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RACQ Bank Fixed Car Loan

Advertiser disclosure
Interest rate from
6.99% p.a.
Comparison rate from
6.99% p.a.based on $30,000
over 5 years
Upfront fee
$0

Mozo editorial review RACQ Bank Fixed Car Loan - last updated: 10 May 2022

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What's hot
  • Low fixed interest rates from 6.99% p.a. (6.99% p.a. comparison rate*)
  • No monthly service fees
What's not
  • No redraw facility
Mozo snapshot

RACQ offers fixed interest rate car loans for both new and used vehicles, with loan amounts ranging from as little as $3,000 to as much as $100,000. Interest rates start from a low 6.99% p.a. (6.99% p.a. comparison rate*) and are fixed for the duration of your loan, meaning you shouldn’t have any surprises with your repayments. Fees have also been kept to a minimum and there are no penalties for making early repayments.

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Key features

With RACQ’s fixed interest rate, secured car loan, you can borrow up to $100,000 to cover the costs of either a new or used car. While the maximum loan term for used cars is five years, loan terms for new cars can be spun out over seven years.

Fixed interest rates start from a notably low 6.99% p.a. (6.99% p.a. comparison rate*) and there’s even an option to make extra repayments to pay the debt off sooner.

And if convenience is what you’re after, you’ll be happy to hear that you can choose to make repayments weekly, fortnightly or monthly, depending on whatever repayment frequency suits you. Plus there are no monthly account keeping fees and you can easily apply for a loan online.

If you are looking for a loan for a used car, it should be noted that the car cannot be more than 12 years old at the end of the loan. 

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Who is it good for

This is a good car loan for anyone who is on a fixed budget and wants to lock in their repayments for the duration of the loan term.

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Any catches

There is no redraw facility, so if you do decide to make any extra repayments, just be aware that you won’t be able to redraw money back out of the loan once you’ve paid it in.

Details

Rates and fees information correct as at 25 May 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

6.99% p.a. fixed

6.99% p.a.based on $30,000
over 5 years

Fees

$0.00

$0.00

$20.00

$0.00

$0.00

Other financial bits

$3,000.00

$100,000.00

1 Year

7 Years

Vehicle

Features

Weekly, Fortnightly, Monthly

yes

no

Maximum loan term is 5 years for used cars. Car cannot be older than 12 years at the end of the loan.

none

WARNING: 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. 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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About RACQ Bank