RACQ Bank Fixed Car Loan

5.89% p.a.

6.44% p.a.based on $30,000
over 5 years

$395

RACQ Bank Fixed Car Loan

5.89% p.a.

6.44% p.a.based on $30,000
over 5 years

$395

Mozo Review   RACQ Bank Fixed Car Loan Review

Last updated: 6 January 2020.

What's hot:
  • Low fixed interest rates from 5.89% (6.44% comparison rate*)

  • No penalties for early repayment

  • No monthly service fees

What's not:
  • $395 application fee

  • 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 $60,000. Interest rates start from a low 5.89% and are fixed for the duration of your loan, meaning you shouldn’t have any surprises with your repayments. There are no monthly service fees and no penalties for making early repayments.

Key features:

With RACQ’s fixed interest rate, secured car loan, you can borrow up to $60,000 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.

There are no monthly service fees with either loans and RACQ charges no penalties for making early repayments. On top of all this, fixed interest rates start from a notably low 5.89% 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. 

Who it's 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.

Any catches?

The loan comes with a pretty substantial upfront $395 application fee and make sure that you set up automatic repayments as there is a $20 late payment fee. 

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 19 January 2020. 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

  • 5.89% p.a. fixed

  • 6.44% p.a.based on $30,000
    over 5 years

Fees
  • $395.00

  • $0.00

  • $20.00

  • n/a

  • $0.00

Other financial bits
  • $3,000.00

  • $60,000.00

  • 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

*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.

Customer Reviews

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