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NRMA Car Loan
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.
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$499
Application Fee
From 5.99% (fixed)
Interest Rate (p.a.)
6.68%
Comparison Rate (p.a.)
$130,000
Max Loan Amount
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Details
| Product Name | NRMA New Car Loan |
|---|---|
| Interest Rate (p.a.) | From 5.99% (fixed) |
| Comparison Rate (p.a.) | 6.68% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $130,000 |
Main points to consider with the NRMA Car Loan
The NRMA Car Loan comes with a fixed interest rate of 5.99% p.a. and a comparison rate of 6.68% p.a.
The loan is suitable for a range of vehicle types, including new and used cars up to 3 years old, 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 5.99% 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. This offer is available to new or used vehicles over 3 years old and is not applicable to vehicles eligible for the promotional rate of 5.99% p.a.
- Loan terms. You can choose loan terms to help keep your repayments manageable – terms are available between 1 year and 7 years.
- 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 $5,000 and $130,000.
- 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.
February 1, 2017
Hi,
I applied for a car loan two days ago. At the end of application I was told I would hear from someone within five hours. I’m still waiting – now thinking maybe I don’t qualify but as a member a response would have been nice.
Disappointed
February 1, 2017
Hi Ingrid,
Thanks for your question.
Kindly note that we are finder.com.au, a financial comparison and information website that helps users make better decisions, and not NRMA.
Please contact NRMA directly to confirm the status of your loan application.
Cheers,
Anndy
April 20, 2016
Hi,
We attempted to apply for a new car loan as a joint application but when you get to the section where it asks for your employment details it would only let us enter the details for 1 person. We had selected joint application and entered the personal details for each person but we couldn’t enter the employment details. We tried to then call but it was after 6pm. Is it possible to do the online application in joint names or will we have to call the call centre?
April 21, 2016
Hi Kailie,
You should be able to complete the joint application online if it gave you that option initially. However, as the application is handled by NRMA you’ll need to get in contact with them directly.
Sorry I couldn’t be of more assistance,
Elizabeth
February 6, 2016
Hello,
I noticed some similar questions from a while back but I would just like some updated clarification on some things.
1. I see the comparison rate of 7.02% applies to a $30,000 loan over 5 years, how would the rate differ if it was 7 years and $35,000 for example?
2. It mentions that as an NRMA member there is a 1% discount for the above example instead of 7.02% it would be 6.02%, right?
3. I read in an earlier answer if the loan was paid fully three quarter is the term there would be a $200 or 2% fee which ever is higher, is this still the case? And would there be a fee for paying a larger amount for example $5000?
Thanks.
February 8, 2016
Hi Moses,
Thanks for your questions.
1) You can work out your repayments with our online personal loan calculator. Generally, over a longer period, there would be more fees associated with the loan and the total amount repaid would be higher with a lower comparison rate.
2) Yes, NRMA do offer a discount for members, however the 1% discount does not apply to the promotional 6.5% rate.
3) Yes you are correct, if you pay the loan back in under 70% of the loan term then you would pay the $200 or a 2% fee on the remaining balance, whichever is higher. However, you are able to make early repayments with no charge, as long as you don’t pay the total loan back in under 70% of the loan term.
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.
Hope this helps,
Elizabeth
July 22, 2016
hello. To the above answer. It says in the description that this discount does not apply to the 6.5%
July 26, 2016
Hi Dan,
Thanks for pointing that out – the above comment has been updated.
Thanks,
Elizabeth
December 17, 2015
can I get a secured car loan for $12 000
December 18, 2015
Hi Tara,
If you’d like to apply for this loan you can submit your application directly on the NRMA website.
Thanks,
Elizabeth
September 15, 2015
I want to start a courier business at Toll Fast.
I hold a 188 Subclass Business visa. Can I have a loan for buying a Van for my business?
September 16, 2015
Hi Alexius,
To be eligible for this loan, you need to be an Australian resident or citizen. To see what options you have as a temporary resident, please refer to loans for temporary residents.
I hope this has helped.
Thanks,
Elizabeth