What is the RBC car loan calculator?
Royal Bank of Canada (RBC) is one of the largest Canadian banks, with 17 million clients. Its history goes back to 1869.
RBC Royal Bank is the leading diversified financial services company providing personal and commercial banking, wealth management, insurance, investor services, loans and mortgages, credit cards, savings accounts and GICs, mutual funds, and other services.
Royal Bank of Canada website provides a great variety of car loan products, solutions, tools, guides, and tips for purchasing your vehicle.
RBC auto loans are available for your first car, next car, business vehicles, RVs and marine vehicles, electric vehicles, new and used cars, or you can use a Newcomer Automotive Loan Program.
You could get Royal Bank financing, where you purchase your car through a dealer at over 4,500 car dealerships across Canada. Special rates are available with featured partner manufacturers and flexible payment options with no prepayment penalties. You could choose a 1 — 8 year term (up to 20 years for RVs and boats) with financing for vehicles up to 10 years old.
Attention! RBC provides special financing rates for choosing clean energy vehicles.
Suppose you are a permanent resident and/or temporary foreign worker who has been in Canada for less than three years. In that case, you could get an auto loan without a credit history, but you still should meet all necessary criteria of RBC Royal Bank of Canada. A down payment of up to 15% may be required. The maximum financing term is 96 months with a maximum loan amount of $75,000. No credit score is required on vehicles less than ten years old.
To get RBC Financing:
Pre-qualify for financing online before visiting the dealership.
Then, choose the vehicle from one of the partner dealers.
Ask for RBC financing at the dealership and get approved.
If you buy an electric vehicle, dealerships will apply the eligible government incentives during the buying process.
Purchase your new car.
RBC offers the RBC My Auto Affordability Tool to determine how much you would like to borrow and how much you could afford today, or use a car loan payment calculator to estimate your loan repayments and interest. If you decide to get pre-approved online, you may quickly and easily understand what your possible trade-in is worth, what your potential borrowing amount is, and which type of loan suits you best.
Also, Royal Bank of Canada has an offer in collaboration with Petro-Canada, allowing you to save cash on every fill. For example, you could save 3¢ per liter on gas at Petro-Canada and earn 20% more points when you link your Petro-Points card to the eligible RBC debit or credit card. You must be enrolled in RBC Online Banking or the Royal Bank of Canada Mobile app to connect your RBC Card to the Petro-Points card. Your Linked RBC Card operates as your Petro-Points card.
You may manage your loan through Royal Bank Online Banking or download the RBC Mobile app for Android or iPhone.
Why do you need the RBC car loan calculator?
The Royal Bank of Canada calculator is designed to assist you in vehicle buying. Determining if you can afford car loan payments is crucial before setting the total amount you would like to borrow.
It may be frustrating to analyze all the data, especially how your trade-in, cash incentive, taxes and warranties amounts, down payment amount, and financing term affect the monthly payments. However, the calculator allows you to input all the values and change them to find the preferable loan conditions which will fit your budget.
You could decide if it is a good idea to use a trade-in option, or you will make an effort to sell the car yourself to get more money, determine the affordable down payment amount or choose the lender with a more competitive loan interest rate.
When you input your credit score and see the result, you may consider increasing your score before applying and save money on interest accrued during the life of a loan.
If you change the loan repayment period, you may see that the financing term could affect your loan payment: with a longer term, more interest accumulates while the fixed rate loan payment reduces.
For example, you would like to borrow $30,000 for a car that is five years old with a 4% interest rate. Let's set a loan repayment period of 36 months. Your monthly car loan payments will be $885.72, and total interest costs — $1,885.90. If the repayment term is 60 months, the fixed rate loan payment will be much smaller — $552.50 per month, but total interest will increase up to $3,149.74.
Decide what answers your financial needs and personal circ*mstances: to have smaller monthly payments or pay off the loan faster.
The age of the vehicle affects your loan interest rate: it is lower for new cars. However, with the type of vehicle different from a car or truck loan term may be longer. The calculator helps to assess this.
However, calculators can't provide you with comprehensive information and advice. For example, it does not consider registration, administration fees, or other costs. Be ready to contact a professional accountant and other professional advisors for further auto loan details like implied warranties or available cash incentives, tips about down payment amount, and trade-in conditions.
How to use the RBC car loan calculator?
Visit the Royal Bank of Canada website. First, choose «Personal» and then «Loans» on the side menu. Then, click «Car loan calculator» at the bottom of the page. The loan payment calculator will open in the new window.
Select the type of vehicle: a car or truck, boat or RV.
Choose the vehicle age: less than one year — up to ten years.
Input the total amount you would like to borrow (including taxes, warranties, and other costs). The minimum borrowing amount is $7,500.
If necessary, open the form in a new window and add a down payment, trade-in, and cash incentive amounts to the purchase price. The total price of the vehicle less any down payment, trade-in, and cash incentive could not be below this minimum borrowing amount.
Enter the interest rate. It may vary based on available incentive programs, credit history, amortization term, and other application details.
Choose the loan repayment period (12 — 72 months).
Select the loan repayment frequency (monthly — weekly).
Click the «Get Results» button and review the calculations: your estimated fixed rate loan payment and the total interest costs based on the indicated estimated interest rate.
You may press the «Find the dealer near you» button or the yellow «Apply now» button to apply for a personal loan or talk to a credit specialist.
All calculations, including the indicated estimated interest rate, are for illustrative and general information purposes only and shouldn't be considered financial advice. Talk to your professional accountant or other professional advisors to make a decision and ensure the chosen strategy meets your overall financial needs and that your personal circ*mstances have been considered.
Your estimated fixed rate loan payment doesn't include any registration or administration fees that may be applied. Royal Bank of Canada does not make any express or implied warranties with respect to any information or result in connection with the calculator.
