Specialising in auto and home insurance, RACV is a well-known and trusted provider of credit for Aussies looking to buy a new car too. If you’re considering taking out a car loan with RACV, this page is the right place to start your research. Read on and learn the essentials...
|Product||Interest rate from||Comparison rate from*||Upfront fee|
New Car Loan (Fixed)
8.49% p.a.to 15.00% p.a.
9.05% p.a.to 15.58% p.a.based on $30,000
9.49% p.a.to 15.00% p.a.
10.05% p.a.to 15.58% p.a.based on $30,000
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
As you may have noticed, RACV only offers car loans with fixed rates. The benefit of taking out a loan with this rate type attached is that you know what you’re in for. The rate won’t change at any point along your car loan term.
If you go with RACV as your car loan provider, the vehicle must be secured to the loan. Don’t see that as a negative thing. It keeps your interest rate down, meaning you hand less money over to your lender. If you forfeit on the loan however, RACV can legally claim your car to recoup losses.
Nope, so long as you can afford to buy a Lamborghini, you can use an RACV car loan to help finance it! But keep in mind, there is a minimum borrowing amount of $5k.
Say you bought a $30k vehicle with an RACV car loan on a 5 year contract. Based on the 7.03% comparison rate at the time of writing, our personal loan repayment calculator shows you’d be paying $594 each month.
Absolutely, with RACV you select a weekly, fortnightly or monthly loan repayment frequency - choose one that’s easy on your budget. That could mean paying off your car loan the week you get paid, or two weeks after rent money goes out.
Between 1 and 7 years. Your loan term should depend on how much you can comfortably afford to pay back on each repayment due date.
Yes, but there may be a financial implication for doing so. While extra car loan repayments are fee-free, there are early loan repayment penalties to consider.
You’ll likely be charged an early loan repayment fee. Check the T’s and C’s on RACV’s official website for the finer points on how these fees are calculated.
No, there isn’t a redraw facility attached to RACV car loans.
Unfortunately not, you’ll need to take out an RACV personal loan instead and tie an eligible asset to it as collateral. Otherwise, browse alternative car loans in the market here.
Like most car loans around, it’s always best to avoid missing repayments. If you feel like you won’t be able to make the next one, call RACV and give them the heads up. Late repayments generally spell fees, and the worst case scenario would be that you default on the loan.
You’re one step away. Scroll up to the very top and click on a “go to site” blue icon. This will take you to RACV’s online application form. Alternatively, visit the official site directly, give RACV a ring or head to one of its shops in person. You will need the following: