offers ICBC and private auto insurance to make sure you have the coverage you need for your vehicle, at the lowest possible cost. Learn more >>