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More Car for the Same Money... or the Same Car for Lower Monthly Payments
With a Royal Buy-Back Loan, the same monthly payment can mean much more car!
Or click here to see how you can get the same car for lower monthly payments.
Example
| RBC Royal Buy-Back Car Loan |
RBC Royal Bank Installment Car Loan |
Purchase Price of Car
(incl. taxes) |
$34,500 |
| Trade-in/ downpayment |
$0 |
| Balance: |
$34,500 |
| Buy-Back Guarantee at end of loan term |
$13,500 |
| Balance @ year 5 |
$13,500 |
| Monthly payment @ 7.95% per year* |
$515 |
|
Purchase Price of Car
(incl. taxes) |
$25,400 |
| Trade-in/ downpayment |
$0 |
| Balance: |
$25,400 |
N/A
|
|
| Balance @ year 5 |
$0 |
| Monthly payment @ 7.95% per year* |
$515 |
|
| You can arrange your car loan at your RBC Royal Bank branch or through a Royal Way dealer who sells the car you want. |
Here's How it Works
When you choose an RBC Royal Buy-Back Car Loan, we establish a Buy-Back value based on the make, model and age of your vehicle and the term of your loan - and we guarantee it in writing.
This Buy-Back value is then deducted from the principal amount to be repaid during the term of your loan. So you pay interest only on the vehicle's Buy-Back value and principal and interest on the remaining loan balance. (The remaining loan balance is calculated by subtracting the Buy-Back value from the amount of the loan.)
You can choose fixed or variable rates - and switch between them at any time. And you can pay off your loan, sell your car or trade it in whenever you want - all without penalty.
Full Flexibility at the End of the Term
When your 2, 3, 4 or 5 year RBC Royal Buy-Back term is over, you can:
- Keep the car - simply arrange with us to finance the Buy-Back value still owing (or pay it in cash if you prefer)
- Buy a new car - trade in your car or sell it privately. Remember, if you sell it for more than the Buy-Back value, you keep the difference
- Return the vehicle – as part of the return process, vehicles are subject to an inspection to ensure no excess wear and tear is present. To start the return process:
- If you financed your vehicle before January 1, 2006, please contact RBC Insurance at 1-866-ROYAL-45
(1-866-769-2545).
- If your vehicle was financed after January 1, 2006, please contact ARI Financial Services at 1-877-7 RBC-ARI (1-877-727-4722).
Lower Monthly Payments
Want the lowest monthly payments on the car you've already chosen? See the difference RBC Royal Buy-Back can make:
Example
| RBC Royal Buy-Back Car Loan |
Installment Car Loan |
Purchase Price of Car
(incl. taxes) |
$22,000 |
| Trade-in/ downpayment |
$2,000 |
| Balance: |
$20,000 |
| Loan outstanding at end of term |
$8,800 |
| Monthly payment @ 9% per year* |
$299 |
|
Purchase Price of Car
(incl. taxes) |
$22,000 |
| Trade-in/ downpayment |
$2,000 |
| Balance: |
$20,000 |
N/A
|
|
| Monthly payment @ 9% per year* |
$415 |
|
If you drive more than 24,000 km a year, plan to alter the appearance of your car or want to keep it for a long time, you may want to explore your installment car loan options.
Protect Your Dreams
Whether your dream is a new car, vacation or home renovation, it's important to protect it from the unexpected. LoanProtector® Life and Disability Insurance offers just the solution. Designed to provide financial back up during difficult times, it provides low-cost, valuable protection for you and your family.
* Interest rates used for examples are for illustration purposes only. Interest rates are subject to change at any time without notice.
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