PintApples Posted July 24, 2009 Report Share Posted July 24, 2009 Hi all, I'm looking at getting a 150k line of credit from either RBC or Scotiabank (Vancouver). The details of repayment seem so similar and I'm wondering if any current or graduated dental students have used either of these banks and could offer recommendations. Thanks Link to comment Share on other sites More sharing options...
Phm Posted July 24, 2009 Report Share Posted July 24, 2009 In Ontario, only RBC will give you the $150 000 up front in year 1, while scotia will only give you $37500/year x 4. Is it different in BC? Link to comment Share on other sites More sharing options...
eddo Posted July 24, 2009 Report Share Posted July 24, 2009 While ScotiaBank officially states it will give you only 37500 per year, this point is negotiable. If you tell them you need more in the first year they will increase it, at least they were willing to for me. Link to comment Share on other sites More sharing options...
T00thFairy Posted July 25, 2009 Report Share Posted July 25, 2009 i talked to my rep in bc at scotiabank, and they seemed incredibly ardent about their plans. it's SO frustrating! it's not like they're doing us a favour... we could take our acceptance letters to ANY bank and get a 150k LOC. we're doing THEM favours by getting our financing through them. they should definitely be trying to negotiate better if they want our LOC business, as well as purchasing power later for our practices, houses, cars, etc. anyways, long story short, i'm NOT impressed with scotiabank's service. have you tried TD? Link to comment Share on other sites More sharing options...
Phm Posted July 25, 2009 Report Share Posted July 25, 2009 Eddo, Did they give you the full $150k up front? Scotia's nice because they add the interest to your LOC without the need for silly transfers, but I'm buying a house, so I need the max amt in year 1. TD only gives $60K in year 1. Link to comment Share on other sites More sharing options...
PintApples Posted July 25, 2009 Author Report Share Posted July 25, 2009 Hi people, I talked to Scotia, BMO and RBC. BMO doesn't have a very good and flexible plan. With Scotia and RBC you can pay back your balance faster. In terms of service, RBC was friendlier, but the rep for Scotia wasn't as bad. Scotia will only give you 37.5k/year tops so far, but that's more than I need anyway. But I'm wondering if there are any major differences between these two banks in terms of repayment. That's the only thing I'm worried about. Link to comment Share on other sites More sharing options...
Kuantum Posted July 25, 2009 Report Share Posted July 25, 2009 I did a bit of research before I got my LOC (i'm in med tho). I'd say RBC/Scotia were the best at that time. The main difference was the 150k RBC would give upfront. However, I found Scotia to be more flexible with giving me premium credit cards (i need these for travel since I am at school away from home). Scotia did say if you need more than 37,500...they were willing to increase it for you. It was explained to me as a safe guard from spending in excess. At the time, TD & CIBC were the worst, and BMO was middle of the pack. CIBC & TD were difficult to negotiate prime and would not give premium credit cards. I'm assuming it is different now though...so I'd check those out again. In any case, most of these LOCs are so similar, you can even transfer between banks seamlessly. I went with the one willing to give me more perks and that my family had worked with in the past - Scotiabank. Premium gold credit card, with money back, and no fees for 4 years. Link to comment Share on other sites More sharing options...
PintApples Posted July 25, 2009 Author Report Share Posted July 25, 2009 Thanks Kuantum, I talked with the Scotiabank rep today, and it does seem good. The only thing is they are really firm on the 150k limit, and outside of UBC, they won't give more than that. They can shift the limit over 37.5k/year but that means in another year, I will have a limit less than 37.5/year to compensate. However, the credit cards they offer are good too. They offer a money back card and the travel card that has insurance on it. I don't remember if RBC has a similar card like this.... Anyway, have you looked down the line like acquiring a practice/clinic in the future? And which bank would you probably go to? Scotia says they can give loans after you graduate at prime too, but only if you commit to their "Professional Plan". I remember RBC saying that doctors and dentists can't get loans at prime (prime + something). If you have more details on this that be great. Thanks. Link to comment Share on other sites More sharing options...
SkyBlue Posted July 26, 2009 Report Share Posted July 26, 2009 Thanks Kuantum, I talked with the Scotiabank rep today, and it does seem good. The only thing is they are really firm on the 150k limit, and outside of UBC, they won't give more than that. They can shift the limit over 37.5k/year but that means in another year, I will have a limit less than 37.5/year to compensate. However, the credit cards they offer are good too. They offer a money back card and the travel card that has insurance on it. I don't remember if RBC has a similar card like this.... Anyway, have you looked down the line like acquiring a practice/clinic in the future? And which bank would you probably go to? Scotia says they can give loans after you graduate at prime too, but only if you commit to their "Professional Plan". I remember RBC saying that doctors and dentists can't get loans at prime (prime + something). If you have more details on this that be great. Thanks. Did RBC say doctors and dentists, specifically, can't get loans at prime while others can? Because that seems a bit strange. Or were they referring to anyone requesting a loan? Link to comment Share on other sites More sharing options...
PintApples Posted July 26, 2009 Author Report Share Posted July 26, 2009 the rep just said that it was difficult for these professionals to get prime rate only, as it's prime plus something (I don't remember). But it should be taken with a grain of salt I guess. Since these doctors and dentists would have some assets and they're doing good business, I don't see why RBC can't negotiate prime with them. Link to comment Share on other sites More sharing options...
Kittyp Posted July 26, 2009 Report Share Posted July 26, 2009 Thanks Kuantum, I talked with the Scotiabank rep today, and it does seem good. The only thing is they are really firm on the 150k limit, and outside of UBC, they won't give more than that. They can shift the limit over 37.5k/year but that means in another year, I will have a limit less than 37.5/year to compensate. However, the credit cards they offer are good too. They offer a money back card and the travel card that has insurance on it. I don't remember if RBC has a similar card like this.... Anyway, have you looked down the line like acquiring a practice/clinic in the future? And which bank would you probably go to? Scotia says they can give loans after you graduate at prime too, but only if you commit to their "Professional Plan". I remember RBC saying that doctors and dentists can't get loans at prime (prime + something). If you have more details on this that be great. Thanks. Actually its the other way. They (RBC) have prime + 1% for students but specifically for Doctors/Dentists it is prime only. I also asked if I plan to go in for specialization once I finish my DDS do I need to pay the principle - they said if I show proof of my acceptance I won't need to pay principle even if I am doing residency where I will be getting stipend. Even they can give me more line of credit for my specialization on prime if I need it. I felt this is the best deal and I signed it. Link to comment Share on other sites More sharing options...
PintApples Posted July 26, 2009 Author Report Share Posted July 26, 2009 Hey Kitty, So you did you sign with RBC then? RBC and Scotiabank both offer interest rates at prime for the life of the loan. And are the costs for specialization in the same range as what it would cost for a DMD/DDS? Thanks Link to comment Share on other sites More sharing options...
Dr.Bunsen.Honeydew Posted July 26, 2009 Report Share Posted July 26, 2009 There have been a couple previous threads on this for those still wanting more info: LOCs in general/comparing banks etc: http://www.premed101.com/forums/showthread.php?t=32509&highlight=dental+LOCs Thread of LOCs specifically people in BC sharing experiences: http://www.premed101.com/forums/showthread.php?t=31757 Basically RBC will give a full $200k right up front with a letter of admittance in BC. I got mine 4-5 days after I went in with all the right documentation. Seems that even going to different branches and talking with differenct people makes a big difference what is available to a person. Link to comment Share on other sites More sharing options...
PintApples Posted July 27, 2009 Author Report Share Posted July 27, 2009 Thanks Dr. Bunsen, After all the positive things I've heard from RBC, I think I'll go with them. I met with Chase a while ago and he was very professional, and was much friendlier than the reps for Scotia who have been doing this for much longer. Links were helpful, thanks again! Link to comment Share on other sites More sharing options...
smilee Posted July 31, 2009 Report Share Posted July 31, 2009 RBC and Scotiabank both offer interest rates at prime for the life of the loan. Has anyone signed a loan where they have ensured that the interest rate will stay at prime for the entire life of the loan (i.e. during repayment after graduation and the 12-month grace period)? If so, would you mind sharing the bank, branch, and person that you spoke with? I am looking for someone to speak to in the London area preferably, but I could also speak to someone in the GTA. (You can PM me if you like.. but most of the contact info for bank officers is on the internet now anyways) I met with RBC today and the branch officer I met with was not very knowledgeable about med/dental student loans.. but in the loan contract (which I have not yet signed) it states that 12 months after graduation the bank reserves the right to increase the interest up to a max of prime + 5% per year. So if there is anyone who does have it written in their contract that their loan will stay at prime for the life of the loan, I would really appreciate you sharing the contact information of that branch officer with me so I can perhaps contact them. Or is this normal for med/dental student loans? I read on here that some people had bank officers cross that section out, but when I asked about that she said she could not alter it as it was a legal document (and if she did make any alterations that they would not be official anyways)... so now I am just confused. Thank you for your help!! Link to comment Share on other sites More sharing options...
InnaV Posted July 31, 2009 Report Share Posted July 31, 2009 Hi Smilee, I also spoke with an RBC rep, and was told the same thing - after the 12 month grace period the interest rate will be reassessed and will go up to prime + something. I was not too happy about that either. I'm pretty sure that the Scotiabank professional student loans are at prime for the entire life of the loan. I'm meeting with a Scotia rep this Wednesday, so I can let you know how that goes. Also, RBC requires you to make monthly interest payments, while at Scotia they just add it to your owing balance while you're at school, which is also an important factor in my opinion. So like I said, I'm meeting with a Scotia rep in downtown Toronto, and I'm pretty sure I'll go with them. If you're looking for a branch in London, go to scotiabank.com/studentprofessional - they have a list of representatives that work with each professional school, so you can find a contact person for UWO there. I contacted the UofT rep from the list. Good luck! Link to comment Share on other sites More sharing options...
smilee Posted August 1, 2009 Report Share Posted August 1, 2009 Thanks for the reply InnaV! I am also hoping to make an appointment with Scotiabank in the next week or two to see if their terms are the same as RBC's. I doubt I will have the chance to meet with anyone before Wednesday though, so if you don't mind sharing what you find out I'd really appreciate it so I have an idea of what to expect from them! Link to comment Share on other sites More sharing options...
eddo Posted August 5, 2009 Report Share Posted August 5, 2009 Hi Smilee, I also spoke with an RBC rep, and was told the same thing - after the 12 month grace period the interest rate will be reassessed and will go up to prime + something. I was not too happy about that either. I'm pretty sure that the Scotiabank professional student loans are at prime for the entire life of the loan. This is true. I signed up with Scotia and it stays at prime for the life of the loan. Link to comment Share on other sites More sharing options...
future_doc Posted August 5, 2009 Report Share Posted August 5, 2009 This is true. I signed up with Scotia and it stays at prime for the life of the loan. Marvelous, when my time comes, I will know where to go. Thank you. Link to comment Share on other sites More sharing options...
Ferboo Posted August 5, 2009 Report Share Posted August 5, 2009 I just talked to RBC and they said they were going to give me 150K at prime as well...the advantage of Scotia though is that you don't have to pay monthly. Link to comment Share on other sites More sharing options...
future_doc Posted August 5, 2009 Report Share Posted August 5, 2009 You are in the driver's seat not them. They need you, they make money by loaning to clients. Tell them you insist upon what Scotia gives or you will go with Scotia. If you are dealing with a person who is a sepcialist in professional student loans, he will do what he has to so as to keep the business. RBC does not live with their heads in the sand. Link to comment Share on other sites More sharing options...
InnaV Posted August 5, 2009 Report Share Posted August 5, 2009 Hi everyone! So I met with a Scotiabank rep today, and just like I thought, their loan is at prime for the entire life of the loan. They also don't require monthly interest payments, as long as you are within your borrowing limit. That's why I decided to go with them. One disadvantage about Scotia though is that they only let you access $37,500 every year, as opposed to RBC, which gives all the $150,000 up front. But the other two things that I mentioned were the deciding factor for me. Hope this helps! Link to comment Share on other sites More sharing options...
Dr.Bunsen.Honeydew Posted August 8, 2009 Report Share Posted August 8, 2009 Just to update - when I got my LOC at RBC, they said that it was for the life of the loan (until I pay it off). Then I saw on the contract that it says that they have the ability to change it when they see fit. I didn't like that it said this so I asked my rep to cross it out and we both signed it. I therefore made sure - even within the contract - that I will not pay more interest than prime until I have payed the loan off. So even when they say it - make sure you see that it says it in your contract etc. It is also important to note that this first loan, although a lot in our minds, will not be anywhere near what one will take out to start up/buy a practice in the future - and these are definitely not at prime. So they are wanting your continuing business - so yes you are in the driving seat, and if you feel like you are not then find someone else. Link to comment Share on other sites More sharing options...
Dal_student Posted August 12, 2009 Report Share Posted August 12, 2009 For those of you who decided to go with RBC: If you chose the Platinum Avion card, were you able to waive the annual fee? Link to comment Share on other sites More sharing options...
PintApples Posted August 12, 2009 Author Report Share Posted August 12, 2009 I wasn't able to get it waived Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.