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RACQ Bank Car Loan Special

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Application Fee
$195
Interest Rate (p.a.)
7.99% (fixed)
Comparison Rate (p.a.)
8.27%
Max Loan Amount
$100,000

Summary

Borrow up to $100,000 for a new or used car with flexible payment options.

RACQ's Car Loan offers a competitive fixed rate with flexible loan amounts, as well as a number of additional benefits including discounted car maintenance.

See if it's right for you below.

Pros

  • No ongoing monthly administration fees
  • Flexible repayment options
  • Short processing time

Cons

  • Minimum loan amount $3,000
  • Higher application fee

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name RACQ Bank Car Loan Special
Interest Rate (p.a.) 7.99%
Comp. Rate (p.a.) 8.27%
Interest Rate Type Fixed
Min Loan Amount $3,000
Max Loan Amount $100,000

RACQ, or Royal Automobile Club of Queensland, was founded in 1905 by a motor enthusiast who wanted to help other people experience the pleasures of motoring. It currently provides member services and products that include roadside assistance, finance, travel and insurance.

If you're in need of vehicle finance, you can consider the competitive options available from RACQ. Find out more about these below.

Compare RACQ Car Loans

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1 - 2 of 2
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
RACQ Bank Car Loan Special
FixedUP TO 7 Years $3,000 - $100,000
Interest Rate (p.a.)
7.99%
Comp. Rate (p.a.)
8.27%
Application Fee
$195
Monthly Fee
$0
Monthly Repayment
$632.74
More Info
You'll receive a fixed rate of 7.99% p.a.
Borrow up to $100,000 for a new or used car and get a range of membership benefits.
RACQ Bank Personal Loan Special
Variable1 - 5 Years $3,000 - $60,000
Interest Rate (p.a.)
9.99%
Comp. Rate (p.a.)
10.27%
Application Fee
$195
Monthly Fee
$0
Monthly Repayment
$651.54
More Info
You'll receive a variable rate of 9.99% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
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Showing 2 of 2 results

Main points to consider with the RACQ Car Loan Special

You can apply for between $3,000 and $100,000 and get a loan term up to 7 years for a new car, or 5 years for a used car. If you're getting a loan for a used car, the vehicle must not be older than 12 years at the end of the loan term.

You won't be charged a penalty for making extra repayments and there is no monthly fee.

Features of the RACQ car loan

  • Fixed rate. You'll receive an interest rate of 7.99%, with a comparison rate of 8.27%.
  • Pre-approval of loan. Borrowers can get pre-approval for the loan, which allows them to find the best option within a given budget.
  • No ongoing fees. These loans do not have any ongoing monthly fees.
  • Flexible repayment options. The repayments can be made fortnightly or monthly according to your cash flow needs. There is a direct debit facility as well as an option to make extra repayments to reduce interest costs and finish the loan faster.
  • Discounted car maintenance. You can take advantage of discounts on car maintenance if you're approved for the loan.
  • Short processing time. The application can be submitted online, and approval over the phone is also possible. The outcome of the application is generally available within five business hours.

Fees and charges

  • Establishment fee. You will pay an initial fee of $195.
  • Loan document fee. You'll need to pay a fee of $0.

Is your car eligible for a secured loan from RACQ?

RACQ considers the following vehicles for loans:

  • New vehicles
  • Used vehicles (the vehicle must be no more than 12 years old by the end of the loan)
  • Cars, caravans, watercraft and motorcycles

How to apply for a RACQ car loan

If you want to take advantage of the benefits on offer, click 'Go to Site' to apply with RACQ.

Eligibility

You'll need to meet the following eligibility criteria to apply:

  • You must be at least 18 years of age
  • You need to be a permanent resident/citizen of Australia or have a valid work visa
  • You need to have income sufficient to meet the loan repayments
  • Have a good credit history

If you meet these criteria you can submit an application.

Documentation

You will need the following documents on hand:

  • Identification. You'll need to supply proof of your identity, such as your driver's licence.
  • Proof of income. Current pay advice or a group certificate will be required to prove your income and that you'll be able to repay the loan.
  • Employment history. Applicants might be asked for their employment history to finalise the loan process.
  • Other details. You might be asked for details of your housing situation (ownership/renting) references and credit history.

You can take advantage of pre-approval and can find if you've been approved in five business hours.

It is important to have a competitive loan that can help offer smooth repayments and manageable interest. RACQ's car loan provides very competitive interest rates with flexible terms for borrowers.

Before applying, it's better to compare car loans in the market before making a final choice.

Compare car loan providers

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1 - 5 of 106
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
loans.com.au - New - Variable Rate Special
Variable3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.24%
to 7.74%
Comp. Rate (p.a.)
7.36%
to 8.85%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$630.83
Go to siteMore Info
OurMoneyMarket New Car Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Stratton Finance New Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$625.27
Go to siteMore Info
You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with.
Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Stratton Finance Used Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$625.27
Go to siteMore Info
You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a.
A used car loan of up to $300,000 with quick approval times and balloon payment options.
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Showing 5 of 5 results

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Elizabeth Finder

Lead Editor

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cory

May 13, 2016

my car is 2015 however I want to refinance it from another lender will I still get this rate


Avatar

cory

May 13, 2016

HI Matt, What would that rate be


Avatar

Matt Corke Finder

May 13, 2016

Hi There Cory,


Thanks for your comment. RACQ will determine your eligibility when you apply. It is most likely as you are refinancing that you’ll be offered the rate with the RACQ Used Car Loan.


Hope this helps.


Cheers

Matt


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