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BMO Harris Bank Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 16 September 2023
Fact checked

A quick review of BMO Harris Bank auto loans

BMO Harris Bank logo

BMO Harris Bank offers a variety of products and services to fit your needs. Whether you have your eyes set on cars or RVs and boats, you can purchase, refinance, or lease used and new vehicles. BMO provides competitive interest rates and terms you can choose from to find the one that meets your budget and circumstance.

Want to see what a BMO Harris auto loan will cost? Try the BMO Harris Bank auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key BMO Harris Bank auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: 7.80% to 9.05% APR for 2024 to 2023 models. 2022 models range from 7.90% to 9.15% APR while the 2021 models start at 8.05% to 9.30%.
  • Loan terms: From 12 to 72 months.
  • Loan fees: $75 loan processing fee.
  • Discounts: 0.50% rate discount for Auto Pay.

BMO Harris Bank auto loan options

New and used car loans

You can lease, buy, or refinance pre-owned and new vehicles with affordable interest rates. For models 2024 to 2023, APRs range from 7.80% to 9.05% in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin. 2022 models start at 7.90% to 9.15% while 2021 models have APRs from 8.05% to 9.30%. To get a quote of your rate from other states, you can contact BMO.

Recreational vehicle loans

BMO Harris Bank also offers recreational vehicle loans. You can lease or buy RVs, motorcycles, boats, and snowmobiles.

Harris Bank auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

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BMO Harris Bank

BMO Harris Bank auto loan

BMO Harris Bank auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate BMO Harris Bank auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a BMO Harris auto loan

Eligibility criteria

Though BMO doesn’t specify the requirements to get a car loan, you typically need:

  • To be at least 18 years old
  • U.S. citizenship or permanent residency
  • To have a valid Social Security number
  • To have a steady source of income

Consider improving your credit score, too. Remember that a positive credit rating lifts your chances of loan approval. Plus, it helps you lock in the best rates and terms.

What you’ll need to have ready:

When you apply for auto financing with BMO Harris, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

You may need to provide BMO with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

You also need to give BMO Harris details on your vehicle when you apply for auto financing. This includes its model year, mileage, and vehicle identification number (VIN). Preparing this information can speed up your application.

Ways to apply for a BMO Harris Bank auto loan:

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 1-888-340-2265

Additional BMO auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed, but banks typically take 1 to 3 business days to approve loan applications.
  • Rate discounts: Potential lower rates for applicants with high credit standing, and 0.50% rate discounts when you set up Auto Pay.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: $0.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Ways to repay: Online banking, BMO Express Loan Pay, mail, and in a branch.
  • Hardship program: Undisclosed.

Vehicle restrictions and limitations

  • Maximum vehicle age: Older than 2016.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

Pros and cons

Pros

  • Competitive rates for applicants with high credit scores and low loan-to-value ratio.
  • Flexible loan terms of up to 72 months.
  • No prepayment penalties.
  • 0.50% discount on interest rates through Auto Pay.
  • Different ways to pay your loan – online banking, BMO Express Loan Pay, by mail, and in person.
  • Funding only takes a few days.
  • Available in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida.

Cons

  • Poor credit may lead to higher interest rates and monthly payment.
  • $75 loan processing fee.
  • Undisclosed minimum and maximum loan amount.

Frequently asked questions

Can I repay my BMO car loan early?

Yes. The good thing is you can pay your car loan early without any penalty fees.

How can I contact BMO Harris Bank about my auto loan?

For your car loan details, you can dial 1-877-435-7330. You can request a contact for BMO to get in touch with you, too.

How do I qualify for vehicle finance from BMO?

You should show a positive credit history to successfully qualify for auto financing. To get ideal car loan rates, you also need to satisfy other requirements, like the loan amount and model year.

How much do I qualify for with a BMO auto loan?

How much you can borrow depends on BMO and your financial standing. But you can typically borrow more with better credit and higher income.

How to apply for a car loan at BMO Harris Bank?

You can call or visit a BMO Harris Bank branch. They will then help you decide on the loan, term, and monthly payments that suit you. After getting approved, you may receive the funds in just a few days.

Video: We are BMO Transportation Finance

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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