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RBC Car Loan review

RBC provides car loans with flexible terms, competitive rates and financing at 4,500 dealerships.

To be eligible for an RBC car loan, you must be a Canadian resident purchasing a new or used vehicle no older than 10 years old from a participating dealership.
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Our verdict

RBC offer car loans for all types of vehicles including cars, RVs, boats, business vehicles and more. While you'll get competitive interest rates and flexiible loan terms, RBC have some restrictions, such as the vehicle must be less than 10 years old and will need to be purchased through one of 4,500 participating dealerships.

Best for: Borrowers purchasing a vehicle through a dealership that partners with RBC to offer financing.

  • Lengthy loan terms
  • Flexible payment plans
  • Trade-ins and downpayments available
  • Interest rates not publicly available
  • Unclear fees
Learn more

Loan Amount

$7,500 - No max.

Loan Term

Up to 96 months

Interest Rate

Not disclosed online

Expert review

Canada’s big banks are a great option if you’re looking for a car loan with a competitive interest rate and flexibility on repayment terms, and RBC is no exception.

RBC does what it can to help its borrowers find a car loan that suits their needs: choose between fixed and variable interest rates; weekly, fortnightly or monthly payments; and terms of up to 8 years. You also won’t face any prepayment penalties if you decide to pay off your car loan early.

You can find a new or used car with RBC financing from more than 4,500 dealerships across the country.

First, do I qualify?

RBC doesn’t list its precise loan eligibility criteria, specifically the minimum credit score and annual income to qualify, so you’ll need to contact RBC directly to ask.

You’ll need to make sure you meet these criteria as a baseline, though:

  • Be a Canadian resident, with a valid address in the province you’re applying for financing in.
  • Have a valid driver’s licence and be of the age of majority in your province.
  • Must be looking to finance a new or used vehicle at a participating dealership.
  • Have a valid Canadian bank account to make payments on time.
  • Have a valid Social Insurance Number to pull your credit history.
  • Meet the minimum income and credit score.

Which provinces are RBC Car Loans available in?

RBC Car Loans are available across Canada, except Nunavut.

What types of car loans does RBC offer?

Here’s a look at the types of car loans RBC has on offer:

  • New and pre-owned vehicles. Get approved for a loan to buy a brand new or used car, truck, SUV or minivan from more than 4,500 dealers partnered with RBC. If you’re buying a used car, it must not be more than 10 years old.
  • Electric vehicles. RBC has a Clean Energy Vehicle Program, providing special rates for select clean energy vehicles.
  • Newcomers to Canada. Via the Newcomer Automotive Loan Program, borrowers can apply for up to $75,000 in financing. There’s no requirement for Canadian credit history, and terms can go up to 8 years.

Other vehicle financing options from RBC

  • New or used RV and marine vehicles. Apply for financing for recreational vehicles and boats through participating dealers. Terms are available for up to 20 years.

Compare car loans

1 - 4 of 4
Name Product APR Loan Amount Loan Term Requirements Long Table Description
CarsFast Car Loans
4.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
Loans Canada Car Loans
2.00% - 46.96%
$500 - $35,000
3 - 60 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Canada Auto Finance
4.90% - 29.95%
$500 - $45,000
3 - 96 months
Requirements: Min. income of $1,500 /month, 3+ months employed
Clutch Car Loans
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only

What are the benefits of an RBC Car Loan?

  • Lengthy terms. RBC has terms of up to 96 months for cars and up to 240 months for RVs and boats.
  • Flexible payment plans. You can choose to pay off your loan in weekly, fortnightly or monthly instalments.
  • Trade-ins and down payments accepted. You can also opt to trade in your vehicle or provide a lump-sum down payment to bring down the cost of your loan.
  • Get pre-authorized for the amount you want. RBC says you can pre-qualify for a loan, so you won’t have to complete a credit application at the dealer.
  • Newcomers with no credit can apply. RBC has a program dedicated to helping newcomers gain access to credit, even if you don’t have credit history in the country.
  • Skip or delay a loan payment. RBC allows borrowers to skip the equivalent of one monthly payment each year and to delay a loan payment.

What to watch out for

  • Unclear fees. RBC doesn’t list its fees, so it’s unclear how much you’ll have to pay in terms of service or administration charges.
  • Rates not listed. RBC doesn’t specify what it charges on its fixed or variable rate auto loans. Instead, it just says that APRs vary based on available incentive programs, your credit score and terms of your loan.
  • No maximum amount listed. While you can’t apply for any less than $7,500, RBC won’t say what the maximum amount is you can apply for.

How do I apply for an RBC Car Loan?

If you’re ready to apply for an RBC auto loan, follow the steps below:

  • Book an appointment. Head online or to a local branch to set up an appointment with a loans advisor.
  • Get pre-qualified. On the RBC Auto Loans page, click on “Get pre-qualified” to set up an appointment to get pre-qualified for your loan. Plug in your full name, email and phone number and you should hear from an RBC representative that same day.
  • Visit a participating dealership. You can also receive an RBC Car Loan via a local vehicle dealership. You can find a participating dealership near you here.

What information do I need to apply?

To apply for an RBC auto loan, you’ll need the following:

  • Proof of identity (passport or driver’s licence)
  • An idea of how much you want to borrow to purchase your vehicle
  • Your Social Insurance Number
  • Proof of income (pay stubs or employment letters)
  • Your banking information
  • Contact information (mailing address, email address and phone number)

I got the RBC Car Loan, now what?

Once you’ve made your car purchase with your RBC financing, you’ll need to start making repayments on your loan. Your contract will list the terms of your loan, including your interest rate and loan repayment schedule. Make sure to do the following:

  • Set up a repayment plan. Mark your calendar for due dates or set up automatic withdrawals so you won’t face any late or missed payment penalties.
  • Take advantage of benefits, such as one skipped payment a year and one delayed payment per year.
  • Pay off your loan early. If you have the extra cash, RBC says you can pay off some or all of your loan without incurring any prepayment penalties.

Frequently asked questions

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