When it comes to taking out a car loan there are a set of contributing factors that add to the overall rate or rate of interest of the loan. These factors can either lower or raise the car loan rate that you are working with and it is helpful to know what they are before you ever seek to take out a car loan.

When trying to determine what is going to set your RBC car loan rates, the first factor is of course the current banking market. If the market is doing well, there are no downturns, and there have been no major economic issues, the base rates are going to be good. A base rate is the starting rate that loans are given out at that is adjusted according to the individual taking out the loan.

Another factor that affects the loan rate is your personal credit and credit history. If you have a poor credit history or a low credit score, your rates are going to be higher than someone that has a good credit history and a good credit score. This does not necessarily mean that just because you have a poor credit score that you cannot get a great rate, you can speak with a non-traditional lending agency to get great rates even with poor credit.

Still another factor that is going to affect car loan rates is your personal income. This helps the loan agency get a basic idea of how fast you can repay the loan, it will also help them determine how much credit or loan money to extend to you. Loans are a great way to build credit and get items that you could not otherwise afford on your own. Though it might seem like you are not going to get the loan you need, with the right lender anyone can get the loan that they need to succeed.

Lending agencies are working to help those that need money get the loans they need to be successful. For those that have poor credit, there are lenders out there that will help you get a loan no matter what. Lenders are able to extend credit to more borrowers than ever before and credit score is no longer the only deciding factor when it comes to the overall loan process and what loan and rate you ultimately get for your needs.