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Coast Capital Auto Financing and Mortgage Rates Review


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Key Takeaways

  • Coast Capital is a credit union that caters to both individuals and businesses for day-to-day banking, loans, mortgages, lending and financing, foreign exchange, and investments.
  • When applying for a loan, it may take about two hours to approve or decline your application or ask for extra information.
  • Keep in mind their Auto Loan interest rate is fixed throughout the repayment term, the minimum amount is $10,000 on a qualified vehicle, and the interest rate still applies during the 90-day no-pay option period.

Coast Capital Savings is one of the largest credit unions in Canada. It has over 550,000 members in British Columbia alone and over $25.2 billion in assets.

Coast Capital offers its members a complete suite of banking services, including chequing, savings, credit cards, personal loans, mortgages, and investments.

Many of these products and services are available across Canada (except Quebec).

Coast Capital Car Loan Financing

  • Loan term: 18-84 months
  • Minimum and maximum loan amount: Varies
  • Loan interest: Coast Capital offers competitive interest rates (varies)

Coast Capital offers auto financing for new cars, used cars, and leases. You can also refinance your existing car loan in order to take advantage of a lower interest rate that saves you money in the long term.

The application process takes about 10 minutes, and you can complete it online from the comfort of your home.

Auto financing is available for various types of vehicles, including electric, luxury, commercial, and delivery vehicles.

To qualify for a Coast Capital auto loan, you must meet the following requirements:

  • Be a resident of British Columbia, Ontario, Manitoba, New Brunswick, Prince Edward Island, Alberta, Nova Scotia, or Newfoundland and Labrador.
  • Have reached the age of the majority in your province, i.e. 18 or 19+.
  • Have a credit score of 650+ (Beacon Score) and an established credit file (does not guarantee approval).
  • Have not declared bankruptcy.
  • Have a verifiable source of income.
  • Other credit and lending criteria may apply.

Loan applications are processed quickly, and you can expect to hear back about the next steps within one business day.


Coast Capital Mortgage Rates

Coast Capital offers first-time homebuyer mortgage loans as well as mortgage renewal loans.

You can choose from fixed-rate mortgages with terms ranging from 1-10 years or choose a variable-rate mortgage with a 1 or 5-year term.

Coast Capital’s mortgage pre-approval application is available online and takes about 10 minutes to complete.


Is Coast Capital Safe?

Coast Capital is a federal credit union and a member of the Canada Deposit Insurance Corporation (CDIC). CDIC membership means that your deposits are insured for up to $100,000 per insured category, per depositor.

As a member, you purchase $5 in membership equity shares and can vote on the Board of Directors.

For more details about what this credit union offers, read our Coast Capital Savings Credit Union review.

Related: Best Credit Unions in British Columbia


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Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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