Posts Tagged ‘rbc’

How do bank loans for cars work?

Friday, December 16th, 2011

I applied for a 15,000 bank loan to buy a used car (undecided on new or used, if I decided new I will need to up that to 20,000). Anyway I talked to my bank on the phone (RBC) and got conditionally approved for a ,000 loan and now I have an appointment today to talk to a representative in person. The lady on the phone told me it would be to talk about the loan and to get a 00 credit card which I have been pre approved for. What do I need the credit card for? SUrely you don’t need to have a credit card to buy the car. How hard is it going to be to get the other ,000 I will probably need??

Also, when I am approved how does that work. The bank automatically puts the ,000 into my account which goes to the dealership each month? And then I pay the same ammount to the bank each month or what? How long do I have to pay back?



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