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Find A LenderScotiabank: Overview
Scotiabank has been around since 1832 and is now one of Canada’s most renowned banks, catering to millions of clients throughout the country. Their stature and tenure makes them a good source of financing.
Scotiabank’s loan criteria may be challenging for some, but the benefits of using this well-established bank are tough to beat. If you’re in need of a car loan, business loan, or other form of financing, Scotiabank may be the right option for you.
Our Verdict
| Who is Scotiabank best for? | Best for consumers who: -Own a small business -Are looking to finance a vehicle purchase -Have good credit -Are looking for competitive rates |
| What we like about Scotiabank | -Competitive rates -No early prepayment charges -High loan amounts -Flexible loan terms |
| What we don’t like about Scotiabank | -Strict credit score requirements -Longer loan approval and funding times |
What Type Of Loans Does Scotiabank Offer?
Scotiabank offers many loan options, including the following:
Car Loans
Scotiabank auto loans are available for both new and used vehicles and are offered at over 4,000 dealerships across Canada. You can also pre-qualify for auto financing directly with Scotiabank first, then apply with your chosen dealer.
Loans are also available for boats and recreational vehicles. Specialized auto loans are also available for newcomers and recent grads.
Car Loan Features
- Loan Amounts: Borrow up to $200,000 for your next vehicle.
- Loan Terms: Choose repayment terms of up to 8 years.
- Interest Rate Options: Choose between fixed or variable interest rates.
- Vehicle Criteria: Finance a new car or a used car up to 7 years old.
- Flexible Payment Schedules: Choose from weekly, bi-weekly, or monthly payment options.
- Early Prepayment Flexibility: Pay off your loan early without penalties.
- Skip-A-Payment Option: Defer one payment per year when you think you may miss a payment.
- Dealer Financing: Scotiabank is partnered with over 4,000 dealerships across Canada.
Eligibility
To qualify for Scotiabank auto financing, you’ll need to meet the following criteria:
- Credit Score: To qualify for a Scotiabank car loan, a credit score of 660 or higher is typically required.
- Income And Employment: Auto loan applicants must earn a steady income and have stable employment to show their repayment ability.
- Vehicle Age: If buying used, the vehicle cannot be more than 7 years old.
How To Apply For Scotiabank Auto Financing
To apply for a car loan from Scotiabank, follow these steps:
Step 1: Assess Your Finances
Before applying for a car loan with Scotiabank, find out roughly what you can afford. Scotiabank makes this easy by providing an online auto loan payment calculator. Simply plug in details such as the vehicle price, down payment, loan term, sales tax rate, and expected interest rate, and the calculator will provide you with your estimated loan cost and monthly payments.
Step 2: Verify Your Eligibility
Take some time to make sure you meet Scotiabank’s car loan requirements as listed earlier, including credit score, income, and vehicle eligibility.
Step 3: Apply
Complete a loan application with the dealership you buy your vehicle from and request Scotiabank financing.
Documents Required
You’ll also need to accompany your loan application with documents to support the information you provide, including the following:
- Proof of income
- Proof of employment
- Government-issued photo ID
- Vehicle information
Step 4: Review Loan Terms
Read over the loan agreement, and pay special attention to factors such as the interest rate, repayment terms, and fees.
Business Loans
Scotiabank offers financing options for both start-up businesses and those that are already in operation and need funding to expand.
Business Loan Features
- Multiple Business Loan Options: Choose from several loan options, including:
- Term loans
- Black-Led Business Financing Program
- Equipment financing
- Canadian Small Business Financing Program
- Canadian Agriculture Loans Act (CALA) Loans
- Business credit line
- Overdraft Protection: Provides access to extra money when unexpected expenses pop up.
- Asset-Based Lending: Leverage the value of your assets to use as collateral for more flexible credit solutions.
Eligibility
Scotiabank business financing requirements vary depending on the loan type, time in business, and industry. For instance, some loans may require a minimum of 2 years in business, while others are suitable for start-ups. You may also need to meet minimum credit score requirements and have a detailed business plan.
Consult a Scotiabank specialist to discuss your situation and needs to find the most suitable financing option for you.
How To Apply For A Business Loan With Scotiabank
To apply for a Scotiabank business loan, follow these steps:
Step 1: Select Your Loan Type
Choose which Scotiabank business loan suits your needs, whether it’s a term loan, government-backed financing, or line of credit.
Step 2: Consult A Scotiabank Specialist
Speak with a Scotiabank business loan specialist to help you choose the best loan option for your business and guide you through the loan application and approval process.
Step 3: Submit Your Application
Complete your loan application to begin the financing process. Information required typically includes your personal information and contact details, as well as information about your business.
Documents You May Need:
- Photo ID
- Business registration information
- Business plan
- Financial documents (e.g., income statement or balance sheet)
Step 4: Review And Finalize The Terms
Once Scotiabank reviews your loan application and documents, they typically respond within a week. Then, they’ll provide a loan contract for your review and signature. After finalizing the agreement, the money will be disbursed to support your business needs.
Other Scotiabank Loan Products
In addition to car loans and business loans, Scotiabank also offers the following:
Personal Loans (Scotia Plan Loans)
The Scotia Plan Loan from Scotiabank provides you with funds to be used for a variety of purposes. Loan terms are available for up to 5 years, with payment schedules including weekly, bi-weekly, and monthly.
Choose between fixed and variable rates, and pay off your loan early without early prepayment penalty fees. You can view all details about your loan online, including the remaining loan balance, payment amount, and remaining time left on the term.
Personal Lines Of Credit (ScotiaLine)
The ScotiaLine is an ideal financing product if you’re looking for a flexible borrowing option and want to have access to extra funds periodically without the need to re-apply for a loan every time. Credit limits range from $5,000 to $75,000, which can be accessed through the Scotiabank mobile app, online banking, bank machine, Access Card in-store, and cheques. You’ll only be charged interest on the amount you withdraw, and you can choose how much to pay back.
Mortgages
Scotiabank’s mortgage products are designed for home buyers with different needs, including first-time buyers, existing homeowners, and those looking to renew their loan terms or refinance to something completely different. Scotiabank offers an online mortgage calculator to help you estimate what your loan will cost you, and the eHOME tool lets you quickly get pre-approved for a mortgage, track the status of your application, and get mortgage approval online.
Home Equity Loans (Scotia Total Equity Plan)
The Scotia Total Equity Plan (STEP) allows homeowners to access up to 80% of their home equity to cover large expenses. With STEP, you can choose from different kinds of Scotiabank credit products based on your requirements, with one application.
Learn more: Scotiabank | Accounts, Products, Fees, & Rewards
What We Like About Scotiabank
Scotiabank offers plenty of perks, including the following:
- Low Rates For Good Credit Borrowers: If you have excellent credit, you may qualify for competitive rates.
- No Early Prepayment Charges: You can repay your loan early without being subject to early repayment penalties.
- Deferred Payment Option: Borrowers can skip one payment per year with no penalty, which can come in handy in times of financial stress.
- High Loan Amounts: Car loan amounts can be as high as $200,000, making Scotiabank loans suitable for financing expensive needs.
- Flexible Loan Terms: Scotiabank offers auto loan terms up to 8 years, allowing borrowers to spread out their payments and keep monthly bills low.
What We Think You Should Watch Out For
While Scotiabank offers several benefits, there are a handful of downsides to consider:
- Strict Credit Score Requirements: Scotiabank requires borrowers to have good credit, making it more difficult for those with lower scores to access financing.
- Longer Loan Approval And Funding Times: Compared to online and alternative lenders, Scotiabank tends to take at least a few days to review, approve, and fund your loan.
Is Scotiabank Safe?
Yes, Scotiabank is considered a safe bank to obtain financing. Given that it’s one of Canada’s Big 6 Banks and has been in the industry for nearly 200 years, Scotiabank’s track record speaks for itself.
Plus, the bank is a member of the Canada Deposit Insurance Corporation (CDIC), which provides protection on deposits in the event of insolvency. Further, Scotiabank continues to demonstrate its financial stability with its $1.4 trillion in assets and global operations.
What Do Consumers Think Of Scotiabank?
How do consumers rate Scotiabank’s services?
| Better Business Bureau (BBB) | Not BBB Accredited D- Rating |
| Trustpilot Rating | 1.2/5 stars |
| Social Media Presence | Instagram: 89.4K followers Facebook: 775K followers LinkedIn: 1 million followers X: 106.2K followers |
| Physical Location | Over 900 branches across Canada |
How Does Scotiabank Compare To TD Bank?
As mentioned, Scotiabank is one of the Big 6 Banks in Canada. Others include TD Bank, which offers similar services. So, how do the two major financial institutions compare?
| Scotiabank | TD Bank | |
| Loan Products | – Car loans – Business loans – Lines of credit – Personal loans – Credit cards – Home renovation loans – Mortgages | – Car loans – Business loans – Lines of credit – Personal loans – Credit cards – Home renovation loans – Mortgages |
| Market Capitalization (as of June 2025) | $91.26 billion | $166.19 billion |
| Number of Bank Branches in Canada | Over 900 | 1,060 |
| Number of ATMs in Canada | Over 3,600 | 3,408 |
Final Thoughts
With nearly two full centuries in the Canadian banking industry, Scotiabank is among the more popular banking options among Canadian consumers for loan products. If you have good to excellent credit, you may qualify for financing with low rates, favourable terms, and high loan amounts. Get started by using Scotiabank’s online calculators and other tools to see if you can qualify and estimate what your loan costs will be.
