Car Loans and Auto Financing

Q: What are the key features of an auto loan with RBC?

Key Features of an auto loan with RBC include: Competitive Interest Rates: Get a competitive rate when financing with RBC. Special financing rates may be available through our featured participating manufacturers 2 Disclaimer Apply where it’s convenient for you: Choose financing for your vehicle at one of our participating 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.

Wherever the Road Takes You, We’re Here to Help

Whether you’re buying your first car, ready to upgrade or looking for a new adventure, we can help you find and finance the vehicle that’s right for you^1Disclaimer.

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Explore Auto Loan Solutions

There are many factors that impact how much you can afford to pay for a vehicle. We want to help you fulfill your goals, where and when it's convenient for you. That’s why RBC has provided a wide array of convenient tools and resources to help you when you want to finance your next vehicle at the dealership and manage your loan online!

Tools and Resources

Solutions for All Your Vehicle Needs

Experience the RBC Financing Difference

Competitive Interest Rates

Get a competitive rate when financing with RBC. Special financing rates are available through our featured participating manufacturers^2Disclaimer

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.

Tips For Buying Your First or Next Car

Buying a car doesn’t have to be complicated or time-consuming. These tips and tools can save you money, time, and headaches, whether you’re buying your first car or thinking about your next car.

Buying Your First Car

From choosing your first car to getting the financing you need, we’re here to help.

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Purchasing Your Next Car

Upgrading? Downsizing? We can help you get behind the wheel faster.

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Manage Your Next Car Loan

Already have an RBC car loan? Learn more about managing your car loan online.

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Save on Every Fill-Up

Get Up to 7¢ /L in value when you link your RBC^® Card to your Petro-Points^TM^{3Disclaimer,4Disclaimer}

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New to Canada?

If you’re new to Canada within the last three years, our Newcomer Automotive Loan Program^5Disclaimer makes it easier to buy a car with no Canadian credit history.

Find Out HowLearn more about the Newcomer Automotive Loan Program

Have More Questions About Auto Financing?

How can I apply for an auto loan with RBC?

Visit a participating dealership and ask for an auto loan with RBC for a car, electric vehicle (EV), RV, or marine vehicle. Find an RBC partner dealership near you.

If I purchase a car from a dealer, can I finance it with RBC?

Yes! We offer the convenience of financing and competitive rates through over 4,500 participating dealerships in Canada. You can apply to finance your car at any dealer enrolled in the RBC Auto Financing program by asking your dealer for RBC financing, submitting a credit application, and getting approved. Find a dealer for access to vehicle financing with any dealer enrolled in the RBC Auto Financing program by asking your dealer for RBC financing and getting approved. Alternatively, should you prefer, you may apply for a Personal Loan directly with RBC, with competitive rates for your auto loan purchase, visit our Personal Loans page.

What should I consider before buying a car?

There are a number of factors to consider and they will depend on your needs, preferences, and budget. Examples include: What type of vehicle do you want? What is your budget? New or used? Buy or lease?
Please visit Buying Your First Car or Buying Your Next Car pages to learn more about the car buying journey^6Disclaimer.

What are the key features of an auto loan with RBC?

Key Features of an auto loan with RBC include:

Competitive Interest Rates: Get a competitive rate when financing with RBC. Special financing rates may be available through our featured participating manufacturers^2Disclaimer

Apply where it’s convenient for you: Choose financing for your vehicle at one of our participating 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.

Lease vs. finance car: what’s the better option?

When deciding whether to lease vs. finance a car, you’ll need to consider your budget, how you plan to use the car, and whether you’d like to own it in the long term.

Financing a car is more flexible in terms of the monthly payments and the payment term. You can adjust the monthly payments to your budget. You can also opt for a loan term that suits your needs (car loan term range from 1 to 8 years). If at any point you have a more funds available, you can increase the monthly payments or make lump-sum payments to pay off your car loan faster,. Once your loan is paid off, you own the car.

Leasing a car comes with lower monthly payments and shorter payment terms, which typically range from 2 to 5 years. The car is exclusively yours to use throughout the lease, but you don’t retain ownership of it once the lease ends. A lease comes with certain conditions, for example, there may be a maximum number of kilometers you can drive per year. Also, you’re typically responsible for all repairs and maintenance for the duration of the lease. On the upside, leasing can be a good idea for people who prefer to change cars frequently.

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Stay on Top of Your Car Loan with RBC

Enrol in RBC Online Banking to check on the status of your loan, make payments and more.

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Questions or concerns about your vehicle loan or RBC products and services?
Contact us at 1-800-769-2511

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^®/^TM

Trademark(s) of Royal Bank of Canada.

†

Petro-Canada is a Suncor business. Trademark of Suncor Energy Inc.

RBC automotive financing products are offered by Royal Bank of Canada by way of conditional sales contract (in Quebec, installment sales contract) and are subject to its standard lending criteria.

This is an automotive lending prequalification only, and not an automotive lending approval or pre-approval. The RBC My Auto Affordability Tool (“Tool”) provides an estimate of the amount of auto finance loan you may qualify for with Royal Bank of Canada based on the accuracy and completeness of information provided at the time of completion. You must submit a separate application for an automotive lending approval or a pre-approval and a full credit report, which will be subject to formal verification processes and assessed on current credit adjudication policies. You should not waive any financing condition based on the results of this Tool. For full Tool terms and conditions, visit https://www.rbcroyalbank.com/car-loans/maat/tc.html(opens in new window)

Financing rates available at participating dealerships on select vehicles

To participate in this offer, you must have an RBC debit or credit card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC Business Clients will only be able to link up to two (2) Business Credit Cards and one Business Debit Card to a Petro-Points card.

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.

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Each time you use your Linked RBC Card to purchase any grade of gasoline, or diesel, at a Petro-Canada Location, you will save three cents ($0.03) per litre at the time of the transaction.”

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Available to permanent residents and temporary foreign workers who have been in Canada less than 3 years. Down payment of up to 15% cash equity on the amount to finance may be required. Maximum financing term is 96 months with a maximum loan amount of $75,000. No credit history required on vehicles less than 10 years old, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.

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The information at these links 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.