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Loans & Lines of Credit
Choose a borrowing solution that’s right for you
Lines of credit
ScotiaLine® Personal Line of Credit
- Credit limits starting from $5,000 and up to $75,000.*
- Access to funds through Mobile App, Online Banking, ABM, Access Card, and cheques.
- Flexible repayment options.
- No need to reapply.
ScotiaLine® Personal Line of Credit (Scotia Total Equity® Plan)
- Secured borrowing rates.
- Apply just once to secure your overall borrowing limit ScotiaLine® Personal Line of Credit.**
- Low rates with payment options available.
ScotiaLine® Personal Line of Credit for Students
- Deferred principal payments.◊
- Make interest-only payments while you’re still in school.‡
- Ability to pay down balance at anytime.
- No annual fees.
Scotia RSP Catch-Up® Line of Credit
- Get preferred lending rate and invest in an RSP for your future.°
- Make regular contributions to your RSP anytime.
Loans
Scotia Plan® Loan
- Take up to 5 years to pay it back.†
- Customized payment structure.
- Choose between a fixed or variable interest rate.
- Manage your loan online
Auto Loan
- Get up to $200,000 for your next vehicle.±
EcoLiving Auto Loan
- Buy a new electric, hybrid or diesel vehicle.
- You could be eligible for a government rebate towards the purchase of a qualified vehicle.
Grad Auto Loan
- Buy a car up to 90 days before you start a full-time job.
- Skip the down payment with 100% financing.±
StartRight® Auto Finance Program
- Qualify for a loan with no Canadian credit history
- Take up to 5 years (60 months) to pay back your loan
Marine and Boat Loan
- Buy a new boat or used sailboat or power boat of any age.
- Take your time to pay off the loan – up to 20 years.
Motorcycle & Leisure Vehicle Loan
- Buy a new motorcycle, All Terrain Vehicle (ATV), quad, snowmobile, personal watercraft (PWC) or other leisure vehicle.
- Or buy a used motorcycle or leisure vehicle that’s up to 5 years old.
Recreational Vehicle Loan (RV)
- $200,000 for your next RV.±
How borrowing works
When you borrow money, you agree to pay it back with interest over time. With a loan, you know it will be paid off over a specific period of time with fixed payments. With a line of credit, you have the flexibility to repay as much as you want or as little as interest only every month.2
Frequently Asked Questions
Let's get started!
Ways to apply
Apply online
Sign in to Scotia Online.
By phone
Call Scotiabank
In person
Make an appointment at your local branch
At the dealership
Visit your dealer and ask for Scotiabank financing.
Advice+ Articles
Loans vs. Lines of Credit: Which could be right for you?
Let’s take a closer look at the differences between loans and lines of credit and find out which solution is right for you.
Leasing vs. buying a car in Canada
Planning to get a car and thinking about whether to buy or lease? Here are some pros and cons to help you make the final decision.
What happens if you miss a credit card or line of credit payment?
Everything you need to know about what happens when you miss a credit card or line of credit payment, your credit score, and what options you may have.
Useful calculators
Find a loan that works for you
Our personal loan calculator can help you estimate the payment options that best suit your financial needs.
How much do you need to finance a car?
Try our auto loan calculator for an estimate of what you need to finance your next vehicle.
Scotia Total Equity® Plan (STEP) Calculator
Learn how to save on interest by using the equity in your home to borrow at lower interest rates.
Lines of credit
*
Subject to credit approval and security provided. The interest rate you pay on a ScotiaLine Personal Line of Credit Account is expressed as Scotiabank Prime Rate plus an adjustment factor. The interest rate you pay will vary automatically when Scotiabank's Prime Rate changes. Scotiabank Prime Rate is the prime lending rate of The Bank of Nova Scotia as published from time to time. Please click here for our current Scotiabank Prime Rate.
**
Some conditions may apply.
♢
While you remain in school you will be required to make a minimum payment of interest only on your ScotiaLine Personal Line of Credit for Students (the “Account”) and interest will continue at the interest rate that applies to your Account on any amount you borrow from the date you borrow until you pay that amount in full. See your Credit Agreement and Disclosure Statement we provide you when you apply or speak with your Scotiabank Advisor for more information and how interest is charged to your Account.
‡
If you qualify then interest-only minimum payment will be the greater of the interest portion only of the outstanding balance on your statement, or $50, subject to your minimum payment being no more than the outstanding balance on your statement. In addition, amounts showing on your statement as overdue or over limit must be paid immediately and will be added to the minimum payment. Other minimum payment options may be available.
°
The interest rate for the Scotia RSP Catch-Up Line of Credit is Scotiabank Prime +1% if the RSP contribution is invested with a Scotiabank Group Member or any other Financial Institution. The interest rate you pay on a Scotia RSP Catch-Up Line of Credit will vary with Scotiabank Prime. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. For current rates and information on fees and interest cost, call 1-888-882-8958.
Loans
†
Amortization periods can exceed 5 years for secured loans (up to 25 years for loans under Scotia Total Equity Plan).
±
Subject to credit approval and security.