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Buying a Vehicle? It s Easy to Get the Financing You Need.
Whether you re buying from a dealership or through a private sale, we offer convenient and flexible financing options to help you drive away with the car you want.
Here are some of the benefits you can expect with an RBC Royal Bank car loan:
- Competitive interest rates. whether you finance your vehicle through your branch or at the dealership
- Amortization periods of up to 7 years let you create an affordable payment amount (1)
- Easy payment options (you can pay monthly, semi-monthly, bi-weekly or weekly) plus there s no penalty to pay off your loan early
- Optional features available. including Skip-a-Payment (2) and LoanProtector life and disability or critical illness insurance (3)
- Financing for other vehicles too such as boats, RVs and more
Newcomer to Canada?
If you re new to Canada, our Newcomer Vehicle Program makes it easier to purchase a vehicle with a limited credit history.
Fixed or Variable Rate What’s Right for You?
Here’s a quick overview of the features and benefits of a fixed versus variable rate car loan:
- Your interest rate is locked in for the entire term
- Your amortization term (how long it takes to pay off your loan) can go up to 7 years (1)
- You will know exactly how much interest you’ll pay over the loan term
- Your payment amount and term will not be affected by changes in interest rates
- You can switch to a variable rate at any time if rates fall (3)
- You can choose up to a 7-year amortization term (1)
- You could save money if interest rates are already low or fall further
- If interest rates rise, your payments will likely stay the same, but your amortization term will increase
- If interest rates fall, your payments will stay the same and your amortization term will decrease, meaning you could pay off your loan sooner
- You can switch to a fixed rate at any time if rates go up (3)
If you’re not sure what’s right for you, talk to the finance and insurance manager at your dealer or an RBC Royal Bank credit specialist .
Buying a Vehicle at a Dealership?
RBC Royal Bank automotive financing offers you the convenience of financing your next vehicle at over 3,500 automobile dealerships across Canada.