RACV car loans

RACV's overall rating for car loans

(as rated by the Mozo community)

7.4 / 10

based on 5 reviews

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...

RACV offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

4.99% p.a.to 15.00% p.a.

5.69% p.a.to 15.76% p.a.based on $30,000
over 5 years


6.49% p.a.to 15.00% p.a.

7.19% p.a.to 15.76% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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RACV car loan FAQs

What is the benefit of having a fixed rate loan?

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.

Why should I secure my car to an RACV car loan?

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.

Is there a limit on the price of my car?

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.

What would my monthly loan repayments look like?

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.

Can I pick a repayment schedule to suit me?

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.

How long would it take to pay off my loan?

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.

Would RACV let me make extra repayments?

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.

What if I want to clear my debt before I’m expected to?

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.

Can I dip into extra car loan repayments?

No, there isn’t a redraw facility attached to RACV car loans.

So I want to buy a vintage car. Will that work with an RACV car loan?

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.

Does it matter if I’m a tad behind on my repayment schedule?

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.

Where do I sign up?

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:

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