If you are a newcomer to Canada, getting around can be a challenge without a car. But buying a car can also be a challenge, especially if you are not familiar with the car-buying process in Canada. Fortunately, RBC has a variety of car loans designed specifically for newcomers, making it easier to get the car you need.
RBC Bank Canada Car Loan Types
Before you start shopping for a car loan, it is important to understand the basic types of loans that are available. The most common type of car loan is a secured loan, where the car serves as collateral for the loan. The interest rates for secured loans are typically lower than unsecured loans, but you will need to have a good credit history in order to qualify.
Another type of car loan is an unsecured loan, where you don’t need to put up any collateral, but the interest rates are typically higher. This type of loan is typically more difficult to qualify for, especially if you are a newcomer to Canada.
How to apply for RBC Car Loan Canada
When applying for a car loan, you will need to provide proof of income, a credit history, and a down payment. As a newcomer to Canada, you may not have an established credit history, which can make it more difficult to qualify for a loan. In this case, RBC may be able to help you establish credit by offering a secured credit card or a credit line that is secured by a deposit.
If you have a limited credit history, RBC may require you to provide a co-signer for your car loan. A co-signer is someone who agrees to take responsibility for your loan if you are unable to make your payments. This person will need to have a good credit history and will be required to sign the loan agreement.
Advantages of RBC Car Loan
One of the advantages of getting a car loan from RBC is that they offer a variety of loan options to suit your needs. For example, if you are looking to finance a new car, RBC offers a fixed-rate loan with terms of up to 7 years. If you are looking to finance a used car, RBC offers a variable-rate loan with terms of up to 5 years.
In addition to offering car loans, RBC also provides a variety of other services for newcomers to Canada. For example, they offer free banking for your first year in Canada, as well as help with opening a bank account, obtaining a credit card, and setting up a budget.
Final Words
Overall, if you are a newcomer to Canada and need to buy a car, a car loan from RBC is a great option. With a variety of loan options to choose from and a range of services to help you get established in Canada, RBC can make the car-buying process easier and more affordable.