Do you need to purchase a vehicle through a loan that you can repay for up to 7 years? With the RBC Online Car Loan, you can get this perk and many other benefits. Continue reading to know how to avail the RBC Online Car Loan.
As a leading Canadian bank, RBC Royal Bank provides tons of financial services that will suit your needs. With its car loan service, you can purchase the car of your dreams. You can also finance other types of eligible vehicle like boats, RVs, and many more.
Still hesitant in ordering an RBC Online Car Loan? You should check the advantages and benefits you can enjoy from this service:
RBC Online Car Loan Features and Benefits
Before you order a loan, the bank recommends you use its loan payment calculator on its website. This application will give you an accurate estimation of the total cost of your loan as well as interest and other fees you need to pay.
The bank also enables you to set your amortization term to up to 7 years. This feature allows you to choose the span of time in repaying your balance depending on your financial condition.
You can also enjoy the lender’s easy payment options, which allows you to pay on a monthly, semi-monthly, bi-weekly, or weekly basis. What’s more, the bank will not charge you if you pay off your balance early.
RBC also allows you to delay your repayment with its Skip-a-Payment feature. You can also avail of its LoanProtector life and disability insurance.
Are you getting excited in requesting an RBC Online Car Loan? You should first know the application process and requirements of the bank.
RBC Online Car Loan Application Process
RBC does not accept loan applications online. To order an RBC Online Car Loan, you need to contact the bank’s credit specialist by phone or set an appointment with a credit specialist at the nearest branch. You may need to present any valid ID showing that you are at least 18 years old. RBC Royal Bank may also request any documents that you are a Canadian citizen or permanent resident. You can head to the RBC website for more details.
To increase your chances of approval, you must have an average to a good credit score (650 or over).
RBC Royal Bank can grant auto loans for different vehicle types. You need to consult with the credit specialist for your loan.
Fees and Interest Rates
RBC does not charge pre-payment fee. As for other fees, the bank does not post the list of fees online. Moreover, the bank does not provide the range of interest rates that it offers online. You may need to inquire these to one of its credit specialists. On average, interest rates in Canadian lenders range between 5% and 36%, which depend on the interest rate you choose whether fixed-rate or variable-rate as well as terms of payment, creditworthiness, and other factors.
Overall, you can benefit from the RBC Online Car Loan if you want flexibility and personalized service from the bank’s employees.