RBC Auto Loan
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RBC Vehicle Financing
Pros
- Flexible loan terms and payment options
- Competitive interest rates
- Quick online application process
- Access to additional banking services
Cons
- May require a good credit score for the best rates
- Potential fees for early repayment
- Limited options for those with poor credit history
Key Features
- Competitive interest rates starting from around 6.50%
- Loan terms ranging from 12 to 84 months
- Financing available for new and used vehicles
- Option to make monthly, bi-weekly, or weekly payments
- Ability to check your rate and apply online or in-person at an RBC branch
Pros & Cons
Pros:
- Established and reputable lender with a wide range of branches and ATMs across Canada
- Competitive rates and flexible payment terms
- Option to apply online or in-person for added convenience
- Access to RBC's rewards program and other financial products
Cons:
- Fees vary depending on the loan terms and conditions
- May require a good credit score, which can be a challenge for newcomers or those with limited credit history
- Interest rates may be higher for used vehicles or longer loan terms
How It Compares
| Product | Interest Rate | Loan Term |
|---|---|---|
| RBC Auto Loan | around 6.50% | 12-84 months |
| TD Auto Loan | around 6.20% | 12-84 months |
| Scotiabank Auto Loan | around 6.50% | 12-72 months |
Who It's For
The RBC Auto Loan is suitable for Canadians with a good credit score, particularly those who are looking for a reputable lender with competitive rates and flexible terms. Residents of provinces like British Columbia and Ontario may find it easier to access RBC branches and ATMs, but the loan is available to applicants across Canada. It's essential to review the terms and conditions, especially for those with limited credit history or residing in other provinces.
How to Apply
To apply for an RBC Auto Loan, you can visit the RBC website, call their customer service, or visit a branch in person. You will typically need to provide personal and financial information, such as your credit score, income, and employment history, as well as details about the vehicle you wish to purchase.
FAQ
Can newcomers get an RBC Auto Loan?
Yes, newcomers to Canada can apply for an RBC Auto Loan, but they may face stricter requirements or higher interest rates due to their limited credit history. It's essential to check with RBC for their current policies and requirements.
What credit score do I need for an RBC Auto Loan?
RBC typically requires a good credit score, which can vary depending on the loan terms and conditions. A credit score of 600 or higher, as reported by Equifax or TransUnion, is often recommended, but it's best to check with RBC for their current requirements.
Are there any fees associated with an RBC Auto Loan?
Yes, fees vary depending on the loan terms and conditions. These may include administration fees, late payment fees, or prepayment fees. It's essential to review the terms and conditions carefully before signing the loan agreement.
Is the RBC Auto Loan regulated by the FCAC?
Yes, RBC is a federally regulated financial institution, and as such, it is subject to the regulations and guidelines set by the Financial Consumer Agency of Canada (FCAC). This includes transparency and disclosure requirements for auto loans.
Can I check my rate without affecting my credit score?
Yes, RBC offers a pre-approval process that allows you to check your rate without affecting your credit score. This can give you an idea of the interest rate and terms you may qualify for before proceeding with a full application.
Not financial advice. Rates and offers change. Read provider terms.
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BGR's editorial team evaluates products using independent testing, consumer data, and verified Canadian market pricing.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.