BMO Auto Loans Review (Updated 2024)

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Alexandre Desoutter updated on 6 February 2023

Did you know that Canadians owe around $4 billion in auto debt alone? That is because nearly half of all car purchases in Canada are made with financing. Many people do not have the ready cash available to make a car purchase outright and so they take out car loans, debt that is specifically structured to help you pay off the cost of a car month by month in manageable installments.

In this review, we will introduce BMO's car loans, the BMO Canada car loan interest rates, the BMO car loan requirements and how to get a loan with them today.

Good to know

BMO: the basics

  • BMO stands for the Bank of Montreal
  • It was founded in 1817
  • Over 12 million customers
  • BMO is headquartered in Montreal
  • There are 14,000+ employees

Our BMO car loan review

BMO, Bank of Montreal, is a well-established financial institution with branches across Canada. It has a wide network of partner dealerships meaning that you can take out a loan at the point of sale and drive away in your new vehicle the same day. They do not penalize early repayments and allow you to defer up to two payments every year. Some BMO car loan reviews however have pointed out that you can only view your car loan balance if you have a BMO chequing account and have stated that the process is more complicated if you are not already a client of BMO. Some of its competitors have more integrated online systems and allow more options for altering the level of repayments. Customers have praised BMO car loan customer service for its ease of access.


  • Buy a new vehicle or used that costs more than $7,500
  • Up to eight years (96 months) to pay it off
  • Pick a fixed or variable rate
  • Flexibility – you can defer a monthly payment up to twice a year
  • Choose your terms – choose weekly, bi-weekly, monthly or semi-monthly payments
  • Zero prepayment penalty


  • Making a change to your car loan payments requires you to call BMO or visit a branch.
  • If you do not have a BMO chequing account, you must call them to check your balance. There is no separate online portal.

What types of car loans does BMO offer?

BMO offers an auto loan which can be obtained at partner dealerships across Canada. If you do not want to take out a loan through a dealership you could also take out a personal loan or a line of credit.

 A personal loan is a direct loan that you take out from BMO which precondition of what you spend it on. The interest rates and repayment terms are negotiated based on your credit score and income. A line of credit is a revolving loan that allows you access to a certain amount to borrow from. Interest is only paid on the amount that you withdraw and spend. A HELOC (or Home equity line of credit), puts up your home as collateral on the loan and allows you to access up to 655 of your home's value. A  secured loan gives you access to more favourable interest rates and repayment limits.

Take a look at the table below to see how BMO's types of loans differ.

Qualities BMO Auto LoanBMO Personal LoanBMO Line of Credit
Where to apply
In dealershipsOnline or in branchOnline or in branch
Loan minimum
96 months12 - 300 monthsKeep extending as long as you pay off the interest
FixedFixed or variableVariable
Car loan BMO

What are the BMO car loan rates in Canada?

BMO loans have fixed interest rates. The interest rate will be set when you are applying for the loan. The rate you are offered will depend on a variety

  1. What is your credit history?
  2. Are you offering a security?
  3. How long a term do you want?

BMO car loan interest rates range between 4% and 9%. Shorter term limits on loans usually come with higher monthly payments but lower interest rates. More long-term limits mean lower monthly payments but higher interest rates. Though longer-term loans cost less each month they generally end up costing more overall. Lines of credit charge interest solely on the money withdrawn and spent.

Before deciding on a BMO car loan why not compare their car loan rates with those of other lenders?

Dreaming of a new ride?

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Car loan calculator BMO

There is a BMO car loan calculator on their website which you can use to calculate your interest rates and monthly payments for different levels of the loan.

However, we also have a car loan calculator which can be used to calculate loan rates and monthly repayments from all different loan providers in Canada, not just BMO. First, you enter the downpayment you wish to make and the sum you wish to borrow. You can then adjust the loan's term limits and interest rates. the calculator will work out how much your monthly payments will be and how much you will pay in total over the entire course of the loan.

Can you get a BMO car loan deferral?

If you are unable to make a payment on your car loan BMO will let you defer two payments per year. While this can be a huge help it is important not to forget that deferring does not stop your debt from accruing interest which will continue to rise during this period. You should read a loan contract thoroughly before signing paying particular attention to the terms and conditions

You can talk to a BMO financial advisor about deferral and rescheduling repayments on your loan by calling the BMO car loan contact phone number: 1-877-225-5266.

Watch out!

Your repayments could go up when a deferral ends.

One way of anticipating problems with repayments is by taking out a BMO Personal Line of Credit instead. A line of credit is a safer way to borrow money if you have a volatile financial situation. Lines of credit have in-built cash withdrawal limits that can stop debt from getting out of control.

How do you apply for a BMO car loan?

You can take out a BMO auto loan on-site at any dealership BMO partners with and drive away with your vehicle the same day. In order to get the loan you will need to arrive at the dealership with the following pieces of accreditation.

  1. A photo ID
  2. Proof of employment (pay stubs, T4/T4A/RL1 slips or a letter from your employer)
bmo auto loan application
BMO auto loan application

if you want to apply for a personal loan or a line of credit with BMO, then you will need to speak to one of their loan representatives. You can make an appointment through their website. Click Book An Appointment and then fill out your address to find your most convenient, local branch. You can also purchase BMO car loan insurance while taking out the policy.

Before signing a BMO car loan, compare rates! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best rate for you.

Dreaming of a new ride?

Shop car loans now

Can you refinance a BMO car loan?

If your BMO car loan is threatening to spiral out of control then you can consider refinancing. Refinancing a loan is one way of getting on top of your finances if you find yourself unable to make payments. Another lender (or the original lender under different terms) will agree to buy up the remaining debt. You will sign a contract with this new lender under the new terms they set out. These terms could offer you a longer term in which to repay the debt or lower monthly payments.

Borrowers who have managed to improve their credit score since they took out the original loan could definitely benefit from refinancing. A refinanced loan with a better credit score could mean lower monthly payments and more optimal repayment terms.

Can you get a BMO car loan with bad credit?

Even if your credit history is bad, you could still get a loan with BMO. If you have history of bad credit, BMO may impose tougher conditions on the loan they offer you. For example, BMO might ask you to have a cosigner or put up a larger downpayment. You would still need to fulfill the following criteria, however:

  • You must not be under the age of majority for your province
  • You must not be a resident of another country
  • You must not have declared bankruptcy within the last 7 years

Good to know

Are you interested in repairing your credit score? Take a look at our guide to improving your credit.

How to check balance of a BMO car loan?

If you have a BMO online chequing account then checking your auto loan balance is easy. Use your BMO car loan login to access your BMO car loan account and you will be able to find your current BMO auto loan balance alongside your current bank balance.

If you are not a BMO banking customer then you can call a representative on the BMO car loan number 1-877-225-5266.

How to pay off a BMO car loan?

You do not need to personally make a BMO car loan payment each month. Your monthly payments will be debited from your BMO chequing account or account at another bank, whichever you have specified when signing up for the loan. If you want to pay off your loan early then you are in luck asBMO does not penalize prepayments.

If you want to pay off your loan early you will need to call a BMO representative or make an appointment at your local branch to discuss the process. Remember to take along your loan policy number. You can arrange a prepayment by calling the BMO car loan contact number: 1-877-225-5266.

Interested in a car loan that doesn't directly debit your bank account? Use our online comparison tool.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.