Managing Your Car Loan – RBC Royal Bank (2024)

FAQs

How do I manage my RBC auto payment? ›

RBC Online Banking:

From the main navigation, go to Profile & Account Settings. Find the Your debit and credit cards section. Go to your credit card and select Set up automatic payments. Follow the on-screen instructions.

There's no penalty to pay off your loan early. Financing solutions that match your needs: Choose a term from 1 to 8 years with financing available for units up to 10 years old.

To find out your car loan balance, the easiest way is to check your most recent loan statement. If you have online access to your loan account, that's even better – just log in and your balance should be right there. Otherwise, calling your lender directly is a surefire way to get the current balance.

Renegotiating your loan terms, refinancing or making extra payments can help lower your car payment. You can also sell your current car and buy one with a more budget-friendly payment but watch out for high interest rates. Before you buy, shop around and save for a large down payment to keep your car payment low.

You can stop automatic payments coming out of your account by contacting the company or your bank, or by using a subscription cancellation service.

Contact your lender or check a recent loan statement to find out how much you still owe. Estimate your car's value. Look up the trade-in value of your car on pricing guides like Edmunds.com, Kelley Blue Book or the National Automobile Dealers Association (NADA).

Yes. You can contact the bank/loan provider to enquire about the loan balance on your car. You can also use your loan provider's online banking platform to check it.

How much should you spend on a car? Whether you're taking out an auto loan or a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.

Consider putting at least $6,000 down on a $30,000 car if you're buying it new or at least $3,000 if you're buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.

Many lenders offer financial hardship programs that provide temporary relief, such as deferred payments. If you have good credit—or a credit-worthy co-signer—refinancing can reduce your payments to a more affordable level. Other options include credit counseling, auto loan settlement, and voluntary surrender.

How do I manage my RBC auto deposit? ›

Simply sign into RBC Online Banking and go to the Interac e-Transfer Autodeposit section. Simply click "edit" and make your modifications. You can update an email address or add additional emails to the registration if you'd like. Select "delete" to remove an email address from the registration.

Instructions for RBC Online Banking Stop Payments:

Go to the Transfers and Payments section and select Stop a Cheque or Pre-Authorized Payment. Note: Business clients go to the Account Details section and select Stop a Cheque or Pre-Authorized Payment.

Call the company and tell them you are taking away your permission for the company to take automatic payments out of your bank account. The company's customer service should be able to help you, and there might be an online form you can use. Then, follow up by writing a letter or an e-mail.

Yes, you can cancel auto debit online through your bank's online banking portal or mobile app. Some credit card providers also allow you to manage auto debit settings on their website or app.