Enjoy no ongoing fees and the ability to make additional repayments with the NRMA Car Loan.
The NRMA Car Loan gives you a convenient way to finance a new car or a vehicle that you’ve always wanted. You can also get a quick approval on the car loan and are not required to pay an ongoing fee.
Things to consider about the NRMA Car Loan
|Product Name||NRMA Car Loan|
|Interest Rate (p.a.)||From 6.99% (fixed)|
|Comparison Rate (p.a.)||7.52%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$15,000|
|Max. Loan Amount||$100,000|
|Monthly Service Fee||$0|
- Quick and easy application process
- Low fixed-interest rates
- No monthly fees
- Minimum loan amount $15,000
- High application fee $378
- Early termination fee of $205
The NRMA Car Loan comes with a fixed interest rate of 6.99% p.a.. The loan is suitable for a range of vehicle types, include new and used cars, motorcycles, caravans and motorhomes. If you haven't chosen your vehicle yet a pre-approval service is available. If you're an NRMA Member you can also enjoy an interest rate discount.
Features of the NRMA Car Loan
This loan comes with a range of competitive features and benefits which are outlined below.
- Interest rate. Having a fixed interest rate allows you to easily budget for your loan repayments with the same regular monthly payment amount. The fixed interest rate for this loan is 6.99% p.a.
- Discounted interest rate. With an NRMA membership, you can take advantage of their exclusive member offer and get a discounted interest rate which means you can lower your repayments. The NRMA benefits save members 1% p.a. on the loan rate. However, this offer is only for loan values above $15,000 and is for new cars only. This rate is not applicable to the promotional rate of 6.99% p.a.
- Loan terms. You can choose loan terms to help keep your repayments manageable – terms are available between 1 year(s) and .
- Repayment flexibility. NRMA Car Loan offers a fairly flexible repayment term option. You can choose to pay either on a monthly basis or on a fortnightly basis and can make extra payments anytime.
- Loan amounts. You can choose to borrow between $15,000 and $100,000
- Pre-approval and quick turnaround. NRMA Car Loan offers you a five-hour pre-approval service which can give you a fast approval within five business hours. This provides you a better bargaining power with your car dealer to get the best deals possible by having the funds on standby. Once all the paperwork is completed by NRMA, your funds are made available to you by the next working day.
How to apply for the NRMA Car Loan
You can apply for this loan by clicking the "Go to Site" button. Just make sure you have the following documents on hand to complete the application process:
- Your driver's licence
- Details of your income
- Details of the value of your asset, such as your car, savings, property, etc.
- Financial details if you're currently renting a property
- Details of amounts owed by you on any store credit cards, credit cards or loans
For conditional approvals, you are not required to submit any documentation. Once the car loan is conditionally approved, you will be asked to verify the details mentioned in your loan application, such as the address, your identity and income. However, NRMA will contact you if more information or details are required before approval in certain circumstances. Financial statements are required for self-employed applicants.