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Find A LenderCanadian Imperial Bank of Commerce (CIBC): Overview
The Canadian Imperial Bank of Commerce (CIBC) has roots dating back to the mid-1800’s. Over the decades, it’s become one of the most trusted sources of financing in Canada. Among the many banking products CIBC offers include auto financing, business loans, and other personal financing products.
With its long track record, competitive rates, and a vast array of financing products, CIBC makes a sound choice for anyone looking to take out a loan.
Our Verdict
| Who is CIBC best for? | Best for consumers who: -Prefer working with an established bank -Have good to excellent credit -Have various financing needs |
| What we like about CIBC | -Flexible loan terms -No down payment possible on car loans -High loan amounts -Deferred payments on car loans |
| What we don’t like about CIBC | -Good credit score required -Loan approval & funding may take longer than alternative lender loans |
What Does CIBC Offer?
CIBC offers several loan products, including the following:
Car Loans
CIBC car loans are available for both new and used vehicles and are available at more than 3,200 dealerships across Canada. If you’re buying an electric vehicle (EV) or hybrid, you may also qualify for special financing offers and government incentives through CIBC’s green vehicle loans.
Car Loan Features
- Loan Amounts: Borrow anywhere from $7,500 to $75,000 to finance your vehicle ($20,000 minimum for green vehicle loans).
- Loan Terms: Choose repayment terms from 1 to 8 years.
- Interest Rates: Fixed or variable rates are available, and rate approval is guaranteed for 30 days.
- Vehicle Criteria: Used cars cannot be older than 10 years old.
- Down Payments: Finance a vehicle with no down payment, if you qualify.
- Flexible Payment Schedules: Choose from weekly, bi-weekly, or monthly payment options.
- Skip-A-Payment Option: Defer up to 2 payments per year when finances are tight.
- Dealer Financing: CIBC is partnered with more than 3,200 car dealerships across Canada.
Learn more: What Happens If You Miss A Car Loan Payment With CIBC?
Eligibility
To qualify for a CIBC auto loan, you’ll need to meet the following requirements:
- Be a Canadian citizen or permanent resident
- Have a valid driver’s license
- Have steady employment
- Earn a minimum income
- Have good credit
How To Apply For A CIBC Car Loan
To apply for a car loan from CIBC, follow these steps:
Step 1: Find Out If You Can Qualify
Before applying for a car loan, assess your finances to see if you can qualify. CIBC makes this easy with its online car loan calculator.
Simply plug in a few details, such as the car price, down payment, interest rate, and loan term to see how much your loan will cost you. Then, determine whether these loan payment amounts fit within your budget, ensuring you can continue covering your existing bills.
Step 2: Fill Out The Application
Complete the lender’s application form, ensuring all fields are complete and accurate.
Step 3: Gather Your Documents
You’ll also be asked to supply the following documents along with your application:
- Driver’s license
- A void cheque
- Proof of employment, such as:
- Pay stub
- Employment letter
- Tax document with notice of assessment
Step 4: Wait For Approval
Banks like CIBC typically take around 3 to 5 business days to review and approve loan applications. However, it could take longer if there are issues with your application or your financial or credit profile.
Step 5: Review And Sign The Loan Agreement
Once you receive loan approval, take some time to review the loan contract to ensure you understand all terms and costs. If it looks good, sign it and return it. Then, the funds should be dispersed shortly after.
Business Loans
CIBC offers several financing options for businesses that are either in the start-up phase or are looking to expand
Business Loan Features
- Multiple Loan Options: CIBC loan options include the following:
- Term loans
- Overdraft protection
- Business lines of credit
- Canada Small Business Financing Program (CSBFP)
- Black Entrepreneur Program
- Business Services Digital Advisor: This online tool helps you determine which business financing is best for you.
- Flexible Interest Rates: Both fixed and variable interest rates are available, depending on your financial profile and preferences.
- Secured And Unsecured Options: Back your loan with a business asset to keep interest rates low, or opt for an unsecured loan if you qualify.
Eligibility
To qualify for a CIBC business loan, you’ll need to meet specific criteria, depending on the loan type, the age of your business, and your industry. For instance, in some cases, you may need to be in business for at least 2 years, while other loans may be available to start-ups. You may also need to have good credit and have a detailed business plan.
Speak with a CIBC business loan advisor to discuss your situation and find the best financing option for you.
How To Apply
To apply for a CIBC business loan, follow these steps:
Step 1: Meet With An Advisor
Schedule a meeting with a CIBC business loan advisor to get some guidance through the loan application process and have your questions answered. They can also go over your finances and provide you with customized advice based on what you need financial assistance with.
Step 2: Complete An Application
Fill out the loan application specific to the loan type you’re applying for. CIBC will verify the information and pull your credit report.
Documents You May Need
Along with your loan application, you’ll need to supply the lender with the following documents:
- Financial statements for the last 2 years in business
- Recent tax returns (business and personal)
- Business plan
- Government-issued photo ID
Step 3: Wait For A Response
If your application meets CIBC’s requirements, you’ll be approved for the loan amount requested. At this point, you should review the offer, including the interest rate and loan term.
Step 4: Receive Your Funds
Once you accept and sign your offer, you’ll receive the funds in as little as 2 business days. Then, you can use the money to cover your business expenses.
Other CIBC Business Loan Products
In addition to auto financing and business loans, CIBC also offers other financing options:
Personal Loan
CIBC’s personal loans can be used to cover all sorts of expenses, including home renovations, car repairs, debt consolidation, and more. These loans are available with fixed and variable rates and terms between 1 and 5 years.
Personal Line Of Credit
A revolving line of credit is a flexible financing option that provides ongoing access to a credit account up to a specific limit. Interest is only charged on the amount used.
Education Line of Credit / Professional Edge Student Program
This loan is available to students who need financial assistance to pay down their post-secondary education fees.
RRSP Maximizer Loan
CIBC’s RRSP Maximizer Loan is designed specifically to help Canadians top up their Registered Retirement Savings Plan (RRSP) if they have some unused contribution room left. These loans are available for up to $50,000 with terms up to 10 years.
Mortgages
CIBC offers mortgages for various stages of homeownership and purposes, including the following:
- Fixed-rate and variable-rate mortgages
- Home Power Plan Mortgage, combining a traditional mortgage with a home equity line of credit (HELOC)
- Mortgage Programs for Newcomers
- US Cross-Border Mortgages
Learn more: CIBC | Accounts, Products, Fees, & Rewards
What We Like About CIBC
Borrowers can enjoy the following perks that come with CIBC loans:
- Multiple Loan Options: CIBC offers a plethora of loan options, including car loans, business loans, personal loans, credit lines, mortgages, and RRSP loans.
- Competitive Interest Rates: Borrowers with excellent credit can secure the lowest interest rates.
- Flexible Repayment Terms: Loan terms range from 1 to 5 years, with amortization up to 30 years.
- No Car Loan Down Payment: Some borrowers may qualify for up to 100% financing on car loans.
- Trusted Financial Institution: CIBC is categorized as one of Canada’s Big Six banks, providing consumers with reliable financing solutions.
What We Think You Should Watch Out For
Along with the benefits of CIBC come a couple of downsides to be wary of:
- High Credit Score Requirements: Borrowers must have good to excellent credit scores to qualify for CIBC loans at the best rates.
- Longer Wait Times For Approval & Funding: Compared to online or alternative lenders, CIBC takes longer to provide approval and funding, typically at least a few business days.
Is CIBC Safe?
Yes, CIBC is safe. In addition to being around for decades, the bank employs robust security measures to keep your data safe, including encryption, fraud monitoring, and 2-step authentication. Plus, CIBC maintains healthy financial ratios and insures eligible deposits through the Canada Deposit Insurance Corporation (CDIC)..
What Do Consumers Think Of CIBC?
It’s a good idea to do some online research on banks, including CIBC, to see what others have to say about the bank before applying for financing:
| Better Business Bureau (BBB) | Not BBB Accredited F Rating |
| Trustpilot Rating | 1.3/5 stars |
| Social Media Presence | Instagram: 49.8K followers Facebook: 413 followers LinkedIn: 572K followers X: 115.3K followers |
| Physical Location | 991 bank branches across Canada |
How Does CIBC Compare To Scotiabank?
CIBC is only one of the Big 6 Banks in Canada, with others including Scotiabank. So, how do these two major Canadian banks compare to each other?
| CIBC | Scotiabank | |
| Loan Options | – Car loans – Business loans – Lines of credit – Personal loans – Credit cards – Mortgages | – Car loans – Business loans – Lines of credit – Personal loans – Credit cards – Mortgages |
| Market Capitalization (as of June 2025) | $88.61 billion | $91.26 billion |
| Number of Bank Branches In Canada | 991 | 900 |
| Number of ATMs In Canada | 3,018 | 3,600 |
Final Thoughts
CIBC’s long track record in the banking industry, its vast array of loan products, and competitive rates make it a solid option when you’re in need of financing. Whether it’s a car loan, business loan, line of credit, mortgage, or other type of financing need, CIBC has the product you need to cover your bases. Just keep in mind that credit requirements may be high, making CIBC loans more suitable for good credit borrowers.
