RBC Car Loan Rates Today

If you're considering purchasing a vehicle and are looking into financing options, it's important to be aware of the current car loan rates offered by the Royal Bank of Canada (RBC). Car loan rates can vary depending on various factors including your credit score, the type of vehicle, and the term length of the loan. Here’s an overview of the RBC car loan rates as of today and what you should consider when applying for a car loan.

Current RBC Car Loan Rates

As of today, RBC offers competitive car loan rates for new and used vehicles. The rates are subject to change and may vary based on your individual circumstances. Here are the general rates offered by RBC:

• New Car Loans: RBC typically offers a range of interest rates for new car loans. As of today, the rates can start as low as 4.99% annual percentage rate (APR). These rates are often for borrowers with excellent credit and may vary based on the term length and the amount financed.

• Used Car Loans: For used car loans, the starting APR is generally a bit higher, around 5.49%. This rate can also vary depending on the age of the vehicle, your credit history, and the loan term.

• Car Loan Terms: RBC provides various term lengths for car loans, typically ranging from 24 to 72 months. Shorter terms often come with lower interest rates but higher monthly payments, while longer terms may have higher rates but more manageable monthly payments.

Factors Affecting Car Loan Rates

Several factors can influence the interest rate you receive on a car loan:

1. Credit Score: Your credit score is one of the most significant factors. Higher credit scores generally qualify for lower interest rates.

2. Loan Term: The length of your loan can impact your rate. Shorter terms usually offer lower rates compared to longer terms.

3. Down Payment: A larger down payment can sometimes help you secure a lower interest rate as it reduces the risk for the lender.

4. Vehicle Type: New cars often have lower rates compared to used cars. Additionally, luxury or high-end vehicles may have different rates compared to standard models.

Applying for a Car Loan

When applying for a car loan with RBC, consider the following steps to ensure you get the best rate:

1. Check Your Credit Score: Before applying, check your credit report and score. If there are any inaccuracies, correct them to improve your score.

2. Determine Your Budget: Calculate how much you can afford for a down payment and monthly payments. This will help you choose the right loan term and amount.

3. Compare Rates: While RBC offers competitive rates, it’s a good idea to compare them with other lenders to ensure you’re getting the best deal.

4. Get Pre-Approved: Consider getting pre-approved for a loan. This can give you a better idea of your rate and budget before you start shopping for a vehicle.

Conclusion

Understanding RBC's car loan rates and the factors that affect them can help you make an informed decision when financing your vehicle. By checking your credit score, determining your budget, and comparing rates, you can find a loan that fits your needs and helps you get the car you want at a favorable rate.