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Important disclosure

RBC Car Loans & Interest Rates

RBC logoThe 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
Loan
Amounts
Interest
Rate
EST Monthly
Repayment

RBC car loan

RBC
RBC car loan
12 months
to 96 months
$5,000
to $100,000
19.99%
APR
$2,659 Inclusive of fees
GO TO SITE
n/a
Featured car loans

RBC car loan

RBC
RBC car loan
12 months
to 96 months
$5,000
to $100,000
19.99%
$2,659 Inclusive of fees
GO TO SITE
n/a

BestLoansCanada.com provides factual information in relation to financial products. While BestLoansCanada.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on BestLoansCanada.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestLoansCanada.com. BestLoansCanada.com recommends that you read the relevant product information before taking up any financial product offer. For more information please see BestLoansCanada.com's Terms of Use.

RBC car loans FAQ

How do I prequalify for an RBC car loan?

You can get prequalified by visiting RBC’s website and choosing this option. The good news is, it’s free and your credit score won’t be affected. Prequalification gives you an idea of what you can afford based on factors, such as your income and whether you’re planning to trade in or make a down payment.

Does RBC offer business car loans?

Yes – RBC provides business vehicle solutions for incorporated businesses, partnerships, registered charities, and not-for-profit organizations. In addition, RBC allows you to finance multiple vehicles, such as passenger cars and light-duty trucks, for up to 7 years.
You can also get financing for toolboxes, mobile workshops, and other auxiliary equipment installed in your vehicle.

What’s the interest rate for an RBC car loan?

Interest rates are not stated on RBC’s website. Generally, that’s because rates vary depending on your credit score and other borrower information. However, RBC will disclose your personalized rate after making the necessary assessments.

Can I get an RBC car loan without visiting a dealership?

No. However, you can apply for an RBC personal loan if you’re buying from a private seller.

Should you buy or lease a car?

Bestloanscanada.com provides factual information in relation to financial products. While Bestloanscanada.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Bestloanscanada.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Bestloanscanada.com. Bestloanscanada.com recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Bestloanscanada.com’s Terms of Use and Services Guide.

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