Car Deal Canada

Car Deal Canada

RBC Car Loan Rates

RBC Car Loan Rates

About RBC

RBC Car Loan Rates have been known to be some of the lowest in Canada. Royal Bank of Canada (RBC), is a prominent Canadian multinational financial services corporation.  At present, RBC holds the distinction of being Canada’s largest bank in terms of market capitalization. With a global workforce of more than 86,000 employees, the bank caters to the needs of over 16 million customers worldwide! 

Established in 1864 in Halifax, Nova Scotia, RBC initially had its headquarters in Place Ville Marie, Montreal, Quebec. Throughout its history, RBC has played a significant role in fulfilling the aspirations of countless Canadians, helping them acquire the car they’ve always dreamed of.

About RBC

RBC Car Loan Rates have been known to be some of the lowest in Canada. Royal Bank of Canada (RBC), is a prominent Canadian multinational financial services corporation.  At present, RBC holds the distinction of being Canada’s largest bank in terms of market capitalization. With a global workforce of more than 86,000 employees, the bank caters to the needs of over 16 million customers worldwide! 

Established in 1864 in Halifax, Nova Scotia, RBC initially had its headquarters in Place Ville Marie, Montreal, Quebec. Throughout its history, RBC has played a significant role in fulfilling the aspirations of countless Canadians, helping them acquire the car they’ve always dreamed of.

7.49%

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Current RBC Used Car Loan Rates

Loan terms of less than 78 months

7.49% - 9.99%

OAC

Loan terms between 79-84 months

7.49% - 9.99%

OAC

Loan terms over 85

7.49% - 9.99%

OAC

Car Loan Application showing RBC Car Loan Rates


Visit Our Car Loan Calculator To Get The Lowest RBC Auto Loan Rates

Want to find out your Payments With An RBC Car Loan? 

Take advantage of our car loan calculator to estimate your monthly payments conveniently with the Royal Bank of Canada. Just enter your preferred RBC car loan rate based on the rate sheet above and select your desired terms. 

Staying within your budget is paramount while searching for your ideal car, and our specialized car payment calculator is designed precisely for that purpose. It empowers you to remain on track, giving you insights into your payments and ensuring that your chosen car loan rate aligns perfectly with your financial goals.

RBC Contact Information

Questions About RBC Car Loans?

RBC car loan rates range from around 7.15% for those with excellent credit up to around 10% for those with poor credit. The rate offered will depend on factors like your credit score, the loan term, the age of the vehicle, and whether you’re financing a new or used car. RBC also offers manufacturer special rates on certain new vehicles.

To qualify for the lowest RBC car loan rates, you’ll need a credit score of at least 720. Having a higher credit score shows the bank you are a low lending risk. A long credit history, low credit utilization, and a record of on-time payments will help boost your score. A larger down payment and shorter loan term can also mean a lower rate.

RBC’s minimum credit score requirement for car loans is around 550. However, to get their lowest advertised rates of around 4-5%, you’ll need a score of 720 or higher. Applicants with scores in the fair range (580-669) can expect rates of 5-10%, while those with poor credit (below 580) will see the highest rates.

Yes, RBC does offer car loans to applicants with bad credit, generally considered a score below 580. However, approved loan amounts may be smaller and interest rates will be higher compared to those with good credit. Having a steady income source and down payment can improve your chances of getting approved.

RBC does not disclose a maximum car loan amount. Loan limits are based on factors like your income, existing debts, credit score and down payment. In general, expect approved loan amounts of $20,000 to $75,000 for private buyers. Higher limits are possible if you have excellent credit and income.

RBC offers flexible car loan terms up to 96 months (8 years). However, shorter terms of 24-60 months are recommended whenever possible, as you’ll pay significantly less interest over the life of the loan compared to longer terms.

You can get pre-approved for an RBC car loan in as little as a few minutes using their online pre-qualification tool. To start, you’ll need to provide some basic personal and financial information. Pre-approvals are subject to full application and verification later.

Yes, you do not need to have an existing relationship with RBC to qualify for one of their car loans. Anyone who meets their lending criteria can apply for RBC auto financing, whether you’re an existing client or not. Opening a checking account can help strengthen your application.

You can apply for an RBC auto loan online, over the phone at 1-800-769-2511, or in person at a dealership or RBC branch. For dealer financing, the dealer will submit your application to RBC on your behalf. To apply on your own, you’ll need to gather documents that verify your income and ID.

Yes, RBC offers financing for both new and used vehicle purchases. Used car loans will have slightly higher interest rates compared to new, generally by around 0.5-1.5%. RBC places limits on the vehicle’s age, mileage and value when financing used cars.

Documents required for an RBC car loan application include a valid driver’s license, proof of income (pay stubs), proof of address, list of assets/liabilities, car’s VIN, invoice or bill of sale, proof of insurance if available, and down payment source if applicable.

RBC allows applicants with no prior Canadian credit history to qualify for auto financing, provided you meet their other requirements related to income, employment and down payment funds. Interest rates may be higher compared to those with established credit.

You can usually get an approval decision on the spot if applying at a dealership. For online applications, expect a decision within 1-3 business days. Once approved, you can complete purchase paperwork and take delivery of your new vehicle right away in most cases.

Yes, an RBC personal line of credit can be used for a car loan down payment if you have funds available. This allows you to leverage your line of credit to get approved for auto financing while conserving your cash. Just make sure to factor in the added repayment.

RBC offers multiple ways to make your monthly car loan payments including online/mobile banking, telephone banking, at an ATM, in branch, by mail, or through your dealer. You can choose to make bi-weekly or weekly payments as well to repay your loan faster.

Yes, you can trade in your current vehicle toward a new car purchase while you still have an outstanding RBC loan balance. The dealer will appraise your trade and apply its value toward paying down your old loan. Any difference is then rolled into the financing for the new car.

To refinance your car loan with RBC, contact them for details on applying for a new loan that pays off your existing auto debt. You’ll need to meet their current lending criteria. Refinancing can help lower your interest rate, payment, or loan term, but check for penalties first.

RBC does offer auto financing for private party purchases, but the process is different than at a dealership. You’ll need to finalize negotiation and price with the seller first. RBC will then work with you to arrange payment and transfer ownership after loan approval.

Yes, RBC can provide financing to buy out your leased vehicle at the end of your term and keep driving it. To do a lease buyout with RBC, apply for a standard auto loan for the residual value in your lease contract, plus any fees.

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