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Own Your Car Outright at the End of the Term
If you drive more than 24,000 km a year, plan to alter the appearance of your vehicle, keep it for a long time or simply don't want to owe anything at the end of your term, you may want to investigate our installment car loans.
It's your choice
You can arrange your car loan at your RBC Royal Bank branch or through a Royal Way dealer who sells the car you want. Click here to find your nearest Royal Way dealer.
With an RBC Royal Bank Installment Car Loan, you can:
- Choose a term of 1 to 5 years.
- Choose from a wide range of payment options - monthly, semi-monthly or even bi-weekly - deducted automatically from your chequing account, even if it's not at RBC Royal Bank.
- Pay more than your fixed payment at any time - or even pay off your loan in full - without penalty.
- Skip up to the equivalent of 1 monthly payment each year1, without penalty.
- Choose fixed (for terms of up to 5 years) or variable interest rates and switch between them at any time.
| Fixed Rates |
Variable Rates |
| You know exactly how much interest you'll pay over the term. |
You can save if interest rates fall. |
| Your payment amount and term are unaffected by changes in interest rates. |
If interest rates rise, your payments will likely stay the same, but your amortization term will increase.
If interest rates fall, payments stay the same and your amortization term will decrease. |
| You can switch to variable rates at any time if rates fall. |
You can switch to fixed rates at any time if rates rise. |
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.
If you want to drive more car for the same money, lower your monthly payments or drive a new car more often, find out about the innovative Royal Buy-Back Car Loan.
1. The principal and interest portion of any skipped payment will remain outstanding until the end of the term of your loan at which time the skipped payment must be repaid. Interest will continue to accrue upon the total amount of the skipped payment until such time that the skipped payment is repaid in full. You may repay the skipped payment at any time.
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