Scotiabank Auto Loans Review (Updated 2023)

James James updated on 6 February 2023

Did you know that the average salary in Canada is around $3,000 per month but the average cost of a new car is just over $45,000? An auto loan is a way of breaking the cost of a new car down into regular, manageable payments. Finding the right loan for you is a question of seeing which lenders offer what interest rates, as well as the length of repayment terms and how much they want in monthly repayments.

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

Good to know

Scotiabank: the basics

  • Founded 1832
  • 89,000+ employees
  • 25 million clients worldwide
  • Headquartered in Toronto
  • 900 branches nationally

Our Scotiabank car loan review: a flexible financing option

Scotiabank is a large and trusted financial institution with deep roots across Canada. It has an intuitive, easy-to-use website that allows customers, unlike some of its traditional competitors, to manage their loans online. It allows borrowers to adjust their repayment levels themselves which is comforting for those whose finances can be unpredictable. This allows you to stay adaptive and not have to go through the process of deferring or even refinancing if you have a cash-flow crisis. On the other hand, its auto loans are only available through dealerships, meaning that you are not able to compare Scotiabank's interest rates with its competitors online.


  • For new or second-hand vehicles
  • 96-month terms
  • Pick between fixed and variable rates
  • Flexibility - choose weekly, bi-weekly, or monthly payments
  • Zero prepayment penalty
  • Up to $200,000 for qualified borrowers
  • Online portal for managing your loan - check your balance and change your payment frequency
  • Many car loan products available for borrowers with different profiles


  • Only available from dealers
  • Limited options for buying used cars

What types of car loans does Scotiabank offer?

As well as its flagship Auto Loans, Scotiabank offers a variety of auto loan packages suited to different needs. The Grad Auto Loans is for students and allows those in college to access 100% financing and secure favourable rates based on expected earnings. The EcoLiving Auto Loans offer competitive rates for those switching to electric or hybrid vehicles while the StartRight Auto Financing is for those who have arrived in Canada within the last three years and may not have the credit history to access other loans.

Let's take a look at what these types of loan offer and how they differ from one another.

OffersAuto LoanGrad Auto Loans EcoLiving Auto LoansStartRight Auto Financing
Maximum Loan
$200,000100% Financing$200,000$7,500
96 months60 months96 months60 months
Prepayment Penalties
Repayment Options
Fixed or variableFixed or variableFixedFixed
Available for used cars
From dealersFrom dealersFrom dealersFrom dealers

Car loan calculator Scotiabank

Desjardins also offers a Personal Line of Credit and the Scotia Total Equity Plan as alternative ways that you could borrow money to use on buying a car. A line of credit is a type of personal loan that prevents you borrow more than a certain amount. The Scotia Total Equity Plan is a HELOC, which means it uses your house as collateral, making it a type of secured loan, allowing you access to better interest rates and repayment limits.

Scotiabank car loan rates

Scotiabank typically offers rates varying between 5% and 9%. Both fixed and variable car loan interest rates are available on different financing packages. Scotiabank will offer you rates tailored to your situation. The factors affecting the rates you are offered include:

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

Lower interest rates are usually available when the terms of the loan are shorter, but monthly payments are higher. Agreeing to pay higher interest rates can unlock longer repayment terms. Overall, signing up for longer terms can lead to you repaying more in total.

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

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Scotiabank car loan calculator

Scotiabank has a car loan calculator tool online which you can use to take a look at different loan amounts and term limits and see how adjusting them affects your repayment options.

We also have an online car loan calculator which can be used to calculate the car loans offered by all Canadian lenders, not just Scotiabank. Enter the amount you wish to borrow, the province you are based in as well as the downpayment. You can experiment with adjusting the term of the loan and the interest rates and determine what monthly payments will be and look at the total repayment figure.

Can you get a Scotiabank car loan deferral?

If you are unable to make a payment on your car loan Scotiabank will let you defer one payment each year. It is important to remember that interest continues to accumulate throughout the deferral period. Never sign a contract without thoroughly reading the terms and conditions. You can discuss deferring your payment plan with a financial advisor by calling the Scotiabank car loan contact number: 1-800-790-7979.

Watch out!

Your repayments could go up when a deferral ends.

Scotiabank also offers flexible repayment options on all of its car loans. This means that you can reduce or increase your repayment amounts throughout the year to adapt to your changing financial situation. Alternatively, a Scotiabank Personal Line of Credit could be a better option for you if you aren't sure about making repayments. It offers flexible repayment options and term extensions that can prevent debt from getting out of control.

How do you apply for a Scotiabank car loan?

Apply for a Scotiabank car loan directly at more than 4,000 participating dealerships. That means you can get the loan on the spot while buying your vehicle. You will be asked for:

  1. Two pieces of national photo ID
  2. An employment letter and/or payslips
  3. A utility bill
  4. Information about assets and any existing loans

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

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How to refinance a car loan from Scotiabank?

If you are having difficulties you can refinance your Scotiabank auto loan. How does refinancing work? A new lender (or the lender already signed with) buys up the outstanding debt. The refinancing lender draws up a contract for you with more favourable terms. This could mean an extension of the length of the loan or a lower fixed interest rate.

Refinancing is especially attractive to those borrowers who have managed to improve their credit scores since they borrowed the initial sum. Refinancing could help them by lowering monthly payments or offering them a more generous repayment schedule.

Can you get a Scotiabank car loan with bad credit?

Scotiabank could still choose to offer you an auto loan even if your credit score is in bad shape. Scotiabank will likely minimize the risk of you defaulting on the loan by requiring you to commit to a tighter repayment schedule. Scotiabank could also require that you agree to higher monthly repayment amounts or have a cosigner. 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

How to check a Scotiabank car loan balance?

You can manage your auto loan directly through your Scotiabank car loan account which you can access through the website or by using the mobile banking app. You can also call the Scotiabank car loan number directly at 1-800-790-7979.

You can also talk face-to-face with a financial advisor at a Scotiabank branch. To find your local branch head to the website and hit the Book An Appointment button at the bottom of the homepage. This will take you to a series of questions asking you if you are an existing customer, what you want to talk about and what your address is. The website will then offer you a selection of local Scotiabank branches so you can choose the one most convenient for you.

scotiabank car loan contact
Checking a Scotiabank auto loan balance

How to pay off a Scotiabank car loan?

Scotiabank takes repayments automatically account of your bank account either bi-monthly or however regularly you have agreed in your loan contract. Remember that Scotiabank allows you to change your repayment amounts at any time. Scotiabank does not charge penalties for early payment which can be done online on their website:

  1. Use your Scotiabank car loan login
  2. Select Additional Services
  3. Here you make prepayments or change your repayment amount

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

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