RACQ Used Car Loans Review

Information verified correct on October 22nd, 2016

Get on the road for less than you thought with a used car loan from RACQ

When purchasing a car it is important to look at the ongoing financial costs along with the initial cost of the car. The RACQ Used Car Loan is available at a competitive interest rate, which can reduce the overall cost of the purchase. The interest rate can even be further reduced by 1% if applicants are members of RACQ. Besides the rates, other benefits of these loans include quick processing, the ability to make monthly or fortnightly payments and a 21-day Satisfaction Guarantee which allows for the cancellation of the loan without penalty.

Things to consider about RACQ used car loans

Product NameRACQ Used Car Loans
Interest Rate (p.a.)From 9.45% (fixed)
Comparison Rate (p.a.)10%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Application Fee$378
Monthly Service Fee$0
Loan SecuritySecured


  • No ongoing monthly administration fees
  • Flexible repayment options
  • Short processing time


  • High application fee
  • Redraw or early repayment fees may be charged
  • Rates are subject to change without notice

RACQ used car loans are available at competitive fixed interest rate which allows for easy budgeting of repayments. It also comes with a 21-day Satisfaction Guarantee which allows you to pay back the loan amount within 21 days without any penalty.

There is no ongoing monthly administration fee and the repayments can be made monthly or fortnightly through a direct debit facility. Pre-approval of loans is also possible which will allow users to know the amount they can spend on the car, making the buying process smoother.

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 highly competitive, at 9.45% p.a.. Members of RACQ get an additional 1% discount on this rate in addition to all the other benefits offered by its membership.
  • Fixed rate. The interest rate is fixed, which allows for careful budgeting of your repayments. Make a sound buying decision by knowing the exact repayments required for your repayment terms.
  • 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 of the loan. 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.
  • 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.

Documents needed

  • 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.

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2 Responses to RACQ Used Car Loans Review

  1. Default Gravatar
    GURPREET | May 23, 2016

    Used car Loan

    • Staff
      Elizabeth | May 24, 2016

      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,


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