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Key Features

Here are some of the benefits you can expect with an RBC Royal Bank® car loan:

  • Competitive interest rates

    Whether you finance your vehicle through your branch or at the dealership.

  • Amortization periods of up to 7 years

    Let you create an affordable payment amount.1disclaimer

  • Easy payment options

    (you can pay monthly, semi-monthly, bi-weekly or weekly)—plus there’s no penalty to pay off your loan early.

Fixed or Variable Rate. What's Right for You?

Here's a quick overview of the features and benefits of a fixed versus variable rate car loan:

With a Fixed Rate Car Loan

  • Your interest rate is locked in for the entire term
  • Your amortization term (how long it takes to pay off your loan) can go up to 7 years1disclaimer
  • You will know exactly how much interest you'll pay over the loan term
  • Your payment amount and term will not be affected by changes in interest rates
  • You can switch to a variable rate at any time if rates fall3disclaimer

With a Variable Rate Car Loan

  • You can choose up to a 7-year amortization term1disclaimer
  • You could save money if interest rates are already low or fall further
  • If interest rates rise, your payments will likely stay the same, but your amortization term will increase
  • If interest rates fall, your payments will stay the same and your amortization term will decrease, meaning you could pay off your loan sooner
  • You can switch to a fixed rate at any time if rates go up3disclaimer

If you're not sure what's right for you, talk to the finance and insurance manager at your dealer or an RBC Royal Bank credit specialist.

See how your interest rate, down payment amount, amortization and more can affect your loan payments. Compare scenarios to find your best option.

Debt Reduction Plan

Reducing your debt starts with making a plan.

Newcomer to Canada?

If you’re new to Canada, our Newcomer Vehicle Program makes it easier to purchase a vehicle with a limited credit history.

Buying a Vehicle at a Dealership?

RBC Royal Bank automotive financing offers you the convenience of financing your next vehicle at over 3,500 automobile dealerships across Canada.

Apply for a Car Loan

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