GTimes Posted June 7, 2007 Report Share Posted June 7, 2007 RBC offers an interest rate of prime (6%) + 1% . Is their any banks that offer a lower interest rate? Thanks in advance for your replies Link to comment Share on other sites More sharing options...
wishywish82 Posted June 7, 2007 Report Share Posted June 7, 2007 stay away from prime +1, you can get prime at Bank of Montreal, Scotia bank, and CIBC I believe. TD is also prime +1. Also it looks like prime might be moving upwards as the bank of Canada may raise interest rates as this was recently done in Europe and New Zealand. Link to comment Share on other sites More sharing options...
haiku_guy Posted June 7, 2007 Report Share Posted June 7, 2007 RBC will do a LOC at prime. They told me that the rate will stay the same even during repayment, in other words, always prime. Cheers! Link to comment Share on other sites More sharing options...
dr.drill Posted June 7, 2007 Report Share Posted June 7, 2007 Be aware that you can negotiate the details of your LOC. From the day you get accepted to dent till the day you die, banks will be fighting each other for your business. Make them earn it. Accept no rate higher than prime. Ask that the entire amount be available to you all at once. Make sure they extend the prime rate after you graduate. Link to comment Share on other sites More sharing options...
flintabatty Posted June 7, 2007 Report Share Posted June 7, 2007 yea, dont be afraid to assert yourselfs! banks in canada are seen as institutions because they are protected by the givt, but in the end, they are businesses and all things can be negotiated, especially when youre going to be a professional. if they dont give you what you want, go somewhere else and tell them that youre very disappointed they cant accommodate you. Link to comment Share on other sites More sharing options...
flintabatty Posted June 7, 2007 Report Share Posted June 7, 2007 oh god, dont mind my grammar and spelling, I IS A YOUNIVERCITY GRAJUIT! Link to comment Share on other sites More sharing options...
mkmkhan Posted June 8, 2007 Report Share Posted June 8, 2007 RBC is prime (6%)....They are only giving me 35K / year. I was completely disappointed by that but I didnt push for more because I think in the end I will spend needlessly if I get the whole thing at once. If I feel I don't have much, I can always get more money ... Just a note for you guys to think about when you get into the banks Link to comment Share on other sites More sharing options...
RicktheDentist Posted June 8, 2007 Report Share Posted June 8, 2007 Hey Mkmkhan, I got my LOC from the Royal Bank at Prime and they gave me the entire amount with no restrictions. They said they are the only bank to do this. ..... Not sure what happened in your situation? Link to comment Share on other sites More sharing options...
mkmkhan Posted June 8, 2007 Report Share Posted June 8, 2007 Hey Rick Not sure man, I met this really stern lady who was all business with me as if she was doing me a favor by giving me the LOC... Anyway, I was in a rush so I didn't bother arguing. The only thing I wanted to ensure was that I get the whole 150 K which I did get. I feel more comfortable with yearly instalments just based on my spending habits. Link to comment Share on other sites More sharing options...
dr.drill Posted June 8, 2007 Report Share Posted June 8, 2007 Don't jump into any offer. If one rep from the bank says they can't move on anything, tell them you have learned that other reps are willing to meet your needs and you would prefer to deal with them. Link to comment Share on other sites More sharing options...
wishywish82 Posted June 8, 2007 Report Share Posted June 8, 2007 Personally I hate dealing with these punks. The bank gives such crappy interest on my money but they'll charge me a ton of interest on their money. Good thing I own stock in the banks otherwise I'd think someone is out to screw us lol Link to comment Share on other sites More sharing options...
RicktheDentist Posted June 8, 2007 Report Share Posted June 8, 2007 MkmKhan, That sounds really wierd to me. I had a personal banker who was bending over backwards for me. Plus they gave me all these extra perks. Maybe you should switch to another personal banker. Link to comment Share on other sites More sharing options...
flintabatty Posted June 9, 2007 Report Share Posted June 9, 2007 well, this stuff depends on the individual too. If your credit rating is poor, or you dont have one, they arent going to hand you cash. And how much they want to give and all that also depends on how the bank is doing with their other loans and loc's etc. If they are getting screwed every which way from Sunday by their customers not paying on time in that particular quarter, they are reluctant to give money out, no matter what the bank rep says or does, it ends up just being a numbers game. So another reason to shop around, I had this happen with another loc my wife and i got years ago, the manager of a cibc went to bat for us, but to no avail, went to rbc, no problem. Then when we moved and re did our mortgage, cibc gave us a better offer for everything, its just a numbers game, banks are just businesses. Link to comment Share on other sites More sharing options...
koft Posted June 17, 2007 Report Share Posted June 17, 2007 Hmm.. I can only say for Western. Only deal with a branch that deals with lots of professional students (ie. dents,laws,meds,etc) sometimes your local branch can't give you the best LOC rate, because they don't know better..... ________ VERMONT MEDICAL MARIJUANA DISPENSARIES Link to comment Share on other sites More sharing options...
flintabatty Posted June 18, 2007 Report Share Posted June 18, 2007 for the major banks (cibc, royal) the individual branches are controlled by a central executive (eww, sounds like cog psych). The branches filter all decisions to them or are told what to do by them, the days of a branch manager giving you something extra because he/she likes you is over. Link to comment Share on other sites More sharing options...
mkmkhan Posted June 18, 2007 Report Share Posted June 18, 2007 was that starting this year? Link to comment Share on other sites More sharing options...
flintabatty Posted June 18, 2007 Report Share Posted June 18, 2007 those banks have been like that since I've had a mortgage, maybe before that, but thats at least 6 years ago. If you know a banker, as him/her about it, its just a business Link to comment Share on other sites More sharing options...
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