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RBC Car Loans of march 2024

Apply for Car Loans from RBC verified by our specialists. On 19.03.2024 you have access to 5 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 5
Updated
09.01.2023
12:54
Royal Bank of Canada
Car loans for newcomers
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$75,000
Term
i

Loan term for the financial product

96 months
Royal Bank of Canada
Business vehicle loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$750,000
Term
i

Loan term for the financial product

8 years
Royal Bank of Canada
Financing a boat or RV
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
i

Loan term for the financial product

20 years
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Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Royal Bank of Canada
Loans for electric vehicles
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Royal Bank of Canada
Car loans through a dealer
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$7,500
Term
i

Loan term for the financial product

1 to 8 years
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7500 C$
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CAD
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7500 C$
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50
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12
96
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Car Loan Application Online of March 2024
Cost of the vehicle:
5000 C$
100000 C$
Term:
6
120

You are able to get car loan with discount. You can receive money in: 15m

Car Loan Application Online of March 2024Car Loan Application Online of March 2024Car Loan Application Online of March 2024Car Loan Application Online of March 2024Car Loan Application Online of March 2024
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Loan amount
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Loan comission
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Here is the average Car Loan overpayment on 19.03.2024 from lenders in Canada.

1 393 C$
More
Royal Bank of Canada
4.4
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.
Review
MDG
1
Removed money from my bank account, to apparently verify my bank account. Then denied my application because I live in a unorganized township that does not have a physical address...
Review
Money Mart
1
Bad customer service they can never fix your problems...
Review
GoDay
1.6
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review

Types of loans

With auto financing from RBC, you can find solutions for all your vehicle needs — whether it is a car, a boat, or a business vehicle.

  • Car loans through a dealer

With RBC auto financing, you can apply for a car loan at a dealership — no need to visit a branch. The minimum amount to borrow is $7,500, and the available terms range from 1 to 8 years. You can choose to pay on a weekly, bi-weekly, semi-monthly, or monthly basis. If you want to pay off your loan in full early, you can do it at any time, penalty-free.

  • Loans for electric vehicles

Being committed to building a more sustainable future, RBC encourages using new electric vehicles. If you are looking to buy a Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), or Hybrid Electric Vehicle (HEV), RBC Bank has the financing options for you. You can apply for an electric vehicle car loan at one of the RBC’s partner dealerships and pay it back within eight years.

Financing of select electric vehicles from manufacturers like Chevrolet, Chrysler, Hyundai, Kia, and Tesla is available at special rates.

  • Financing a boat or RV

If you’d like to purchase a boat on RV, consider competitive-rate financing from RBC Bank. You can apply for a loan at any of their partner RV and marine dealers. You can pay on a weekly, bi-weekly, semi-monthly, or monthly basis. The loan term can be up to 20 years, and the early payoff is penalty-free.

  • Business vehicle loans

Incorporated businesses, partnerships, non-profit organizations, and registered charities can access business vehicle financing solutions from RBC Bank, including multi-vehicle financing up to $750,000. Just like all RBC car loans, business vehicle loans feature flexible payment schedules and penalty-free early repayment. You can pay your business vehicle loan within up to 8 years.

When purchasing vehicles from certain car manufacturers, you can count on special financing rates.

  • Car loans for newcomers 

For those who are new to Canada and have no Canadian credit history yet, RBC offers the Newcomer Automotive Loan Program. Under this program, you can get financing of up to $75,000 to buy a new or used vehicle up to 10 years old, with a loan term of up to 96 months. Be ready to make a 15% down payment, though.

Similar to other auto financing options, you can pay on a weekly, bi-weekly, semi-monthly, or monthly basis and pay back your loan in full at your convenience, penalty-free.

How to apply?

To get an idea of how much you can afford to borrow and what your trade-in would be worth, consider using RBC My Auto Affordability Tool. It’s absolutely free and doesn’t affect your credit score.

Once pre-qualified, visit one of RBC’s partner dealerships and ask for RBC financing. Upon getting approval, you can drive away with a vehicle of your choice.

Requirements

To get access to RBC auto financing solutions, you must be a Canadian citizen or a permanent resident of Canada at the age of majority in your province. You must also have a valid driver’s license and a valid bank account.

To apply for most RBC auto financing options, you will need to provide your social insurance number, income verification documents, your personal information, and information about your assets, liabilities, and so on. For some financing options, RBC provides specific eligibility requirements on its website.

To apply for a business vehicle loan, prepare a government-issued photo ID (your driver’s license will be good) and a void cheque for the account you will pay from. In addition, if you have a co-signer, ask them to prepare income verification, such as a bank statement from the last two months or recent pay stubs.

To qualify for a car loan for newcomers to Canada, you must be a permanent resident or a temporary foreign worker who has been living in Canada for less than three years.

Pros and cons

Here are the advantages of RBC car loans:

  • Flexible payment options
  • Penalty-free early repayment
  • Special financing rates for select electric vehicles
  • An option to skip one monthly payment each year
  • An option to delay payment
  • Easy management of your car loan through online banking

Still, there are certain disadvantages to be aware of:

  • You can apply for RBC auto financing at a dealership only
  • When you skip or delay loan payments, interest will continue to accrue
  • While RBC partners with 4,500 dealerships across Canada, still not all the dealers are their partners

How to make a payment?

You can pay for your RBC car loan either through RBC Online Banking or the RBC Mobile app. To prevent missed payments on a due date, you can set up automated payments.

FAQ

How do I find a dealer near me?

RBC has an online tool to help you find the right dealership based on certain criteria — whether you need a new or a used car, a car manufacturer brand, and your location.

Does RBC pre-qualification equal automotive lending approval?

The RBC My Affordability Tool serves illustrative and general information purposes only, and information obtained during pre-qualification is not final. Once pre-qualified, you must visit one of RBC’s partner dealerships to apply for auto financing. The conditions offered to you after completing a car loan application may differ from the results of pre-qualification.

Who can co-sign the RBC business vehicle loan?

A person must be an owner, officer, or director of the business to qualify as a co-signer.