With a 6.17% p.a. rate and flexible repayments, RACQ makes it easier to get your new car on the road.
RACQ's New Car Loan can help you finance a brand new car or one that's less than two years old. It offers a number of features to help make your loan and car-buying process smoother including a simple online application, no monthly fees and discounts on car maintenance throughout your loan. Find out more in this review.
|Product Name||RACQ Bank New Car Loan|
|Interest Rate (p.a.)||6.17% (fixed)|
|Comparison Rate (p.a.)||6.72%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$3,000|
|Max Loan Amount||$60,000|
- No ongoing monthly administration fees
- Flexible repayment options
- Short processing time
- Minimum loan amount $3,000
- Higher application fee
- Redraw or early repayment fees may be charged
Main points to consider with the RACQ New Car Loan
You can finance a new car or one that is less than two years old with this loan, which offers a fixed rate of 6.17. You can apply for between $3,000 and $60,000 and have up to 7 years to repay what you borrow.
You won't be charged a penalty for making extra repayments and there is no monthly fee.
Features of RACQ new car loans
Besides the attractive interest rate, there is a couple of other features which make this loan option one to consider.
- Fixed rate. The loan comes with a fixed interest rate of 6.17% p.a.
- Pre-approval of loan. Borrowers can get pre-approval for the loan, which allows them to find the best option within a given budget.
- No ongoing fees. These loans do not have any ongoing monthly fees.
- Flexible repayment options. The repayments can be made fortnightly or monthly according to your cash flow needs. There is a direct debit facility as well as an option to make extra repayments to reduce interest costs and finish the loan faster.
- Discounted car maintenance. You can take advantage of discounts on car maintenance if you're approved for the loan.
- Short processing time. The application can be submitted online, and approval over the phone is also possible. The outcome of the application is generally available within five business hours.
- Satisfaction Guarantee. The loan also comes with 21-day Satisfaction Guarantee. This allows you to cancel the loan within 21 days by repaying the entire loan in case you're not satisfied.
How to apply for RACQ new car loans
If you want to take advantage of the benefits on offer, click 'Go to Site' to apply with RACQ. You'll need to meet the following eligibility criteria to apply:
- You must be at least 18 years of age
- You need to be a permanent resident/citizen of Australia or have a valid work visa
- You need to have income sufficient to meet the loan repayments
If you meet these criteria you can submit an application. You will need the following documents on hand:
- Identification. You'll need to supply proof of your identity, such as with your driver's licence.
- Proof of income. Current pay advice or a group certificate will be required to prove your income.
- Employment history. Applicants might be asked for proof of housing or their employment history to finalise the loan process.
It is important to have a competitive loan that can help offer smooth repayments and manageable interest. RACQ's new car loan provides very competitive interest rates with flexible terms for borrowers. Before applying, it's better to compare other loans in the market before making a final choice.