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Three Key Questions To Get You Started
Have my needs changed?
Think about how your next vehicle can work even better for you.
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Have your needs changed?
If your lifestyle has changed or your family has grown, you might need a different kind of car.
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What did you like (or not like) about your previous car?
A quick pros and cons list can help you fine-tune your must-haves in your next vehicle.
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What features are most important to you?
Do you want the latest safety and technology features to improve your car driving experience?
Trade In or Sell?
If you own your current vehicle, you have two options: You can trade it in at the dealership as part of your new vehicle purchase, or sell it privately. While you will want to maximize the value of your vehicle, there is a balance between price and convenience to consider. Here are some things to keep in mind:
| Trade In or Sell table | Trade In | Sell |
|---|---|---|
| How it Works | By trading in at the dealership, you can use the value of the vehicle toward a down payment. | Selling your vehicle is typically done on an online marketplace or through friends and family. |
| Value/ Price | Typically, trade-in value is lower than what you may recoup should you sell privately. | Selling privately gives you the opportunity to maximize the price of your vehicle. |
| Convenience | Very convenient. The dealer sets the value and does all the paperwork. | Requires more work, as you will need to interact with sellers, manage repairs, inspections and more. |
| Taxes | You only pay taxes on the vehicle selling price after the trade-in value is applied. | There are no tax advantages when using the value from the private sale for your down payment. |
Do I Have Equity In My Car?
Do you have an existing loan on your vehicle? Is it more or less than the value of your car? Once you have a good idea of what your vehicle is worth…
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What is Positive Equity?
When the trade-in or resale value of your vehicle is more than the current balance of your loan.
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What this means: You have equity that can be used as an additional down payment to reduce your next loan amount.
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What is Negative Equity?
When the trade-in or resale value of your vehicle is less than the current balance on your loan.
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What this means: If you have negative equity and are trading in at the dealership, options may be discussed with the dealer. It is common to have the amount of negative equity added to the price of the new vehicle. Note that excessive negative equity may affect your chances of being approved for a loan.
Why Choose RBC For Your Car Financing
Competitive Interest Rates
Get a competitive rate when financing with RBC. Special financing rates are available through our featured partner manufacturers1Disclaimer.
Apply where it’s convenient for you
Choose financing for your vehicle at one of our partner dealerships.
Flexible payment options
Pay monthly, semi-monthly, bi-weekly or weekly. There’s no penalty to pay off your loan early.
Financing solutions that match your needs
Choose a term from 1 to 8 years with financing available for units up to 10 years old.
How do I buy through a dealership?
Pre-qualify for financing in advance of visiting the dealership.
Visit any of our trusted partner dealers
Test drive a new or used car
Discover dealer incentives and trade-in savings
Apply for financing onsite
Car Loan Calculator
See how your interest rate, down payment amount and financing term could affect your loan payment.
How much would you like to borrow:
Please review and adjust your amounts for down payment, trade-in and cash incentive. Their current total is equal to or exceeds the vehicle purchase price.
Your Estimated Fixed Rate Loan Payment is:
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This calculation is an estimate based on the accuracy and completeness of the data you have entered and the indicated estimated interest rate, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account. Your Estimated Fixed Rate Loan Payment does not include any registration or administration fees that may be applicable. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.
Special Financing Rates Available With These Featured Manufacturers1Disclaimer
Chevrolet
Chrysler
KIA
Tesla
Alfa Romeo
Buick
Cadillac
Dodge
Fiat
Genesis
GMC
Jeep
Maserati
RAM
Special Financing Rates Available With These Featured Manufacturers1Disclaimer
Chevrolet
Chrysler
Hyundai
KIA
Tesla
Alfa Romeo
Buick
Cadillac
Dodge
Fiat
Genesis
GMC
Jeep
Maserati
RAM
Save on Every Fill-Up
Get Up to 7¢ /L in value when you link your RBC® Card to your Petro-PointsTM2Disclaimer,3Disclaimer
See How Much You Could Afford Today
The My Auto Affordability Tool will let you know what your trade-in vehicle may be worth, and what kind of loan suits you best4Disclaimer.
Ready to Get Started?
Get RBC Financing Where You Purchase Your Vehicle
Ask for RBC financing at a dealer near you.
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Any/every/your card means an RBC Card that is linked to a Petro-Points card. A linked RBC Member means you have an RBC debit or credit card issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”) that is linked to a Petro-Points card.
The advertised value of 7 cents per litre is based on the following:
You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Petro-Points card. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. A Linked RBC Card means an RBC Card linked to a Petro-Points Account. Your Linked RBC Card acts as your Petro-Points card. You will automatically earn Petro-Points when you pay for qualifying purchases with your Linked RBC card at Petro-Canada Locations and you do not need to swipe your Petro-Points card before you pay. You can redeem your Petro-Points at Petro-Canada using your Linked RBC Card.