In this guide

  • Review
  • Details
    • RACV New Car loan
    • RACV Used Car loan
  • Your reviews
  • Ask a question
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RACV New Car Loans

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Application Fee
$499
Interest Rate (p.a.)
From 7.29% (fixed)
Comparison Rate (p.a.)
8%
Max Loan Amount
$150,000

Summary

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

Drive in the car you want without having to pay hefty fees or a higher than normal interest rate. RACV has been providing advice, support and competitive loans for car buyers throughout Australia's modern history.

This loan is secured, which means it has a lower interest rate and allows you to use your car as security.

Pros

  • No monthly fees
  • 5-hour loan approval
  • Range of optional extras

Cons

  • Higher than average minimum borrowing amount
  • $499 application fee
  • Penalty for early repayments

In this guide

  • Review
  • Details
    • RACV New Car loan
    • RACV Used Car loan
  • Your reviews
  • Ask a question

Details

RACV New Car loan

Product Name RACV New Car Loans
Interest Rate (p.a.) 7.29% to 16.99%
Comp. Rate (p.a.) 8% to 17.77%
Interest Rate Type Fixed
Min Loan Amount $5,000
Max Loan Amount $150,000

RACV Used Car loan

Product Name RACV Used Car Loans
Interest Rate (p.a.) 8.49% to 16.99%
Comp. Rate (p.a.) 9.21% to 17.77%
Interest Rate Type Fixed
Min Loan Amount $5,000
Max Loan Amount $150,000

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.

Compare your RACV car loan options

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1 - 0 of 0
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
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Main points to consider with the RACV car loan

RACV's new car loan comes with a fixed rate of 7.29% p.a. with a comparison rate of 8% p.a. while the used car loan has a fixed interest rate from 8.49% p.a. and a comparison rate of 9.21% p.a.

You can apply for an amount above $5,000 that you have up to 7 years to repay.

Approval times can vary. RACV aim to provide an answer on your application as quickly as possible. Usually, you'll receive the funds within 24 hours of signing the paperwork.

What features and benefits are on offer?

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

  • No ongoing fees are charged with this loan, helping you to keep your repayments down.
  • Fast approval to provide an answer on your application following submission.
  • Flexible repayment options via direct debit or BPAY. Loan repayments will automatically be taken from your chosen bank account every month or fortnight.
  • Years of Membership Benefits apply. If you're eligible for RACV's years of membership benefits, and apply direct with RACV, enjoy even lower interest rates. This discount also applies to the new car special rate.

Years of Membership benefit applies to all consumer loan applications (subject to approval) made directly through RACV. Any loan application introduced through a broker/intermediary will not be able to receive the discount.

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 for a new or used car loan.

Looking to apply for an RACV car loan?

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 edibility 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.

Compare car loan providers

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1 - 7 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
NRMA New Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
Go to siteMore Info
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
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
NRMA Used Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
Go to siteMore Info
You'll receive a fixed rate from 8.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
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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Rebecca Finder

Senior writer

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Avatar

Samantha

August 31, 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?


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Jhezelyn Finder

September 03, 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


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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.


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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


Avatar

Anndy Lou Finder

October 16, 2017

Hi Pankaj,


Thanks for your question.


RACV considers borrowers who are Australian citizens or permanent residents.


Although car loans is 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


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Pauline

August 02, 2017

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


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Jhezelyn Andoy Finder

August 02, 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


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Sereena

March 30, 2017

Hi,


Can you get approval with a part nine debt agreement?


Thanks

Sereena


Avatar

Anndy Lou Finder

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 its own eligibility requirements, terms, and conditions. So, please check those first before submitting an application.


Cheers,

Anndy


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