RACV Car Loan Review: Interest Rate, Fees & Online Application | Finder

RACV Car Loan

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Enjoy a low interest rate and quick approval with a car loan from RACV.

The Royal Automobile Club of Victoria, RACV, has been providing advice and support for car buyers throughout Australia's modern history. Combine this experience with a competitive loan and you could be in the car you want without having to pay hefty fees or a higher than normal interest rate.

$499

Application Fee

From 4.99% (fixed)

Interest Rate (p.a.)

5.69%

Comparison Rate (p.a.)

$150,000

Max Loan Amount

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Details

Product NameRACV New Car Loans
Interest Rate (p.a.)From 4.99% (fixed)
Comparison Rate (p.a.)5.69%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max Loan Amount$150,000
Go to site

Predominantly a motoring club, Royal Automobile Club of Victoria or RACV now provides roadside assistance, car and personal loans, vehicle, home and travel insurance. Their services include driving instruction, tourism and home security products.

With one membership card, you open up a large number of possibilities for channeling your money the right way and not missing out on even a cent of savings. It's not just a one stop shop for buying your car but also getting all the associated services in place.

RACV New Car Loans

RACV New Car Loans

From

4.99 % p.a.

fixed rate

From

5.69 % p.a.

comparison rate

  • Low fixed interest rate
  • No ongoing fees
  • Borrow from $5,000
Security Logo

100% confidential application

RACV New Car Loans

Featuring fast approval times, no monthly account fees and friendly service it could be worth your while comparing the RACV Car Loan.

  • Interest rate from: 4.99% p.a.
  • Comparison rate: 5.69% p.a.
  • Interest rate type: Fixed
  • Application fee: $499
  • Minimum loan amount: $5,000
Go to site
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Compare your RACV car loan options

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
RACV Used Car Loans
From 5.99% (fixed)
6.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 5.99% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
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Compare up to 4 providers

Main points to consider with the RACV car loan

This is a secured car loan that comes with a fixed rate of 4.99% p.a. with a comparison rate of 5.69% p.a.. You can apply for an amount above $5,000, for which you have up to 7 years to repay.

When you apply you can receive approval within five working hours.

What features and benefits are on offer?

The RACV car loan offers a host of advantages which are designed to help you better manage your loan and protect your car.

  • No ongoing fees. No ongoing fees are charged with this loan, helping you to keep your repayments down.
  • Loan approval in up to five hours. RACV can grant you approval in five hours. Remember approval will depend on RACV's lending criteria, which will take into account factors such as your income, debts, assets and credit file.
  • Flexible repayment options. You can make payments via direct debit, BPAY, cheque or in person at an RACV shop or Australia Post outlet.
  • Optional features. RACV also offer a range of optional extras that you can consider taking on with your loan. These include RACV Comprehensive Car Insurance, which you can receive discounts on, RACV warranty, credit protection and Autosure protection.

Is your car eligible to be used as security?

Your car will be eligible to be used as a security only in the circumstances mentioned below:

  • New car
  • Valued at over $5,000

RACV car loan fees and charges

  • Establishment fee. You will pay an initial fee of $499.

Looking to apply for an RACV car loan?

If you'd like to apply for the RACV Car Loan, you can click "Go to Site" above to get your application started. First, you need to make sure you meet the eligibility criteria outlined below:

Eligibility

  • Over the age of 18
  • Working full-time
  • An Australian citizen or permanent resident
  • Be looking to borrow more than $5,000
  • Want to buy a car less than 10 years old

Documentation

Make sure you have your personal and financial details on hand before you start the application. When you apply you will need to provide the following information:

  • An Australian driver’s licence or some sort of proof of your identity
  • Your employer’s details including name, address and contact information
  • Your own financial details including information regarding your assets, expenses, debts and income

Once you send in your online form, an RACV consultant will get in touch with you by the next day. After approval, RACV Finance will contact you to discuss how your loan would be settled. In most cases, the loan amount would be provided to you within 24 hours.

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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93 Comments

    Default Gravatar
    Samantha
    September 1, 2018

    I am purchasing a new car worth $25000. I have a deposit of $10,000 but need to borrow the balance of $15,000 for 1 yr loan.I am working full time and would be paying it out early when my house settles. My queries are: Would I be eligible? What is the early repayment fee? Time to process if all my documentation is provided up front as I need asap?

      Avatarfinder Customer Care
      Jhez
      September 4, 2018

      Hello Samantha,

      Thank you for your comment.

      The eligibility criteria for RACV loan are outlined above. As long as you meet the requirements, you may be eligible for the loan. You’ll have an early repayment fee of 2% of the loan or minimum $205 if you pay in the first 75% of the time of your term. When you apply you can receive approval within five working hours.

      Hence, it’s best to contact RACV directly to see your eligibility.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

    Default Gravatar
    Michael
    October 22, 2017

    Hi I have an application in at the moment. Once it gets approved and I find a car I want, do I then need to contact you with the details and wait for a bank cheque to be sent out and how long would that usually take. Thank you.

    Default Gravatar
    Pankaj
    October 16, 2017

    need a car loan about 9000, I have 2-year visa till Sept 2019, weekly income $900
    can i apply for the car in RACV

      Avatarfinder Customer Care
      Dee
      October 16, 2017

      Hi Pankaj,

      Thanks for your question.

      RACV considers borrowers who are Australian citizens or permanent residents.

      Although car loans are usually restricted to PR and citizens, migrants on a 457 visa may have a better chance at being approved for a car loan so long as they meet certain financial conditions.

      Alternatively, you may compare personal loans for temporary residents.

      Both pages above have a comparison table you can use to fin the right lender for you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Anndy

    Default Gravatar
    pauline
    August 2, 2017

    Need a car loan for $15,000 but car purchasing is 15 years old.

      Avatarfinder Customer Care
      Jhez
      August 2, 2017

      Hi Pauline,

      Thanks for your comment.

      Most lenders will only allow you to purchase a new or used car that’s less than seven years old. Anyway, you may want to compare lenders that offer car loans. Click the “Go to Site” button if you are decided to apply. Please also make sure to meet the eligibility criteria before submitting your application.

      Regards,
      Jhezelyn

    Default Gravatar
    Sereena
    March 30, 2017

    Hi,

    Can you get approval with a part nine debt agreement?

    Thanks
    Sereena

      Avatarfinder Customer Care
      Dee
      March 30, 2017

      Hi Sereena,

      Thanks for your question.

      If you have been on Part 9 Debt Agreement and would like to apply for a loan, you can check bankrupt loans. Please note that each lender has their own eligibility requirements, terms, and conditions. So, please check those first before submitting an application.

      Cheers,
      Anndy

    Default Gravatar
    Zee
    March 30, 2017

    Does racv also have loans for anyone that has a paid default ?

      Avatarfinder Customer Care
      May
      March 31, 2017

      Hi Zee,

      Thank you for your inquiry.

      Typically, with RACV, you will need to have a good credit history to apply for a car loan. If you want to know which other lenders that accept applicants with defaults, please check bad credit car loans. Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.

      Cheers,
      May

    Default Gravatar
    Sarah
    February 23, 2017

    Must you be working full time?

    Would 32 hours/week automatically exclude me from this loan?

      Avatarfinder Customer Care
      May
      February 23, 2017

      Hi Sarah,

      Thank you for your inquiry and for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions.

      Your approval for RACV Car Loan will depend on the assessment of RACV of your overall financial situation. So if you want to discuss your options and eligibility, you may contact them directly. You may click on the ‘Go to site’ button above to head over to RACV’s official website.

      Cheers,
      May

    Default Gravatar
    gab
    January 10, 2017

    Do you get charged early payout fees for paying out the loan early?

      Avatarfinder Customer Care
      May
      January 10, 2017

      Hi Gab,

      Thanks for your question.

      Yes, there is an early repayment fee of $205 or 2% of the outstanding balance (whichever is greater) at the time the final payout is made. This will apply in the first 3 quarters of the original loan term only. For more info you may visit RACV website by clicking the ‘Go to site’ link above.

      Cheers,
      May

    Default Gravatar
    tim
    December 28, 2016

    Hi guys
    Just an FYI – Not sure why you have put the minimum loan amount as $15,000.
    I just took out a car loan with them with a girl in Melbourne for less than $9,000, as I had a trade in.
    The interest rate was slightly higher than 6.2%, but not by much.
    Keep up the good work.

      Avatarfinder Customer Care
      May
      December 29, 2016

      Hi Tim,

      Thanks for your question.

      The $15000 is actually the minimum amount that RACV offers at a low interest of 6.2% (best interest so far). Although they offer loans lower than that amount (at least $5000), the interest for lower amounts are actually higher – this is the same with your $9000 loan with a much higher rate.

      Cheers,
      May

    Default Gravatar
    Alan
    November 24, 2016

    Hi , why are the lenders asking for an application fee?
    Surely over a period of 4 to 5 yr loan they make a healthy profit .
    Puts me off applying .
    Seems like just another fee for nothing .

      Avatarfinder Customer Care
      Dee
      November 24, 2016

      Hi Alan,

      Thanks for reaching out.

      Lenders normally charge loan application fees to cover costs involved in processing the application such as credit checks and basic administrative costs.

      You may want to check out fixed car loans featured on our website and find financial products with lower application fees.

      Cheers,
      Anndy

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