BMO Harris Auto Loan Review (All You Need To Know)

Are you in the market for a new car but don’t have the funds to pay for it outright? If so, consider an auto loan to help finance your purchase. And with so many lenders out there, deciding which one is right for you can be challenging.

That’s why we’re excited to bring you our BMO Harris Auto Loan review, where we’ll take an in-depth look at one of the market’s most popular auto loan providers. We’ll explore everything from interest rates and loan terms to the application process and customer service.

So, if you’re looking to make a smart financial decision regarding your next vehicle purchase, keep reading to see if a BMO Harris Auto Loan is right for you.

What is BMO Harris Auto Loan?

BMO Harris Auto Loan is a car financing product offered by BMO Harris Bank, a reputable banking institution founded in 1882 and headquartered in Chicago, IL.

This auto loan product is available in 10 states across the United States, making it a convenient option for car buyers in those areas.

BMO Harris auto loan offers a fixed APR car loan product with interest rates ranging from 5.3% APR to 7.61% APR, depending on the applicant’s creditworthiness.

With BMO Harris Auto Loan, customers can access loan amounts ranging from $5,000 up to $30,000, and the loan terms range from 60 to 72 months. Additionally, BMO Harris Auto Loan offers the option of longer terms, which can range up to 144 months.

Also read: What is BMO Harris Express Loan Pay?

BMO Harris Auto Loan Charges and Fees:

bmo harris auto loan review

It’s important to consider the charges associated with any auto loan before signing on the dotted line, and the BMO Harris auto loan is no exception. When it comes to charges, BMO Harris auto loan may charge a loan origination fee of up to 1% of the auto loan amount.

However, some borrowers may be able to negotiate this fee. Additionally, BMO Harris auto loan charges a late payment penalty fee for borrowers who miss their deadline.

Fortunately, there’s no need to worry about prepayment penalties, as the BMO Harris auto loan doesn’t charge any fees for early repayment.

Finally, the interest rates associated with BMO Harris auto loan range from 5.3% APR up to 7.61% APR, depending on the borrower’s creditworthiness.

Also read: Sail Loans review

BMO Harris Auto Loan Eligibility and Requirements:

To be eligible for a BMO Harris Auto Loan, applicants must have a credit score of at least 700 and be employed. The bank does not disclose any minimum annual income requirements.

Applicants must be at least 18 or meet the state’s minimum age requirement, whichever is higher. U.S. citizens and permanent residents/green card holders can apply for an auto loan with BMO Harris.

Active-duty service members can also apply, and their rates fall within the limits of The Military Lending Act. To apply for the loan, you may be required to provide documentation such as recent pay stubs, a driver’s license, and proof of citizenship or residence permit.

How to Apply for an Auto Loan with BMO Harris?

bmo harris auto loan review

Applying for an auto loan with BMO Harris Bank is a simple process. The bank offers online and in-person applications for auto loans. To apply online, visit the BMO Harris website and navigate to the auto loan section.

Fill in the required information, including your personal information, employment status, and the loan amount requested. After submitting your application, BMO Harris Bank will review your information and contact you with a decision.

If you prefer to apply in person, visit a BMO Harris Bank branch near you to speak with a lending specialist. They can help guide you through the application process and answer any questions.

Before applying for an auto loan, ensure you have all the necessary documentation, including recent pay stubs, a driver’s license, and proof of citizenship or residence permit, to expedite the process.

BMO Harris Customer Care Number and Contact Details:

BMO Harris Auto Loan offers various ways to contact their customer care team, ensuring that borrowers have access to the assistance they need when they need it.

If you have any immediate questions or concerns, you can speak to a lending specialist by calling 1-877-225-5266 or the TTY Service 1-866-889-0889. For non-urgent inquiries, borrowers can use BMO Harris’ online support tool.

For those who prefer to speak with someone over the phone, BMO Harris’ customer care team is available at 1-888-340-2265 from 7 a.m. to 10 p.m. CT, Monday to Friday, and 8 a.m. to 8 p.m. on Saturdays and Sundays.

Whether you prefer to call, email or chat online, BMO Harris Auto Loan is committed to providing excellent customer service to their borrowers throughout the life of their auto loan.

Some Pros and Cons Of Taking BMO Harris Auto Loan:

Here are some of the pros and cons of taking BMO Harris Auto Loan. Borrowers should consider these pros and cons in light of their financial situation and goals before deciding whether to take out an auto loan with BMO Harris.


  • Competitive interest rates: BMO Harris Auto Loan offers interest rates on par with other lenders in the market, making them a good option for borrowers looking for an affordable auto loan.
  • Flexible loan terms: BMO Harris Auto Loan offers loan terms ranging from 60 to 72 months, with the option of extending up to 144 months. This gives borrowers flexibility in choosing a repayment period that works best for them.
  • No prepayment penalty: BMO Harris Auto Loan does not charge a prepayment penalty, which means borrowers can pay off their loan early without incurring additional fees.
  • Good customer service: BMO Harris has a reputation for providing excellent customer service, with dedicated phone support and online resources to help borrowers with their questions and concerns.


  • Limited availability: BMO Harris Auto Loan is only available in 10 states in the United States, which may limit its accessibility for some borrowers.
  • Origination fee: BMO Harris Auto Loan charges an origination fee of up to 1% of the loan amount, which may increase the overall cost of borrowing.
  • Late payment penalty: BMO Harris Auto Loan charges a late payment penalty fee, which can add up if borrowers struggle to make their payments on time.

Is BMO Harris A Reputable Bank?

If you’re considering taking out an auto loan with BMO Harris, you may wonder if the bank is reputable and trustworthy. The good news is that BMO Harris Bank is a well-established institution with a long history of serving customers in North America.

As the 8th largest bank in North America by assets, they provide personal and commercial banking, global markets, and investment banking services to more than 12 million customers.

BMO Harris Bank is also a Federal Deposit Insurance Corporation (FDIC) member, meaning that deposits are insured up to $250,000 per depositor.

Additionally, BMO Harris Bank has received high ratings from independent rating agencies such as Moody’s and Standard & Poor’s, reflecting the bank’s financial stability and ability to meet its customer obligations.


In conclusion, BMO Harris Auto Loan is a solid option for borrowers seeking a reliable and reputable lender for their auto financing needs.

While there are some fees to consider, such as the loan origination fee and late payment penalty fee, the flexible repayment terms and competitive interest rates make BMO Harris an attractive choice for many borrowers.

Additionally, the bank’s long history and reputation for financial stability add to the overall confidence in its lending services. However, as with any financial decision, it’s important to carefully consider your circumstances and options before committing to a loan.

So, whether you ultimately choose BMO Harris or another lender, take the time to research your options and make a decision that aligns with your needs and goals.


What is the minimum credit score requirement for a BMO Harris Auto Loan?

BMO Harris Bank does not publicly disclose its minimum credit score requirement for auto loans. However, like other lenders, they will consider various factors when evaluating your application, including your credit score, income, and employment history.

How long does it take to get approved for a BMO Harris Auto Loan?

The time it takes to get approved for a BMO Harris Auto Loan can vary depending on various factors, including the completeness of your application and the amount of time it takes to verify your information. Generally, you should receive a decision on your loan application within a few business days.

Can I apply for a BMO Harris Auto Loan online?

You can apply for a BMO Harris Auto Loan online through the bank’s website. The online application process is typically quick and easy, allowing you to submit your application and receive a decision promptly.

What documents do I need to apply for a BMO Harris Auto Loan?

To apply for a BMO Harris Auto Loan, you must typically provide information about your income, employment history, and the vehicle you’re interested in purchasing. You may also need to provide documentation such as pay stubs, tax returns, or bank statements to verify your income and financial history.

Can I refinance my existing auto loan with BMO Harris?

Yes, BMO Harris Bank offers auto loan refinancing options for borrowers looking to lower their monthly payments, reduce their interest rates, or change their loan terms. To explore your options for refinancing, you can contact the bank directly or submit an online application.

Olivia is a finance expert with years of experience in the industry. She is passionate about helping people make informed decisions about their finances, and her expertise lies in the areas of loans and insurance policies.

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