8.0 / 10

based on 8 reviews as rated by Mozo community

RACV personal loans

From what started as a club for motorists in 1903, the Royal Automobile Club of Victoria (RACV) has become a go-to provider of insurance and financial products for Australians across the country. When it comes to RACV’s personal loans, you can choose between a new car loan and get discounted comprehensive car insurance along the way, or a personal loan (with potentially cheaper rates as a club member) to fund just about any type of financial need. Read on to find out how an RACV personal loan can fund your dreams...

RACV offers the following personal loans

Rates and fees verified as correct at 30 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
New Car Loan (Fixed, Secured)

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

$499

Personal Loan (Fixed, Secured)

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

$499

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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Overview of RACV personal loans

Fixed rate new car loan:

If you want a personal loan to buy a new set of wheels quick smart, RACV’s new car loan could be just for you, as you can get the tick of approval within 5 working hours. Because it’s a secured loan the car you’re buying will be put up as collateral, which means you’ll reap the benefits of a lower interest rate. The rate is also fixed, so your monthly repayments will remain consistent over the life of the loan (terms available from 1-7 years). While there is an initial cost to get started, if you don’t like getting hit by ongoing charges you’ll be happy to hear the RACV new car loan comes with no monthly account keeping fees. You can top up repayments during your RACV new car loan term, but no redraw facility is available. This could be a deal breaker if you like to have the option of dipping into those extra repayments you’ve made. But for some, not being able to withdraw from past repayments is a blessing in disguise! Like many fixed rate loans, break cost fees may apply if you pay off this new car loan before the agreed term. An added bonus with the RACV new car loan is that you have the opportunity to take out a comprehensive car insurance policy at a discounted rate that applies for the entire loan term.

Fixed rate personal loan:

Are you planning on using a personal loan for landscaping the garden or funding a trip to Europe? For reasons like this and more, take a moment to read up on the RACV personal loan. This loan has a lower interest rate than many other personal loans out there, because it’s secured against an asset you already have like a car or portion of your home. Another neat thing about the RACV personal loan is the piece of mind of the fixed interest rate, meaning your ongoing repayments will remain the same for the entire loan term. Monthly fees are non existent, so you can focus on making loan repayments on fortnightly or monthly dates throughout a loan term of 1-7 years. Just be mindful you’ll need to pay a one-off fee when you first take out the loan. Just like the RACV new car loan you can make extra repayments, but keep in mind there is no redraw facility available in the case you need that cash back and a break cost fee may apply if you pay off your loan early. We should also mention, some RACV members have access to bonus club perks such as a rate discount, so be sure to check if this applies to you before you take out the loan.

RACV personal loan features at a glance

How do you apply for an RACV personal loan?

Applying for one of the two RACV personal loans on offer is easy. You can do it online in ten minutes via the official website, give the provider a call during business hours or pop into your nearest RACV shop. You'll hear back about whether you've been approved for the loan within five hours. Once RACV has cited the documents you’ve signed, the funds will be transferred into your bank account within 24 hours.

To apply for a personal loan with RACV you will need:


How are RACV personal loans rated?

Mozo users have rated RACV personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
RACV personal loans
Overall
9.0/10
Price
Features
Customer service
Convenience
Trust

3 Reviews

Recent RACV personal loan reviews

RACV Personal Loan review
Overall 8/10
westpac is the best

westpac has been my bank for 20 year and i have never had a problem with them.they helped me through financial troubled timed

Read full review

westpac has been my bank for 20 year and i have never had a problem with them.they helped me through financial troubled timed

Price
9/10
Features
5/10
Customer service
5/10
Convenience
5/10
Trust
5/10
Less
Mark hough, reviewed almost 6 years ago
RACV New Car Loan (Fixed) review
Overall 10/10
Great rates and excellent customer service

I researched quite a lot before getting a car loan with RACV, by a long way they offered the best rates and thats before the benefit of discounted Road Side Assist. Customer service was absolutely amazing when going through the application process and I like the way they time up the Direct Debit on payday.

Read full review

I researched quite a lot before getting a car loan with RACV, by a long way they offered the best rates and thats before the benefit of discounted Road Side Assist. Customer service was absolutely amazing when going through the application process and I like the way they time up the Direct Debit on payday.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Mozo community reviewer, Victoria reviewed over 7 years ago
RACV Personal Loan (Fixed) review
Overall 9/10
Fantastic in every sense of the word!

RACV came to the party when other Finance companies couldn't. They made it simple and fast without any fuss, and I received the funds within two days at the lowest interest rate in town!

Read full review

RACV came to the party when other Finance companies couldn't. They made it simple and fast without any fuss, and I received the funds within two days at the lowest interest rate in town!

Price
10/10
Features
7/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Joshua, Victoria reviewed almost 8 years ago

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