RACV Personal Loan
100% confidential application
Take advantage of pre-approval and a competitive rate of 7.99% p.a. with this secured personal loan from RACV.
This personal loan from RACV lets you borrow funds for whatever purpose you have. By securing an asset to the loan you can take advantage of a competitive interest rate. There are also no ongoing account-keeping fees and fast approval within 24 hours. Find out more about how the loan works in this review.
Main points to consider about the RACV Personal Loan
| Product Name | RACV Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 7.99% (fixed) |
| Comparison Rate (p.a.) | 8.53% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $30,000 |
The RACV Personal Loan comes with a fixed interest rate of 7.99% p.a.. The loan attracts a $380 application fee but does not have any ongoing account-keeping fees.
If you are specifically looking to purchase a car, RACV offers a car loan with an even lower interest rate and optional extras for your warranty and insurance.
Features of the RACV Personal Loan
- Interest rate. There is a fixed interest rate of 7.99% p.a. for the life of the loan. The comparison rate is 8.53% p.a. (based on $30,000 over five years).
- Convenient repayment options. RACV works with you to set up direct debit payments that will line up with when you get paid. You have the option of making these repayments either fortnightly or monthly. Extra repayments can also be made at any point during your loan.
- Loan terms and amount. You can choose loan terms between 1 year(s) and 7 year(s), with a minimum loan amount of $5,000.
- Secured loan. With the RACV Personal Loan you will need to nominate an asset as collateral for the loan.
- Fees and charges. There is an upfront application fee of $380 for the RACV Personal Loan. No ongoing administration fees are charged for the life of the loan, but there is a late payment fee and a charge of if you repay the loan in full before 75% of the loan term is through.
How to apply for the RACV Personal Loan
If you'd like to get your application process started, you can do so by clicking "Go to Site". First, check you meet the eligibility criteria outlined below. You must:
- Be 18 years of age or older
- Be an Australian citizen or permanent resident
- Be in regular, ongoing employment
- Have had no loan or credit card defaults in the last three years
- Have not filed for bankruptcy in the past seven years
- Be looking to borrow at least $5,000
You'll also need to provide the following information:
- Australian driver’s licence
- Details from your employer including name, address, contact details
- Details of your financial position including income, assets, expenses and debts
You can complete the application process online or over the phone. It will take approximately 10 minutes and, in most cases, you will be approved and have access to the funds within 24 hours.
To make sure you're getting the right loan for your needs, make sure you compare all of your options before you apply.
What is the maximum age a car can be to be used as insurance for a secured loan? Mine is 8 years old.
Hi Annalise,
Thanks for your question.
In a secured car loan, the restrictions on the age of the vehicle vary among lenders. Some even have restrictions on some makes and models of cars. You can directly get in touch with the lender you are interested in to enquire about this.
Cheers,
Anndy
how much would weekly repayments be for a personal loan of $11000 over 7 and what is the rate
Hi Pam,
Using this personal loan calculator I worked out that your weekly repayments would be $41 based on RACV’s starting interest rate of 9.15% p.a. Keep in mind your interest rate may be different depending on what you’re approved for.
Hope this has helped,
Elizabeth
Can you please confirm the maximum loan amount for a debt consolidation loan?
Hi Scott,
The maximum loan amount with RACV personal loan for debt consolidation is $35,000.
Elizabeth
To get a fixed rate of 9.15% does this have to be secured by an asset. If so a block of land ok but do you lodge a second mortgage or caveat?
Hi Greg,
With the RACV Personal Loan you will need to nominate an asset as collateral for the loan. Unfortunately this asset can only be a car associated with no other loans, and a model no earlier than 2008. Alternatively, if you own a home, they can use that as a security. A block of land does not qualify as an asset with this loan type.
Thanks,
Elizabeth
I am a retired person Have had two previous loans from racv.Can I still get a loan from racv
Hi George,
Thanks for your question.
You need to be currently employed to be eligible for a loan from RACV, so as you are retired you are not eligible. However, you can read our guide on borrowing as a pensioner and compare other loan options on this page.
I hope this will help.
Thanks,
Elizabeth
Who are RACV loans underwritten by?
Hi Anne-Marie,
Thanks for your comment. RACV do not make this information publicly available. If you need this information, please contact RACV directly using the above go to site links.
Cheers
Matt
HI there I would like to consolidate a personal loan and credit card and buy a car. I have an old default on my Credit REport from 5 years ago and has been marked as paid in full and due to come off in October. I notice that you have said 3 years for defaults. Would I be eligible for a loan with you? TIA
Hi Leigh,
Thank you for your comment.
You have come through to finder.com.au, a financial comparison website, please use the above “Go to site” button to contact RACV directly to discuss your lending needs.
Regards
Jodie
Is this personal loan rate of 9.15% available to pensioners?.
Hi Rochelle,
Thanks for your question.
Unfortunately to be eligible for this loan you need to be in regular, ongoing employment. You can find loans available to pensioners on this page.
I hope this has helped.
Thanks,
Elizabeth
Can I get a personal loan if I’m 19, married and working part time?
Hi Vincent,
Thanks for your question.
To be eligible for this loan you need to be over the age of 18 and be able to provide evidence of regular income from your employer. If you can meet this criteria, and the other criteria listed on the page above, then you are able to apply.
I hope this has helped.
Thanks,
Elizabeth
I want to borrow 28K for my husband, to apply for permanent residency and university fee. Can I get approved for a personal loan? Thank you.
Hi Vincent,
Thanks for your question.
You are able to use the loan amount for this loan to finance most anything of your choosing, but you will likely need to disclose this in your application. You’ll also need to meet the eligibility criteria (listed towards the bottom of the review) in order to be eligible.
I hope this has helped.
Thanks,
Elizabeth