Rates and fees verified as correct at 06 August, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|New Car Loan (Fixed, Secured)|| |
5.69% p.a.based on $30,000
|Used Car Loan (Fixed, Secured)|| |
6.94% p.a.based on $30,000
As you may have noticed in the table above, NRMA’s two car loans have fixed rates, meaning your loan repayments stay set during the loan term you select. It may give you that sense of security you’re looking for in a loan, especially if you’re on a fixed income. On the downside, you may be charged a break cost fee if you decide to clear your debt earlier than your contract stipulates.
Good question. With NRMA you’re required to secure your vehicle to the loan. The good thing about this is that it means that NRMA offer you a lower interest rate but if you find yourself in a situation where you cannot repay your debt, NRMA can repossess the car. If secured loans aren’t your thing, return to our hub and compare unsecured loans in the market.
To access the lowest rates, you’ll be required to borrow at least $15k, and there’s no loan limit. If you take out a loan for less than that, you’ll end up paying more in interest. Remember, what you’re approved for will depend on your ability to repay the debt so before you apply why not crunch the numbers with our car loan repayments calculator.
Sure can, so long as you select an approved vehicle model by NRMA’s standards. Of course, your set of wheels must be fully registered too. If you do buy a second-car, keep in mind your interest rate will be higher with the NRMA than a loan for a new car.
With NRMA, you can choose between a fortnightly or monthly billing cycle, but not weekly.
Feel free to pay off your loan faster, just keep in mind you’ll have no access those extra repayments if you need to access the money down the track.
NRMA has loan terms from 1 to 7 years.
You may be charged a fee based on NRMA’s financial loss as a result of you doing it. This will depend on how long you have left on the loan term and the amount still owing on the loan.
Like most car loans these days, the process couldn’t be easier. Apply online, over the phone, or do it the old fashioned way at one of NRMA’s service centres. To qualify, keep in mind you’ll need to be an Australian resident and be over 18 years old. Personal documents to include in your application are:
Once you’ve applied, expect to hear back from NRMA on how you went within a few business days.
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