RACV Boat Loan
- Application Fee
- $499
- Interest Rate (p.a.)
- From 10.89% (fixed)
- Comparison Rate (p.a.)
- 11.44%
- Max Loan Amount
- $100,000
Summary
Find out how RACV's secured boat loan works, who's eligible and how to apply.
Details
Product details
| Product Name | RACV Boat Loan |
| Interest Rate (p.a.) | 10.89% to 17.69% |
| Comp. Rate (p.a.) | 11.44% to 18.47% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $100,000 |
Main points to consider with the RACV boat loan
Non-members can apply and qualify for RACV's advertised rate of 10.89% p.a. If you're already a member of RACV, you could benefit from even lower interest rates.
RACV's boat loans are provided by R.A.C.V. Finance Limited (RACV Finance), which also offers car, caravan, travel and personal loans. The loan is secured, so you'll need to provide an acceptable asset as security, such as the boat you're buying. RACV Finance's criteria say the asset must be registrable, owned by at least one borrower and insured for the life of the loan.
What are the features of an RACV boat loan?
Here are the main features of the RACV boat loan:
- Secured loan. All RACV boat loans are secured.
- Loan repayment up to 7 years. Choose how long you would like to make your repayments over, up to 7 years.
- Fixed interest rate. This boat loan offers a fixed rate of 10.89% p.a. Comparison rates are subject to the loan amount and the customer's personal circumstances. Your credit rating will affect your chance of approval and the rate that you are offered on this loan.
- $5,000+ available. This loan offers a minimum borrowing amount of $5,000. There is no official maximum limit on this loan. Loan maximums will be determined based on the borrower's personal circumstances and factors like the cost of the boat.
- Satisfaction guarantee. Upon receiving your funds, you can cancel your loan at any time within a 21-day period, and as long as you repay the loan amount, all fees, charges and interest rates, it will be cancelled and refunded.
- Quick to apply. You can apply online or by phone, and RACV says it takes around 10 minutes.
- Fast response. RACV says it usually responds to applications within 24 hours. Once you're approved and your boat is ready, you should get your funds within 24 hours.
- Repayment options. You can repay monthly or fortnightly by direct debit from your nominated bank account, or by BPAY.
- Boat extras from RACV. RACV also sells boat insurance, boat batteries and roadside assistance for boats and trailers, so you can sort out more of what you need in one place.
Fees and charges
- Establishment fee. An initial establishment fee of $499 applies. This is included in your repayments and is not an upfront cost.
- Early termination fee. An early termination fee of $205 or 2% of the remaining loan balance applies to the first three quarters of the loan term.
Who's eligible for an RACV boat loan?
RACV Finance's eligibility criteria include that:
- You're over the age of 18
- You're a permanent Australian resident or have the right to work in Australia
- You're employed on a regular basis in Australia, with regular income paid in Australia
How do I apply for an RACV boat loan?
You can apply online by clicking the "Go to site" button, or call RACV on 1300 870 922 (Monday to Friday, 9am to 5pm). RACV says the application takes around 10 minutes. Before you start, have these details ready:
- Your personal details and driver's licence number
- Your employment details and income
- Details of your assets, liabilities and expenses, plus the boat's details if you have them
RACV says it usually responds to applications within 24 hours. Once you're approved, RACV will call you to work out the details. You can also get a personalised rate quote online with RACV's "Get my rate" tool or by phone, but a rate quote isn't a guarantee of approval. If you already have an RACV loan, you can contact the team at finance@racv.com.au.
Your reviews
Bria Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.