Your Questions Answered
If you do not find answers to your questions about car loans here, please contact an RBC Royal Bank credit specialist.
Should I lease a car or borrow to buy one?
Although it's not trouble-free, leasing offers low monthly payments and the opportunity to change cars every two or three years. In the long run, a car loan may be a less expensive alternative. Whatever you choose to do, gather the right information and you'll be sure to drive a better deal.
How do I go about applying for a car loan?
Many dealerships are authorized to offer RBC Royal Bank auto financing. To ensure your dealership is authorized or to find a dealership, click here. Alternatively, you can visit your branch, apply by phone by calling 1-800-Royal® 9-9, or even use the on-line loan application in this Web site - whichever is most convenient for you.
How are the payments structured?
For fixed-term loans, each monthly payment consists of a portion of interest and a portion of principal. The proportion of interest is higher in the first payment, and it reduces as the principal is repaid.
Can I pay out my loan early? Are there charges I need to watch out for?
You can pay off your RBC Royal Bank car loan any time you like, usually with no early repayment penalties.
Other questions?
Ask an RBC Royal Bank credit specialist for answers.
|
