Business Term Loan
Ideal for purchasing, installing or modernizing business equipment and other fixed assets, term loans are cost-effective loans that can support your business growth plans. Flexible payment terms are available at variable rates that changes with RBC Royal Bank’s Prime rate.
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How can this help my business?
- Loans to purchase new or used capital assets can be used to refinance an existing debt, business expansion or acquisitions
- Flexible repayments when you need it
- Variable rate loans: Start at $5,000
- Benefit from lower interest rates immediately when the prime rate changes
- Make partial or full prepayments to your loan without penalty
What else do I need to know
These are also:
- Secured loans for a term usually up to 7 years but not exceeding the useful life of the asset being financed.
- Variable rate loans:
- Payment amount set to ensure repayment of the loan remains
within the agreed to specified period but not to exceed the useful
life of the asset being financed
- Fluctuates with RBC Prime
- Monthly payments are usually required