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BMO Auto Finance - Retooling your after-sales approachEach payment consists of interest, plus a part of your principal. There are specific loans designed just for a car purchase, as well as general purpose loans. Bank of Montreal will no longer originate indirect auto loans, the bank announced Saturday. The. Get the money you need to claim the vehicle you want. BMO vehicle loans work for new and used cars, along with boats, RVs, and motorcycles.