RACV Car Loan

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 6.99% (fixed)
Comparison Rate (p.a.)7.54%
Interest Rate TypeFixed
Min Loan Amount$15,000
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 $380.

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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86 Responses to RACV Car Loan

  1. Default Gravatar
    Sereena | March 30, 2017


    Can you get approval with a part nine debt agreement?


    • Staff
      Anndy | 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.


  2. Default Gravatar
    Zee | March 30, 2017

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

    • Staff
      May | 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.


  3. Default Gravatar
    Sarah | February 23, 2017

    Must you be working full time?

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

    • Staff
      May | February 23, 2017

      Hi Sarah,

      Thank you for your inquiry and for contacting finder.com.au – 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.


  4. Default Gravatar
    gab | January 10, 2017

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

    • Staff
      May | 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.


  5. Default Gravatar
    tim | 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.

    • Staff
      May | 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.


  6. Default Gravatar
    Alan | 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 .

    • 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.


  7. 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.


  8. 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,


  9. 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,


  10. 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.


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