RACV Car Loan

Information verified correct on December 3rd, 2016

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.

This loan is secured, which means it has a lower interest rate and allows you to use your car as security.

Product NameRACV Car Loans
Interest Rate (p.a.)From 6.2% (fixed)
Comparison Rate (p.a.)6.73%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$15,000
Application Fee$378
Monthly Service Fee$0
Loan SecuritySecured


  • $0 ongoing fee per month
  • Extended warranty for your vehicle
  • Fast approval for your loan application


  • Higher than average minimum borrowing amount

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.

What are the loan costs?

There are no ongoing fees with this loan, but there is an establishment fee of $378.

Looking to apply?

If you'd like to apply for the RACV Car Loan, you can click "Go to Site" 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 $15,000
  • 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 consultants 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.

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76 Responses to RACV Car Loan

  1. Default Gravatar
    Alan | November 24, 2016

    Hi , why are the 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 .

    • Staff
      Anndy | 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.


  2. Default Gravatar
    Lucy | November 18, 2016

    Do you offer residuals?

    • Staff
      Jason | November 19, 2016

      Hi Lucy,

      Thank you for your enquiry.

      Please get in touch with RACV Car Loan to enquire if they offer car loan residuals.
      Please click this link to go to RACV’s homepage to enquire online or to get their contact details for further enquiry.

      Please note that finder.com.au is a financial information service and general information website that helps consumers make better decisions. We are not a bank or a loan service provider.


  3. Default Gravatar
    | October 24, 2016

    hi there, can this also be used for a motorcycle loan? thanks

    • Staff
      Elizabeth | October 24, 2016

      Hi AJ,

      Yes, this loan can also be used to finance a motorcycle.

      Hope this helps,


  4. Default Gravatar
    Josh | October 22, 2016

    Does this loan offer Ballooning?
    Is there a penalty/fee if I want to exit the loan before the end of loan term?

    • Staff
      Elizabeth | October 24, 2016

      Hi Josh,

      RACV does offer balloons with its loans. In terms of repaying your loan early, there is an Early Pay Out Fee $205 or 2% of the outstanding balance (whichever is greater) at the time the final payout is made, but this applies in the first three quarters of the original loan term only.

      Hope this helps,


  5. Default Gravatar
    Clyde | October 19, 2016

    Does RACV offer loan to refinance my current car loan?

    • Staff
      Harold | October 19, 2016

      Hello Clyde,

      Yes, they also offer to refinance a current car loan. Provided that you meet the requirements above.

      - Over the age of 18
      - Working full-time
      - An Australian citizen or permanent resident
      - Be looking to borrow more than $15,000
      - Want to buy a car less than 10 years old

      I hope that helps.


  6. Default Gravatar
    Daniel | October 5, 2016

    Can someone explain to me why RACV told me this offer is only for BRAND NEW CARS?

    Says here on this page, “Want to buy a car less than 10 years old”


    • Staff
      Elizabeth | October 5, 2016

      Hi Daniel,

      I’ve just reconfirmed with RACV that this loan is available for cars up to ten years of age and that the information on the page above is correct. The rate is listed as “from 6.2%” so you may receive a different rate based on the details in your application.

      Please get in touch if you have any more questions.



  7. Default Gravatar
    Geoff | June 28, 2016

    I live in Western Australia. Am I eligible to apply for an RACV car loan?

    • Staff
      Anndy | June 28, 2016

      Hi Geoff,

      Thanks for your question.

      Regardless where you are currently living in Australia as long as you meet the following criteria, you will be eligible to apply for the RACV Car Loan:

      -Be over the age of 18
      -Working full-time
      -Be an Australian citizen or permanent resident
      -Be looking to borrow more than $15,000 to buy a car that is less than 10 years old.


  8. Default Gravatar
    Jason | May 4, 2016

    I am above the age of 18, looking for a car loan. I am doing permanent casual work with 25+ hrs a week with a stable income for the past year. Would I be eligible for the loan?

    • Staff
      Elizabeth | May 5, 2016

      Hi Jason,

      Unfortunately you need to be working full-time to be eligible for this loan. As you’re a casual employee your options are more limited but you can still have car loan options – you can find out more about them on this page. You can also see a full car loan comparison on this page.

      Hope this helps,


  9. Default Gravatar
    John | January 30, 2016

    Hi, I’m looking for a car loan for me and my partner. Both our cars are not running well. And instead of fixing up the problems especially because their old it’d make sense if I could borrow the money and try to get something decent for work and that. Though my credit it quite bad because of my past mistakes. I am making regular payments to all the debt that I do owe so I can settle them all.
    I’ve been in the same job now for 5 years and pretty good and secure. The company is (Caterpillar).
    I just want to know if the RACV could help me out in getting a car loan.
    Thank you.

    • Staff
      Elizabeth | February 1, 2016

      Hi John,

      Unfortunately RACV do not consider applicants with bad credit for a car loan. However, you may find this page and this page and this list helpful.



  10. Default Gravatar
    John | January 26, 2016

    Hello. I understand that you can buy a car that’s less than 10 yrs old. But what about a motorcycle!? And does kms bare any effect. It would be via a dealer that I would purchase. Also what is the max in yrs to buy a motorcycle!? Thanks…

    • Staff
      Elizabeth | January 27, 2016

      Hi John,

      RACV can offer you finance for a motorcycle. When filling out your application form just click ‘more loan types’ and select ‘motorcycle’. RACV judges each application on a case-by-case basis, so if you have any question regarding eligibility it would be best directed to them.

      I hope this has helped.



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