Jacob Willis

RBC Articles

All articles researched & written by me and featured on RBC's My Money Matters content hub from July 2022 to December 2023

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Understanding the Car Buying Process: From Test Drive to Financing

Whether you’re a first time buyer or looking for your next vehicle, the car-buying process is an exciting — and sometimes confusing — experience. Knowing what to expect before heading to your dealership can eliminate stress and help you find the best fit for your lifestyle and budget.

It’s best to estimate what you can afford before shopping for a vehicle. Most car buyers rely on auto loans. If you’re in the market for a loan, pre-qualification lets you know before you apply for a loan how much
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Mastering Money: Tips For Creating a Budget That Works For You

Managing personal money matters is a major source of stress for many Canadians. If you’re one of the many who find themselves losing sleep over their finances, one of the quickest ways to alleviate some of the pressure is to get organized by creating a realistic budget that works for you. Gaining control of your finances can help reduce unwanted surprises and offer some peace of mind each month.

If you’ve struggled to maintain a budget in the past or are starting one for the first time, here ar
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New to Canada? Here's 4 Things to Know About Car Loans

Many newcomers to Canada have found that purchasing a vehicle is a much different process from what they’re used to. Come to the dealership prepared with the terms and expectations of auto financing in Canada to prevent any unwanted surprises.

For many newcomers to Canada, a car can help make life much easier, but buying one isn’t necessarily the same process as it is elsewhere in the world.

Unless you have the money to buy a new car upfront, you’ll likely have to take out a loan to finance yo
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Going Electric: A Guide to Canada's Electric Car Incentive Programs

Higher upfront costs can be an obstacle for those looking to buy an electric vehicle (EV). Saving money on gas and lowering your carbon footprint is alluring, but fitting an EV into your budget may be hard. Luckily, Canada’s commitment to a zero-emission economy means federal and provincial rebates are available to ease the stress of these up-front costs on your wallet.

Which vehicles are eligible for iZEV?

Canada’s Incentives for Zero-Emission Vehicles program, or iZEV, provides government re
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Inflation and Retirement Planning: 4 Strategies to Help Protect Your Financial Future

When inflation rises and the purchasing power of your hard-earned dollars starts to diminish, it’s common to feel less secure about the future. What will happen to your savings and long-term investments? Are your retirement plans still intact?

Luckily, there are strategies experts suggest to help safeguard finances and navigate a high-inflation economy with more confidence.

Real-Return Bonds (or RRBs) are bonds issued by the Government of Canada that increase in value during inflationary perio
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Diesel, Electric, Gas or Hybrid: Choosing the Engine for You

Looking for your next vehicle? The different fuels — gas, diesel and electric — have different characteristics, including ones that may affect your lifestyle and finances in the long run. Making the right call for you means analyzing the costs of each, the availability around you, and your personal needs or desires.

Knowing about different fuel types can help you narrow your auto choices. Here are some considerations for each fuel option:

Diesel fuel is used in diesel engines, which use heated
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Creating a Debt Repayment Plan: 5 Steps to Take Control of Your Finances

Managing debt can be an overwhelming task for anyone. Whether it’s credit card balances, student loans, or other financial obligations, debt is a major source of stress for many Canadians. Finding a path toward repaying your debts can help you regain control and ease some of the pressure from your financial situation. As any great teacher might tell you, the best way to conquer a big task is to break it into smaller ones.

Here are five steps you can take to create your debt repayment plan.

A g
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4 Things to Know about Buying (and Owning) an Electric Vehicle

Many Canadians are looking to make the switch to electric vehicles (EVs) for environmental reasons and to save money — saving on gas alone can make it an enticing option. While there is a lot of buzz surrounding EVs as the vehicle of the future, you may still have some questions.

If you’re thinking about buying an electric or hybrid vehicle, here are four things to consider.

1. What types of electric vehicles are available in Canada?

There are 3 types of EVs currently on the market.
• Battery
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How to Charge Your Electric Car at Home

Perhaps the biggest draw of going electric is leaving the gas pump behind. Electric vehicle (EV) owners can charge their vehicles at home, which may be the more convenient option for many households.

Your optimal EV charging option will depend on your budget, lifestyle, and local infrastructure.

Here are the most important things to consider before buying an at-home charger.

Why charge your EV at home?

Public EV charging stations are available across Canada, and the infrastructure around EVs
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Buying a Car in a High Cost Environment

With interest rates and car prices on the rise, car loans are becoming more expensive and car buyers maybe feeling some pre-purchase jitters. The antidote to this anxiety is good information: figuring out your budget, knowing your options, and finding the best deals.

Here are some tips for financing a vehicle in the current economy.

Knowing how much of a loan you would qualify for before searching for a vehicle is a good starting point to create your budget. It also help prevent unwanted surpr
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What to Look for as a Newcomer Buying a Car in Canada

New to Canada? Depending on where you live, having a car may be necessary for your way of life. This guide can help you find the right vehicle and show you how to get a car loan as a newcomer.

Finding a car in the Canadian auto market can be confusing if you’re unfamiliar with the process. For newcomers to Canada, a little research can go a long way toward finding and financing your perfect vehicle.

Here’s an easy guide for newcomers buying a car in Canada to get you started.

Step 1: Figure o
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5 Things to Know Before Applying for Auto Financing

Buying a car is an exciting experience, but for first-time buyers, applying for auto financing may feel complicated — or confusing.

Here’s an easy guide to understanding auto financing and help you get the best deal.

With car loans, you borrow a set amount of money from your banking institution or car dealership at a pre-agreed interest rate. Then you are given time to pay it back — this is your “term.” You pay back a pre-arranged portion of your loan weekly, bi-weekly or monthly in your term.
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The Top 3 Considerations When You're Choosing a Car

If you’re in the market for a new vehicle, with so many options and factors to consider, making an informed decision is essential. Whether you’re a first-time buyer or looking to upgrade, a little preparation can go a long way toward finding your dream vehicle — and reducing any stress during your search.

Budget: What can you afford?

Before you start your search, it’s important to set your budget to know what you can afford. Remember to factor in not only the upfront cost but also ongoing expe
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4 Ways to Reduce Your Monthly Expenses

Many Canadians are familiar with the end-of-the-month jitters. Managing personal finance can be stressful, and fun nights out or impulse shopping purchases can come back to bite you when the bills arrive. But there’s no need to beat yourself up — the good news is there are practical steps you can take to help reduce your expenses.

Most of your financial strategy should involve sticking to a budget, but finding the right number will require a good understanding of your current financial situatio
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How to Get a Car Loan as a Newcomer in Canada

As a newcomer, buying a car in Canada is one of the biggest financial decisions you will make. If you’ve decided to get a car and need to finance it, there are many options that you should know about.

When you’re new to Canada, owning a vehicle can help make life easier and more convenient. Many car buyers rely on auto loans to pay for their vehicles. Before heading to your dealership or bank, here’s what you’ll need to know to help you get approved for a car loan as a newcomer in Canada.

What
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Financing Your Vehicle: How to Make the Right Decisions for You

You’re going to have a few choices to make before you start exploring how to finance your new vehicle. Understanding your options is important — a little preparation goes a long way toward securing the best deal for your financial situation.

One of the first decisions when financing your vehicle is whether you’d prefer to buy or lease. A vehicle lease is similar to a long-term rental — you agree to “borrow” the vehicle instead of owning it and pay monthly fees for a set amount before giving it
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Trade-In vs Selling Your Car — Which Option is Right for You?

When you’re ready to part ways with your current car, you’ll generally have two options: sell it yourself or trade it in to help offset the cost of your new vehicle. Understanding the value of your vehicle and weighing the benefits of each choice will help you make the decision that works best for you. Here are a few things to consider:

“Trading in” means giving your vehicle to a dealership and putting its value towards a new car. Online tools such as Kelley Blue Book Canada can provide an appr
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5 Steps to Finding the Right Vehicle

A car is a big investment, and the vehicle market may feel overwhelming, especially if you’re buying your first car. You have many choices, which is a good thing because everybody’s style, needs and budgets differ.

Cars aren’t one-size-fits-all. So how do you pick the right vehicle for you?

Here are five steps to get you started finding your perfect ride.

1. Consider your lifestyle needs first

It’s a simple enough question: What will you use the car for? Do you have (or expect to have) kids?
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The Impact of Credit Scores on Car Loan Rates

When you’re in the market for an auto loan, your credit score will impact the types of loans and terms you’ll be presented. Knowing your score beforehand and how it may affect your application is important. With your score in mind, here’s how it may impact your car loan rates.

How strong is my credit score?

Your credit score will be expressed as a three-digit number between 300 and 900. While the exact method credit bureaus calculate scores is unique to them, typically, the scoring ranges like
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Preventing Flooding: 6 Ways to Prepare and Protect Your Basement

Flood prevention is one of the most important (and often overlooked) climate resiliency measures for Canadian homeowners. Torrential rains test the infrastructure of your home and threaten to damage your basement — and due to climate change, these extreme weather events are becoming more frequent.

Should the forecast call for such severe rainfall, a little preparation can go a long way toward protecting your home and possessions.

Keep your roof and gutters clean

Flood protection starts from t
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Important Questions to Ask Before Financing a Car

Buying a new car can be a great experience. If this is your first vehicle, you may not be very familiar with pre-qualifying for auto loans or how your credit score may impact your loan.

But there’s no need to stress — here is a quick and easy guide to help you finance your new vehicle.

You can apply for an auto loan at a dealership or through your bank.
• If your application is approved, you can borrow a set amount of money from the lender to finance your vehicle at a pre-agreed interest rate.
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Tips for Finding the Best Deal on Your New Vehicle

Buying a vehicle is one of life’s biggest (and most exciting) investments. Your auto contract will impact your finances for years to come — so knowing how to negotiate effectively can be empowering as a buyer and may save you thousands of dollars in the process. With some research and knowledge, you can confidently navigate the car-buying process and secure the best deal on your next ride.

A little advance work can help ensure you’re in the best position to negotiate with a dealer. Here are way
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Buying Your Next Vehicle: New or Used?

When budgeting for your next vehicle (or your first), one important choice is buying a new or used auto. Both new and used cars have advantages and disadvantages, so it’s important to know what you’re getting into.

Here are the factors to consider when deciding if a new or used auto is right for you.

Safety regulations and laws have become stricter in recent years, meaning the latest models will require extra safety features such as tire pressure monitoring, stability control and rear-view cam
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I Got Pre-Qualified For A Car Loan. What Should I Do Next?

Pre-qualification is a great way to know how much of an auto loan you qualify for before visiting a dealership. It can allow you to shop with confidence, knowing that when you find the vehicle you want, you already have a good idea how your interest rate, down payment and financing term could affect your payments.

But once you get that information, what can you do with it?

Take a closer look at your pre-qualified loan amount and consider your down payment options. It’s a good idea to re-evalua
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