RACQ's Used Car Loan offers you a way to finance a car over two years old at a competitive fixed rate. The interest rate can even be further reduced by 1% if applicants are members of RACQ. Other benefits of this loan include quick processing, the ability to make extra repayments without penalty and a 21-day satisfaction guarantee which allows for the cancellation of the loan without penalty.
Find out what else you need to know to decide if the loan is right for you in this review.
| Product Name | RACQ Bank Used Car Loans |
|---|---|
| Interest Rate (p.a.) | 8.95% (fixed) |
| Comparison Rate (p.a.) | 9.52% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $3,000 |
| Max. Loan Amount | $60,000 |
| Loan Security | Secured |
Pros
- No ongoing monthly administration fees
- Flexible repayment options
- Short processing time
Cons
- High application fee
- Redraw or early repayment fees may be charged
- Rates are subject to change without notice
Main points to consider with an RACQ Used Car Loan
You can finance a used car over two years old with this loan as long as it is no older than 10 years old at the end of the loan term. The loan comes with a fixed rate of 8.95% p.a. and a maximum term of 5 years. You can borrow between $3,000 and $60,000 to finance your car and you won't need to pay a deposit.
Features of RACQ used car loans
RACQ offers attractive terms for its used car loans. Some of the main features of the loan are:
- Low interest rate. The interest rate is fixed, currently 8.95% p.a. Members of RACQ get an additional 1% discount on this rate in addition to all the other benefits offered by its membership.
- Quick processing. RACQ offers online application processing and customers can also get approval on the phone. The outcome of the application is available within five business hours.
- Pre-approval. This is a very useful feature that lets you know exactly how much you'll have to spend on your car. With pre-approval, you can also have the upper hand in negotiations when you're buying through a dealership or even a private sale.
- No monthly fees. You aren't charged monthly fees with this loan.
- 21-day satisfaction guarantee. In case you're not satisfied with the loan, you can repay the entire amount within 21 days and cancel the loan without incurring any penalty.
- Flexible repayments. The repayments can be made monthly or fortnightly using a direct debit facility. Extra repayments can also be made to reduce the net interest cost, and to help you pay off the loan faster.
How to apply for RACQ used car loans
If you want RACQ to help you finance your used car purchase, click 'Go to Site' to get the application process started. Applicants must be at least 18 years of age and be a resident/citizen of Australia or have an approved work visa. You should also have sufficient income to make requisite loan repayments, and you also need a good credit rating. RACQ generally provides loans for $5,000 or more.
- Identification. You'll need to provide proof of your identity with your application.
- Income proof. Proof of your income is required to make sure you can manage your loan repayments.
- Other information. Proof of your assets, your employment history and credit history may also be required while processing the loan.
RACQ used car loans are an attractive choice for motor vehicle financing. Before applying, you should also look at other choices in the market to make sure the terms and conditions are ideal.
Used car Loan
Hi Gurpreet,
You’re able to use this loan from RACQ to finance a used car, you can click “Go to Site” to submit your application. If you want to compare used car loans you can see this page.
Hope this helps,
Elizabeth