Defer auto or Scotia Plan Loan payments

Apply for a Scotia Plan Loan payment deferral if your loan was issued through a Scotiabank branch.

Apply for an auto loan payment deferral if your loan was issued through a dealership. 

Eligibility for Loan Payment Deferrals

You're eligible for a loan payment deferral if: 

  • You, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19.
  • You have an insured or uninsured Auto or Scotia Plan Loan with Scotiabank.

Also note that:

  •  If you have multiple loans, please submit one form per loan deferral request. 

How loan payment deferrals work

Loan payment deferrals

On unsecured and secured term loans, you can defer up to 3 months of payments.


If you choose to defer your payments, interest will continue to accrue, and 3 months of payments will be added at the end of your payment schedule.

Insurance on Scotia Plan Loans

If you have an insured Scotia Plan Loan, your Scotia Plan Loan Protection Insurance premium is included with your loan payment and so is also deferred during the deferral period and your insurance coverage is not impacted during the deferral period.

Insurance on auto loans

f you have an insured auto loan, your creditor insurance premiums will continue to be collected from your bank account in order to maintain your insurance coverage.

How does the loan payment deferral process work?

First, you complete and submit your application.

For the application, you’ll need the following information: 

  • Your last payment date
  • Your account or loan number
  • For Auto loans, your Vehicle Identification Number (VIN)

Second, we’ll process your application.

We’ll email you again within 5 to 7 business days to confirm your eligibility.

Lastly, we’ll update your payments.

We’ll send you a notice within 30 days of your deferral with your updated cost of borrowing.

Loan payment deferral FAQs 

No, they are different. A loan payment deferral means that payments are skipped for 1, 2 or 3 months, during which interest is accrued. The same term period of up to three months will be added to the end of your payment schedule.

Loan forgiveness by comparison means that a lender cancels or forgives part of the debt. Scotiabank is extending loan payment deferrals, not loan forgiveness.

We encourage you to read the Auto and Scotia Plan Loan payment deferral terms and conditions before you apply. You may also want to speak to a financial advisor to ensure you understand the financial implications.

Customers with a loan who are affected by the impact of COVID-19, can seek relief from Scotiabank. Customers will answer a few questions without having to provide supporting documentation to prove hardship.

No credit application is required.

Deferred payments as part of Scotiabank’s COVID-19 relief measures will not be reported to the credit bureaus as missed payments so they will not impact your credit score as a traditional missed payment might. However, your credit score is based on many factors, including the balance owing on your Scotiabank product, and is unique to you. 

If you have any questions about your credit score or how it is calculated, visit TransUnion or Equifax Canada.

A loan payment deferral request is available at any time until September 2020 for customers experiencing financial hardship on a case-by-case basis. 

FAQ about when my payment deferral period ends

At the end of your deferral period:

For Scotia Plan Loans

  • You will be required to make your next loan payment

For Auto Loans

  • You will be required to make your next loan payment
  • If you require further assistance please call 1-800-790-7979 (Hours Monday - Friday 8am - 9pm ET, Saturday 8am - 7pm ET)