The table below summarizes key details about Royal Bank of Canada (RBC) car loan options. RBC is the number one Big Five Bank by market capitalization and, therefore, a top option for many borrowers looking to finance their car. RBC was established as a regional bank in 1869 in Halifax, Nova Scotia, but has since diversified into a global financial services company.
How much will a car loan from RBC cost? Use the RBC car loan calculator below to estimate your monthly payments. Start with your desired loan amount and term and adjust the figures as needed to find the best loan payment for your budget.
Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.
About Royal Bank of Canada car loans
RBC auto loans are best for borrowers planning to purchase their new or used car, boat, or RV at an RBC partner dealership.
Overview
If you are after a BMO car loan, check out the following features and benefits:
- Loan term. 1-8 years for cars and up to 20 years for boats and RVs.
- Loan amounts. Minimum amount of $7,500.
- Choose your payment frequency. Monthly, semi-monthly, bi-weekly, or weekly.
- Early payments. No penalty for paying off your loan early.
Pros
- Prequalification available for some options.
- Competitive rates if you’re buying an EV or from select manufacturers.
- RBC has partner auto dealers nationwide.
Cons
- Not all dealerships are RBC partners.
- You can’t buy from a private seller.
RBC auto loan options
Depending on your vehicle needs, you can finance new or used cars, electric vehicles, as well as boats, and RVs through RBC.
- Cars. RBC offers a maximum repayment period of 8 years on cars up to 10 years old. There’s also a special financing rate that comes with select car manufacturers.
- Electric vehicles. Electric vehicles also have terms of up to 8 years old. In addition, this option comes with special financing rates for select clean energy vehicles.
- Boats/RVs. You can finance a boat or RV not older than 10 years for up to 20 years.
How to apply for an RBC car loan
- Get pre approval before visiting the dealership (not available for boats and RVs)
- Choose the car you want from any RBC affiliated dealership
- Ask the dealership for RBC financing
- Drive away with your new vehicle when you get approved
Check that you’re eligible:
Here are the general requirements for an RBC car loan:
- Must have reached the age of majority in your province.
- Be a permanent resident of Canada
- Have a valid driver’s licence
- Meet the minimum income and credit score requirements
What you’ll need:
- Social Insurance Number
- Proof of income documents
- Personal and contact details
- Financial information related to your assets, liabilities, etc.
RBC Car Loan Calculator
Repayment Period
12 months
to 96 months
Loan Amounts
$5,000
to $100,000
Repayment Period
12 months
to 96 months
Loan Amounts
$5,000
to $100,000
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