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Fixed or Variable Rate. What’s Right for You?

When you apply for an RBC car loan, you can choose between a fixed or variable rate loan. Here's a quick overview of the features and benefits of each:

With a Fixed Rate Car Loan

  • Your interest rate is locked in for the entire term of your loan
  • You will know exactly how much interest you'll pay over the loan term
  • Your payment amount and term will not be affected by changes in interest rates

With a Variable Rate Car Loan

  • You could save money if rates decrease but your rate is subject to changes in interest rates
  • If rates rise, your payments may stay the same, but it could take longer to repay your loan
  • If rates fall, your payments will stay the same, but you may be able to repay your loan sooner

Tools and Resources

Want to know more about buying and financing a car in Canada? Explore these helpful tools and resources:

The RBC Newcomer Advantage

We know that you and your family have unique needs. Let us help. With the RBC Newcomer Advantage1 you can get everything you need for a great financial start in Canada. We are Canada’s largest bank* and leading financial institution, and we’ve been providing advice and solutions to newcomers for over 148 years.

Why Newcomers Love Our Car Loans

We know it’s challenging to get around town when you don’t have a vehicle. That’s why we offer convenient and flexible financing options to help you drive away with your first car in Canada—whether you’re buying from a dealership or a private seller.

  • No Canadian credit history required

    You may be eligible for an RBC car loan even if you have no Canadian credit history!4

  • RBC financing available at over 3,500 dealerships

    Finance a new or used vehicle up to 10 years old right at the dealership.4

  • Financing terms up to 96 months available

    Take up to 96 months to repay your loan—financing is available up to $75,000.4

  • Enjoy flexible repayment options

    Choose your repayment schedule and pay off your loan early, without penalty.

How to Apply for an RBC Car Loan

Let us help you buy your first car in Canada and get on the road faster—visit a dealership or your local branch today!

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