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 New 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

Pros

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

Cons

  • 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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

90 Responses

  1. Default Gravatar
    PankajOctober 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

    • Staff
      AnndyOctober 16, 2017Staff

      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.

      Cheers,
      Anndy

  2. Default Gravatar
    paulineAugust 2, 2017

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

    • Staff
      JhezelynAugust 2, 2017Staff

      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.

      Regards,
      Jhezelyn

  3. Default Gravatar
    SereenaMarch 30, 2017

    Hi,

    Can you get approval with a part nine debt agreement?

    Thanks
    Sereena

    • Staff
      AnndyMarch 30, 2017Staff

      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.

      Cheers,
      Anndy

  4. Default Gravatar
    ZeeMarch 30, 2017

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

    • Staff
      MayMarch 31, 2017Staff

      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.

      Cheers,
      May

  5. Default Gravatar
    SarahFebruary 23, 2017

    Must you be working full time?

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

    • Staff
      MayFebruary 23, 2017Staff

      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.

      Cheers,
      May

  6. Default Gravatar
    gabJanuary 10, 2017

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

    • Staff
      MayJanuary 10, 2017Staff

      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.

      Cheers,
      May

  7. Default Gravatar
    timDecember 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
      MayDecember 29, 2016Staff

      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.

      Cheers,
      May

  8. Default Gravatar
    AlanNovember 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
      AnndyNovember 24, 2016Staff

      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.

      Cheers,
      Anndy

  9. Default Gravatar
    LucyNovember 18, 2016

    Do you offer residuals?

    • Staff
      JasonNovember 19, 2016Staff

      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.

      Cheers,
      Jason

  10. Default Gravatar
    October 24, 2016

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

    • Staff
      ElizabethOctober 24, 2016Staff

      Hi AJ,

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

      Hope this helps,

      Elizabeth

Ask a question