ROYAL BANK LAUNCHES I-NET CAR LOAN SERVICE
By Adnews Staff
Royal Bank introduced a new service this week that allows Canadian car buyers to apply for a loan on-line. The company says it is the first time a Canadian bank has offered such a service. The car loan application can be accessed through Royal Bank's Web site in the Personal Finance and Investment pages. Buyers using the site can choose the make of car they want, select their options, provide basic personal and financial information and then transmit the information electronically. All messages are encrypted and can only be decoded by bank officials. Loan applicants will receive a reply within two business days. In addition to the loan application, the Royal Bank site contains several other features. A variety of worksheets can be printed out and interactive calculators are provided to help people choose a monthly payment that reflects their budget. The site also includes a Driving News section, created in co-operation with Carguide magazine, that includes car reviews, road tests, prices, special promotions and a calendar of upcoming auto shows. There will be no specific advertising for the service, but that a phone number and Web site address would be included in any automotive financial advertising the bank does. Royal Bank uses a roster of agencies and some in-house services to handle its advertising.