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RACV Car Loan

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Enjoy a low interest rate and quick approval with a car loan from RACV.

The Royal Automobile Club of Victoria, RACV, has been providing advice and support for car buyers throughout Australia's modern history. Combine this experience with a competitive loan and you could be in the car you want without having to pay hefty fees or a higher than normal interest rate.


Application Fee

From 4.99% (fixed)

Interest Rate (p.a.)


Comparison Rate (p.a.)

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .


Product NameRACV New Car Loans
Interest Rate (p.a.)From 4.99% (fixed)
Comparison Rate (p.a.)5.69%
Interest Rate TypeFixed
Min Loan Amount$5,000

Main points to consider with the RACV Car Loan

This is a secured car loan that comes with a fixed rate of 4.99% p.a. with a comparison rate of 5.69% p.a.. You can apply for an amount above $5,000, for which you have up to 7 years to repay.

When you apply you can receive approval within five working hours.

What features and benefits are on offer?

The RACV car loan offers a host of advantages which are designed to help you better manage your loan and protect your car.

  • No ongoing fees. No ongoing fees are charged with this loan, helping you to keep your repayments down.
  • Loan approval in up to five hours. RACV can grant you approval in five hours. Remember approval will depend on RACV's lending criteria, which will take into account factors such as your income, debts, assets and credit file.
  • Flexible repayment options. You can make payments via direct debit, BPAY, cheque or in person at an RACV shop or Australia Post outlet.
  • Optional features. RACV also offer a range of optional extras that you can consider taking on with your loan. These include RACV Comprehensive Car Insurance, which you can receive discounts on, RACV warranty, credit protection and Autosure protection.

RACV Car Loan fees and charges

  • Establishment fee. You will pay an initial fee of $499.

There are no ongoing fees as part of the loan.

Looking to apply for an RACV car loan?

If you'd like to apply for the RACV Car Loan, you can click "Go to Site" above to get your application started. First, you need to make sure you meet the eligibility criteria outlined below:

  • Over the age of 18
  • Working full-time
  • An Australian citizen or permanent resident
  • Be looking to borrow more than $5,000
  • Want to buy a car less than 10 years old

Make sure you have your personal and financial details on hand before you start the application. Once you send in your online form, an RACV consultant will get in touch with you by the next day. After approval, RACV Finance will contact you to discuss how your loan would be settled. In most cases, the loan amount would be provided to you within 24 hours.

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

Ask an expert

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  1. Default Gravatar
    September 1, 2018

    I am purchasing a new car worth $25000. I have a deposit of $10,000 but need to borrow the balance of $15,000 for 1 yr loan.I am working full time and would be paying it out early when my house settles. My queries are: Would I be eligible? What is the early repayment fee? Time to process if all my documentation is provided up front as I need asap?

    • Avatarfinder Customer Care
      September 4, 2018

      Hello Samantha,

      Thank you for your comment.

      The eligibility criteria for RACV loan are outlined above. As long as you meet the requirements, you may be eligible for the loan. You’ll have an early repayment fee of 2% of the loan or minimum $205 if you pay in the first 75% of the time of your term. When you apply you can receive approval within five working hours.

      Hence, it’s best to contact RACV directly to see your eligibility.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  2. Default Gravatar
    October 22, 2017

    Hi I have an application in at the moment. Once it gets approved and I find a car I want, do I then need to contact you with the details and wait for a bank cheque to be sent out and how long would that usually take. Thank you.

  3. Default Gravatar
    October 16, 2017

    need a car loan about 9000, I have 2-year visa till Sept 2019, weekly income $900
    can i apply for the car in RACV

    • Avatarfinder Customer Care
      October 16, 2017

      Hi Pankaj,

      Thanks for your question.

      RACV considers borrowers who are an Australian citizen or permanent resident.

      Although car loans are usually restricted to PR and citizens, migrants on a 457 visa may have a better chance at being approved for a car loan so long as you meet certain financial conditions. You can check the options here.

      Alternatively, you may check this page to compare personal loans for temporary residents.


  4. Default Gravatar
    August 2, 2017

    Need a car loan for $15,000 but car purchasing is 15 years old.

    • Avatarfinder Customer Care
      August 2, 2017

      Hi Pauline,

      Thanks for your comment.

      Most lenders will only allow you to purchase a new or used car that’s less than seven years old. Anyway, you may want to compare lenders that offer car loans on this page. Click the “Go to Site” button if you are decided to apply. Please also make sure to meet the eligibility criteria before submitting your application.


  5. Default Gravatar
    March 30, 2017


    Can you get approval with a part nine debt agreement?


    • Avatarfinder Customer Care
      March 30, 2017

      Hi Sereena,

      Thanks for your question.

      If you have been on Part 9 Debt Agreement and would like to apply for a loan, you can check your options on this page.


  6. Default Gravatar
    March 30, 2017

    Does racv also have loans for anyone that has a paid default ?

    • Avatarfinder Customer Care
      March 31, 2017

      Hi Zee,

      Thank you for your inquiry.

      Typically, with RACV, you will need to have a good credit history to apply for a car loan. If you want to know which other lenders that accept applicants with defaults, please click this link. Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.


  7. Default Gravatar
    February 23, 2017

    Must you be working full time?

    Would 32 hours/week automatically exclude me from this loan?

    • Avatarfinder Customer Care
      February 23, 2017

      Hi Sarah,

      Thank you for your inquiry and for contacting – a financial comparison website and general information service designed to help consumers make better decisions.

      Your approval for RACV Car Loan will depend on the assessment of RACV of your overall financial situation. So if you want to discuss your options and eligibility, you may contact them directly. You may click on the ‘Go to site’ button above to head over to RACV’s official website.


  8. Default Gravatar
    January 10, 2017

    Do you get charged early payout fees for paying out the loan early?

    • Avatarfinder Customer Care
      January 10, 2017

      Hi Gab,

      Thanks for your question.

      Yes, there is an early repayment fee of $205 or 2% of the outstanding balance (whichever is greater) at the time the final payout is made. This will apply in the first 3 quarters of the original loan term only. For more info you may visit RACV website by clicking the ‘Go to site’ link above.


  9. Default Gravatar
    December 28, 2016

    Hi guys
    Just an FYI – Not sure why you have put the minimum loan amount as $15,000.
    I just took out a car loan with them with a girl in Melbourne for less than $9,000, as I had a trade in.
    The interest rate was slightly higher than 6.2%, but not by much.
    Keep up the good work.

    • Avatarfinder Customer Care
      December 29, 2016

      Hi Tim,

      Thanks for your question.

      The $15000 is actually the minimum amount that RACV offers at a low interest of 6.2% (best interest so far). Although they offer loans lower than that amount (at least $5000), the interest for lower amounts are actually higher – this is the same with your $9000 loan with a much higher rate.


  10. Default Gravatar
    November 24, 2016

    Hi , why are the lenders asking for an application fee?
    Surely over a period of 4 to 5 yr loan they make a healthy profit .
    Puts me off applying .
    Seems like just another fee for nothing .

    • Avatarfinder Customer Care
      November 24, 2016

      Hi Alan,

      Thanks for reaching out.

      Lenders normally charge loan application fees to cover costs involved in processing the application such as credit checks and basic administrative costs.

      You may want to check out this page for fixed car loans with lower application fees.


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