RBC Auto Loans Review (Updated 2023)

James James updated on 6 February 2023

A new car or truck can be a serious expense and many Canadians do not have the spare cash for an outright purchase. If this is the case for you then you can take out a personal loan or a tailored auto loan from a lender. Auto loans are specifically designed to help you buy a vehicle and many are available directly at dealerships so you can borrow, sign and drive away the very same day. But with so many options available, how do you know you are picking the right lender to help you buy your vehicle?

This review will introduce you to RBC car loans, explain how they work, and what they are offering and help you decide if they are the right lender for you.

Good to know

RBC: the basics

  • RBC was founded in 1864
  • RBC has over 5 million customers globally
  • Its HQ is in Mississauga, ON
  • It has 2,500+ employees

Our RBC car loan review: An easy application process

Royal Bank of Canada is a huge, well-known financial institution with a huge range of dealer partnerships nationally. Its repayment system is easy and automatic and it does not charge any penalties for early repayments. Its Auto Affordability Tool allows you to calculate your loan rate online and pre-qualify before going into a dealership, meaning that you can buy a vehicle with a loan taken out on the day and drive away in your new vehicle. Some RBC car loan reviews have pointed out that RBC requires higher deposits than some of its leading competitors. Some customers may also prefer a lender with more options that they can tailor to their specific situation online.


  • Buy a new or used vehicle
  • Competitive interest rates
  • Up to eight years (96 months) to pay it off
  • Pick a fixed or variable rate
  • Loans available for units up to 10 years old
  • Apply at any of RBC’s partner dealerships of your choice
  • Choose your payment frequency – weekly, bi-weekly, monthly or semi-monthly payments
  • Special financing rates are available through RBC’s featured partner manufacturers
  • Zero penalties if you pay off your loan early


  • Down payments of up to 15% may be required
  • Only available at dealerships

What types of car loans does RBC offer?

Car Loans Through a Dealer is RBC's flagship and basic loan package. As the name suggests this type of loan can only be obtained through a dealership that partners with RBC. Let's take a look at some of the more specialized loans that RBC offers.

OffersLoans for Electric VehiclesNewcomer Automotive Loan ProgramFinancing For Your Boat/RVBusiness Vehicle Solutions
Loan Minimum
96 months240 months240 months96 months
Prepayment Penalties
Repayment Options
Special Financing RatesCompetitive Interest RatesCompetitive Interest RatesCompetitive interest rates
From dealersFrom dealersFrom dealersFrom dealers
Car loan interest rates RBC

RBC also offers Secured and Unsecured Lines of Credit as alternative ways to borrow money, which you could use to finance a car purchase. A line of credit is a type of revolving loan that does not let you borrow more than a certain amount. The Secured Line of Credit is a HELOC, which means that it uses your house as collateral, making it a type of secured loan, this will typically offer better interest rates and longer repayment terms. An unsecured loan will usually have higher monthly repayments and a stricter repayment schedule.

RBC car loan interest rates

You can expect a rate between 5% and 9% on average. Not that RBC's car loan interest rates are not available on their website and do change. This is because the rates that RBC will offer individual customers will depend on a number of criteria such as:

  1. What is your credit history?
  2. How much are you borrowing?
  3. How long a term do you want?

As a rule, the shorter the term of a loan, the lower the interest rates, but the higher the monthly payments. Longer terms usually mean higher interest rates and lower monthly repayments. Longer repayment terms mean less money in repayments each month but more money repaid in total overall. Lines of credit charge interest only on the money that is withdrawn and spent.

Before choosing an RBC car loan, shop and compare car loan rates with other lenders:

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Car loan calculator RBC

RBC has a car loan calculator tool on its website that helps you estimate the amounts that you can borrow and consider your financing options.

You can also estimate of your car loan payments with our car loan calculator which can handle all auto loans, not just RBCs. To start, type in the figure that you want to borrow and then how much you want to use as a deposit. You can adjust the term of the loan and the interest rates to find out what monthly payments will be, as well as the total interest paid.

How do you apply for an RBC car loan?

RBC car loans can only be obtained at partner car and auto dealerships. You can speed up the process by pre-qualifying before the meeting.

  1. Pre-qualify for financing by going through the steps on the RBC website
  2. Choose your car at one of RBC's partner dealerships
  3. Ask for RBC financing while making the purchase

Qualifying for pre-financing involves using RBC's Auto Affordability Tool on their website. The RBC car loan application will ask for your name, your address, your yearly salary and your monthly rent or mortgage payments. The tool will then qualify you for a personally tailored loan limit.

rbc car loan application
Applying for an RBC auto loan

Before signing an RBC car loan, compare rates! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best rate for you.

Compare car loan interest rates

Get car loan rates in seconds

Can you refinance an RBC car loan?

You may be able to refinance your RBC auto loan. When a car loan is refinanced, a lender (either the original one or a new financial institution) buys up the remaining debt. This is in order to get a new contract with more favourable terms. These new terms could be an extension of the repayment schedule or a lower interest rate. Both of these changes would mean lower monthly repayments.

Refinancing is an appealing option if you have improved your credit score since you took out the original loan. Making this adjustment could result in getting lower monthly payments or a more lenient repayment schedule.

Can you get an RBC car loan with bad credit?

It is possible that RBC will offer you a loan even if you have a bad credit score. RBC will seek to minimize its own risk by demanding harsher repayment terms, or asking that you put down a security (for example, they could ask you to offer collateral such as your home) or RBC could ask for higher monthly repayments. You would still need to meet the following conditions, however:

  • You must not be under the age of majority for your province
  • You must not be a resident of another country
  • You must not have declared bankruptcy within the last 7 years

How can you get an RBC car loan deferral?

Are you worried that you might miss your RBC car loan payment? RBC allows borrowers to skip a loan payment up to the equivalent of a monthly payment each year. Interest will continue to accrue during a deferral period. You can also change your payment frequency.

Use your RBC car loan login to access your account. Once you are logged in hit the button marked Delay or Skip your Payment. Check the terms and conditions of your contract before you proceed.

Watch out!

Your repayments could go up when a deferral ends.

An RBC Secured or Unsecured Line of Credit has flexible repayment options and term extensions. This could be a more interesting option if you are concerned about making repayments as it can stop debt from racing out of control.

How to check RBC car loan balance?

You can manage your auto loan directly through your RBC car loan account which you can access through the website or by using the app. You can also call the RBC car loan phone number directly at 1-800-769-2511.

You can also talk face-to-face with a financial advisor at an RBC branch. To find your local branch head to the website and hit the Contact Us button at the top right of the page. This will bring up a search bar where you can enter your address and find the most convenient local branch for you to book an appointment and visit. You can also book an appointment by calling the RBC car loan number.

How to pay off an RBC car loan?

Your repayments can be set to weekly, monthly or bi-monthly. Your payments will be deducted automatically from your RBC online banking account. You can also set payments to be taken from another chequing account with another bank.

RBC does not charge any penalties for early repayments. This means if you happen to have extra cash, you can make a payment early and stay on top of your loan.

Interested in a car loan that doesn't directly debit your bank account? Use our online comparison tool.

Dreaming of a new ride?

Shop car loans now

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