Headquartered in Montreal, the National Bank of Canada is the sixth-largest bank in the country. They have branches in every province and over 2 million clients Canada-wide. They also offer a wide variety of financial accounts and credit products for every user. But can you get a National Bank car loan or refinance one?
Can You Get A National Bank Car Loan?
Yes, you can get a National Bank car loan in Canada. They offer car loans with terms of up to 8 years and varying payment frequency options. You can also opt for a fixed or variable-rate car loan to take advantage of low-interest rates.
The best part of a National Bank car loan is that you can pay the loan in full at any time without any prepayment penalties.
Can You Refinance A Auto Loan With National Bank?
While it depends on the conditions of your contract, it may be possible to refinance your National Bank car loan. However, be careful of any penalty fees for breaking your car loan contract early. Refinancing involves replacing your old loan with a new one, preferably one with a lower interest rate.
You can refinance a National Bank car loan with a new lender or with your current lender.
How To Contact The Car Loan Department
To refinance your car loan or ask about their other banking solutions, contact National Bank via:
|National Bank’s Virtual Assistant||Contact|
|– Contact (Non-clients)|
– Contact (Clients)
How To Manage Your Car Loan With National Bank
There are two convenient ways to access your National Bank Car Loan online:
Log Into The NB Online Portal
Sign up for your National Bank online account. This gives you secure 24/7 access to your finances from any computer or laptop, all using one customizable banking platform. With it, you’ll also gain the ability to:
- Set up direct deposit with the Canada Revenue Agency (CRA)
- Manage all your NB accounts (car loans and mortgages included)
- Send money and make payments to authorized accounts
- Invest online (RRSP, TFSA, etc.)
Get The NB App
You can also download the National Bank App on your mobile device (iOS or Android) to manage your account. Don’t forget to update your app periodically to protect yourself against fraud and experience all the latest benefits, such as:
- Figure-print recognition for faster sign-ins
- Remote cheque deposits
- Phone purchases (link your NB credit card to Apple Pay or Google Pay)
- Easy ways to manage your accounts, budget, payments and travel plans
How To Check Your National Bank Car Loan Balance
Checking the balance of your National Bank Car Loan is simple. All you have to do is:
- Sign into your NB Online Banking account
- Go to the Navigation Bar and select “Accounts”
- Choose Your NB Car Loan and view your balance at the top of the page
How To Get A Lower Interest Rate On A National Bank Car Loan
Here are some ways to get approved for a lower interest rate on your National Bank car loan:
Build Healthier Credit
Prior to applying, check your credit to make sure it’s healthy. Ideally within the 650 to 900 range. Building a strong payment history (of at least 6 months) is also key as it shows the lender that you’ve dealt with your debts responsibly in the past.
Add A Cosigner
It’s tough to qualify for a decent car loan when you have a bad credit score or low income. Luckily, someone with better financial health might be able to co-sign your application. In doing so, they’re agreeing to take over your car payments if you can’t afford them, which acts as security for the lender.
Get A Shorter Term
A longer loan term can be more affordable since it lowers your car payments. Then again, you’ll usually pay more interest over the course of a longer term. So, if you’re willing to make larger payments and potentially save on interest, applying for a shorter term of 24 – 36 months is recommended.
How To Lower The Monthly Payments On Your National Bank Car Loan
As you can see, it’s possible to receive lower monthly car payments by extending your loan term or qualifying for a lower interest rate. However, if you’ve already begun your term and can no longer afford your payments. The first thing you should do is contact National Bank to figure out your options. For example, you can defer a payment by:
- Submitting a deferral request using this secure form
- Sending a message using your online bank account (go to the left menu, then choose “Help and Contact’)
Once they obtain your request, The National Bank will review your file and eligibility, then send you a response. Submit your request before your next payment date, so you don’t get stuck paying for it. If you’re struggling with financial issues, call National Bank right away to discuss your options and schedule an appointment with a financial advisor.
What Is The National Bank’s Grace Period For A Car Loan Payment?
When it comes to car loans, some lenders will give you a grace period of several days, during which you can make a payment without it being considered ‘late’ (which normally leads to a penalty fee). That said, this may not be the case with National Bank, so speak with your loan officer before you miss a car payment.
What Happens When You Miss A National Bank Car Loan Payment?
Although they don’t list a specific grace period on their website, here are some of the general consequences that can occur when you miss a car loan payment with National Bank.
Less Than 30 Days Late
If you don’t make a payment within your contract’s designated grace period, National Bank will let you know by phone or email. You’ll be charged a late fee. Will you’re late payment won’t be reported to the credit bureaus? It depends on your account and the lender. Most lenders won’t report a missed payment to the credit bureaus if it’s paid within 30 days. But, it’s possible that it could be reported. So bare this in mind, if you’re going to miss a payment.
More Than 30 Days Late
If you make a loan payment that is more than 30 days late, a few things can happen. Again, this depends on the health of your account and the lender.
Your late payment could be reported to the credit bureaus. This can have a negative effect on your payment history.
You could have your vehicle repossessed. If you miss an unacceptable number of payments, your lender does have the legal right to repossess the car.
The National Bank of Canada’s Repossession Policy
To ask about The National Bank’s repossession process, call 1-800-375-5872. Be sure to do this prior to applying for a car loan. If your car loan is in default, you can also call this toll-free number to check your payout balance or make payment arrangements.
How To Voluntarily Surrender A Car Financed By National Bank?
Repossession is an expensive and annoying situation that most lenders would rather avoid. If it’s the only option, you can make the process easier and cheaper by voluntarily surrendering your vehicle. To start the process, you should get in touch with your loan officer from National Bank. They will be able to advise on the next steps to take. This will likely involve dropping the vehicle off at a specific location.
If you refuse to surrender your car, National Bank may have it towed from your home or job, which will lead to extra penalties.
Need To Refinance Your National Bank Car Loan?
Refinancing a car loan can help you lower your monthly payments and even your interest rate. It’s a great way to save money and reorganize your budget. If you’ve been thinking about refinancing but aren’t sure where to start, Loans Canada can help. We work with lenders who specialize in auto refinancing and can match you with the right option.