Managing Your Car Loan – RBC Royal Bank (2024)

Your Car Loan Made Easy

As an RBC auto loan holder, you have flexibility and access to offers to enhance your car ownership experience.

Flexible Payment Options

We want to make managing your car loan payments easy – whether you want to pay off your loan early, or need some breathing room once in a while.

Through RBC Online Banking, you can stay on top of your car loan 24/7:

Skip a loan payment: Skip up to the equivalent of monthly payment each year^1Disclaimer (Interest continues to accrue).
Delay a loan payment^2Disclaimer
Change your Payment Frequency^3Disclaimer
Check your balance, interest rates, and payment details

Enrol in Online Banking

To enrol in RBC Online Banking without an RBC credit card or client card, you will need the Transit Number (XXXXX) and Account Number (XXXXXXXXXXX) for your car loan*.

Here’s where you can find this information:

Welcome Letter

You received this in the mail from us shortly after you purchased your vehicle. You can find your transit and account number on this page.

Annual Statement

You can find your transit number to the right of the postal code in the top left corner of the page. You can find your account number in the ‘Details of Your Loan’ box in the centre of the page.

Enrol Now

Protect What Matters

At RBC Royal Bank, we offer the security of LoanProtector^® Life and Disability insurance. You can safeguard not only yourself and your family’s lifestyle, but also your assets and net worth.

Learn More

Let’s Talk About Your New Car

My Auto Affordability Tool provides you with an estimate of how much you may be able to afford and what your trade-in may be worth^4Disclaimer. It only takes a few minutes and won’t affect your credit score.

Start My Auto Affordability Now opens in a new window

Save Cash on Every Fill-Up

Save 3 ¢ per litre on gas at Petro-Canada^{†Disclaimer}, plus earn 20% more points when you link your Petro-Points card to any eligible RBC debit or credit card^{2Disclaimer,3Disclaimer}.

Learn Moreabout saving through our RBC – Petro Points Program opens in a new window

Have More Questions?

Online Banking

Through RBC Online Banking, you can stay on top of your car loan 24/7.

Call Our Help Line

Talk to an Advisor today to help you manage your loan.

1-800-769-2511

Please be advised, our call centre is currently experiencing very long wait times. We encourage you to use our online booking toolnew window to schedule a time to speak with us by phone.

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^®/^TM

Trademark(s) of Royal Bank of Canada.

†

Petro-Canada is a Suncor business. Trademark of Suncor Energy Inc.

RBC automotive financing products are offered by Royal Bank of Canada by way of conditional sales contract (in Quebec, installment sales contract) and are subject to its standard lending criteria.

In order to be eligible to skip a payment, loan payments must be up to date and in good standing. Skipping a payment may result in extending the amortization period of the loan. If you skip a payment and your Loan is protected with Loan Protector Insurance, the premium (for the period of the skipped payment) will be collected from your next regular payment. This means less of the next payment will be used to reduce the principal amount of your Loan. If a payment is skipped for a fixed rate loan, interest will continue to accrue and will be collected when the next payment resumes. If a payment is skipped for a variable rate loan, the unpaid accrued interest as well as the interest on the part of the principal that went to payment of the missed Loan Protector premium will be added to the loan principal balance (‘’Combined Amount’’) thus increasing the principal amount outstanding on your loan. Interest, at the interest rate of the loan, is charged on the Combined Amount until it is paid in full. You may repay the skipped payment at any time.

When you delay a payment interest will continue to accrue on the total amount of the delayed payment, until the delayed payment is paid in full. The delayed payment must be paid prior to your next loan payment date. If your loan is protected with LoanProtector applicable insurance premiums will continue to accrue. The accrued premiums will be collected from the delayed payment, which means less of your payment will be used to reduce the principle amount of your loan.

You could pay monthly, semi-monthly, bi-weekly or weekly.

⁴

This is an automotive lending prequalification only, and not an automotive lending approval or pre-approval. The RBC My Auto Affordability Tool (“Tool”) provides an estimate of the amount of auto finance loan you may qualify for with Royal Bank of Canada based on the accuracy and completeness of information provided at the time of completion. You must submit a separate application for an automotive lending approval or a pre-approval and a full credit report, which will be subject to formal verification processes and assessed on current credit adjudication policies. You should not waive any financing condition based on the results of this Tool. For full Tool terms and conditions, visit https://www.rbcroyalbank.com/car-loans/maat/tc.html (opens in new window).

⁵

Each time you use your linked RBC Card to pay for qualifying purchases at a Petro-Canada location, you will earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points terms and conditions available at www.petro-canada.ca/en/personal/terms-conditionsopens in a new window. Petro-Points are not awarded on tobacco products, vaping products, gift cards, transit tickets and taxes on non-petroleum purchases. Only certain RBC credit cards earn Avion points. Each time you use your linked RBC Card that earns Avion points to pay for purchases at a Petro-Canada location, you will earn a bonus of twenty percent (20%) more Avion points than you normally earn for every $1 in purchases in accordance with the Avion Rewards Terms and Conditions at www.avionrewards.com/terms-and-conditions.htmlopens in a new window. Please allow up to ninety (90) days from the date the transaction is posted on your credit card statement for the bonus points to be deposited into your Avion Rewards account.

Managing Your Car Loan – RBC Royal Bank (2024)

FAQs

How do I manage my RBC auto payment? ›

RBC Online Banking:

From the main navigation, go to Profile & Account Settings. Find the Your debit and credit cards section. Go to your credit card and select Set up automatic payments. Follow the on-screen instructions.

Read The Full Story ›

Can I pay off my RBC car loan early? ›

There's no penalty to pay off your loan early. Financing solutions that match your needs: Choose a term from 1 to 8 years with financing available for units up to 10 years old.

Show Me More ›

How to check remaining balance on car loan? ›

To find out your car loan balance, the easiest way is to check your most recent loan statement. If you have online access to your loan account, that's even better – just log in and your balance should be right there. Otherwise, calling your lender directly is a surefire way to get the current balance.

How can I lower my car loan payment? ›

Renegotiating your loan terms, refinancing or making extra payments can help lower your car payment. You can also sell your current car and buy one with a more budget-friendly payment but watch out for high interest rates. Before you buy, shop around and save for a large down payment to keep your car payment low.

Learn More Now ›

How do I manage automatic payments? ›

Contact Your Bank

You can also contact your bank or related financial institution to cancel autopay. Usually, you can stop autopay online through the bank's website or over the phone, but check with your specific bank or financial institution first.

See Details ›

How do you pay off your car loan? ›

Below are the methods you should consider to pay off your car loan faster:

Refinance your car loan.
Split Your Bill Into Two Biweekly Payments.
Make a large down payment.
Round up your car payments.
Review additional car expenses.

How do I know how much I still owe on my car? ›

Contact your lender or check a recent loan statement to find out how much you still owe. Estimate your car's value. Look up the trade-in value of your car on pricing guides like Edmunds.com, Kelley Blue Book or the National Automobile Dealers Association (NADA).

What is a good interest rate on a car loan in Canada? ›

Average Car Loan Interest Rates FAQs

The average car loan interest rate is around 7% to 8%. This is a great rate, however, you generally need good credit and stable finances to qualify. Depending on your financial situation, car loan rates can easily vary from a low 7% to a high 46%.

Discover More ›

Can I check my loan balance online? ›

You can use your net banking credentials. Most of the banks under its net banking facility provide the 'loan' section through which a customer can view the details of loans availed by them. Click on 'loan' and you can download the e-statement on your computer or simply view your personal loan statement online.

Learn More Now ›

Is $600 a month a high car payment? ›

How much should you spend on a car? Whether you're taking out an auto loan or a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.

Tell Me More ›

What's a good down payment on a 30k car? ›

Consider putting at least $6,000 down on a $30,000 car if you're buying it new or at least $3,000 if you're buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.

Find Out More ›

Can you adjust monthly payments on a car loan? ›

Talk to your lender: If you're struggling to make your payments because of financial hardship, get in touch with your lender right away. They may be able to make your payments more manageable by reducing your interest rate, deferring payments, or extending your loan term.

Keep Reading ›

How do I manage my RBC auto deposit? ›

Simply sign into RBC Online Banking and go to the Interac e-Transfer Autodeposit section. Simply click "edit" and make your modifications. You can update an email address or add additional emails to the registration if you'd like. Select "delete" to remove an email address from the registration.

How to remove pre-authorized payments in RBC? ›

Instructions for RBC Online Banking Stop Payments:

Go to the Transfers and Payments section and select Stop a Cheque or Pre-Authorized Payment. Note: Business clients go to the Account Details section and select Stop a Cheque or Pre-Authorized Payment.

Read The Full Story ›

How do I delete automatic payments? ›

Call and write the company. Call the company and tell them you are taking away your permission for the company to take automatic payments out of your bank account. The company's customer service should be able to help you, and there might be an online form you can use. Then, follow up by writing a letter or an e-mail.

Discover More Details ›

How do I stop automatic payments from my bank? ›

You can contact your bank and place a stop payment order on the recurring transaction. Generally, a stop payment order is only good for six months. To stop payment, you will need to notify your bank at least three business days before the next payment is scheduled to be made.

Read On ›