RACV Green Car Loan

Main points to consider with an RACV Green Car Loan

RACV's Green Car Loan comes with a minimum fixed rate of 6.69% p.a. with a minimum comparison rate of 7.28% p.a.

You can apply for an amount above $5,000 that you have up to 7 years to repay. This loan is designed to be used for a vehicle that runs solely on electricity.

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

How does compare?

• Competitive interest rate. This loan features a minimum interest rate of 6.89% placing it on the more competitive side of the market.
• No ongoing monthly fees. You can save on the total cost of your loan as there are no ongoing monthly account keeping fees.
• Electric vehicle financing. You can use this loan to finance the purchase of a new electric vehicle a feature not available from all lenders.

• While the rate is competitive. The minimum interest rate of 6.89% p.a. is on the more competitive side of the market but you may find lower rates available from other lenders.
• A strong but not a market-leading score. Its Finder Score of 7.9 is high but indicates that other car loans may offer a more competitive package of features, rates or fees.

What features and benefits are on offer

The RACV Green Car Loan offers 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 security only in the circumstances mentioned below:

• New or used car
• Valued at over $5,000
• Car must be electric

RACV car loan fees and charges

• Application fee. You will pay an initial fee of $499 when you apply for an RACV Green Car Loan.
• Termination fee. You will pay a fee of $325 if you end the loan early.

Looking to apply for an RACV Green Car Loan?

To apply for the RACV Green 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
• Have a driver’s licence
• An Australian citizen or permanent resident
• Be looking to borrow more than $5,000

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.