Key Features
-
Convenient Dealer Financing. With partnerships established with over 4,500 dealerships nationwide, RBC enables customers to finance their vehicle purchases directly at the point of sale. This streamlined process eliminates the need for separate financing arrangements and simplifies the car-buying experience.
-
Flexible Payment Options. RBC Car Loans offer flexibility in payment schedules, allowing customers to choose from monthly, semi-monthly, bi-weekly, or weekly payment frequencies. Furthermore, there are no penalties for early loan repayment, giving customers the freedom to pay off their loans ahead of schedule if desired.
-
Financing Solutions for Various Vehicles. Whether customers are purchasing new or used cars, electric vehicles, RVs, or marine vehicles, RBC provides financing solutions to accommodate a wide range of vehicle types. Additionally, financing is available for units up to 10 years old, offering flexibility in vehicle selection.
How to Get an RBC Car Loan in Plessisville?
-
Visit a Participating Dealership. Begin your car-buying journey by visiting one of the 4,500 dealerships partnered with RBC across Canada. When at the dealership, inquire about RBC financing options for your vehicle purchase.
-
Request RBC Financing. Inform the dealership that you are interested in financing your vehicle purchase through RBC. Dealers enrolled in the RBC program can assist you in the financing process and guide you through the application.
-
Complete the Application. Once you express interest in RBC financing, the dealership will assist you in completing the necessary application forms. Ensure that you provide accurate and complete information to expedite the loan approval process.
-
Get Approved. After submitting your application, RBC will review your information and assess your eligibility for a car loan. If approved, you will receive confirmation of your loan approval along with details regarding your financing terms.
-
Finalize the Purchase. With your loan approved, you can proceed to finalize the purchase of your vehicle. The dealership will assist you in completing the necessary paperwork and arranging for the transfer of ownership.
-
Manage Your Loan Online. Once your loan is finalized, take advantage of RBC's online tools and resources to manage your loan conveniently. Through RBC Online Banking, you can monitor your loan balance, payment details, and interest rates, as well as make payments and adjust payment frequencies as needed.
Requirements and Conditions
Requirements
Eligibility Criteria. To qualify for an RBC Car Loan, borrowers must meet RBC's standard lending criteria, including creditworthiness and income verification. Additionally, borrowers must be permanent residents or temporary foreign workers who have been in Canada for less than three years to qualify for the Newcomer Automotive Loan Program.
Down Payment. While specific down payment requirements are not provided, borrowers may be required to provide up to 15% cash equity on the amount to finance, depending on the financing arrangement and individual credit profile.
Maximum Loan Amount. The maximum loan amount for RBC Car Loans is $75,000, subject to credit approval and lending criteria. Borrowers should consider their desired loan amount and ensure it aligns with their financial capabilities and budget.
Credit History. For vehicles less than 10 years old, no Canadian credit history is required to qualify for financing, provided borrowers meet all other eligibility and credit criteria of RBC. This accommodation is particularly beneficial for newcomers to Canada who may not have an established credit history in the country.
Conditions
Competitive Interest Rates. RBC provides competitive interest rates on car loans, ensuring that customers can access financing at favorable terms. Special financing rates are available through featured partner manufacturers, offering potential savings over the life of the loan.
Flexible Payment Options. RBC Car Loans offer flexibility in payment schedule, allowing customers to choose from monthly, semi-monthly, bi-weekly, or weekly payment frequencies. Additionally, there are no penalties for early loan repayment, providing customers with the freedom to pay off their loans ahead of schedule if desired.
Financing Terms. Customers can choose a loan term ranging from 1 to 8 years, providing flexibility in managing their repayment schedule. Financing is available for units up to 10 years old, accommodating a variety of vehicle types and ages.
Additional Resources
- Royal Bank of Canada Review
- Royal Bank of Canada Account Review
- How to PayOff Royal Bank of Canada
- Royal Bank of Canada Mobile App
