RACV personal loans

RACV's overall rating for personal loans

(as rated by the Mozo community)

9.0 / 10

based on 3 reviews

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 13 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

5.69% 15.00% p.a.

6.39% 15.76% p.a.based on $30,000
over 5 years


6.49% 15.00% p.a.

7.19% 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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What personal loans do RACV offer?

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

Repayment flexibility: 

One convenient feature of taking out a personal loan with RACV is you can choose whether your loan repayments will be on a fortnightly or monthly basis.

Extra repayments: 

RACV gives you the option to make extra repayments free of charge, but keep in mind there is no redraw facility.

No monthly fees: 

While there is an initial cost to take out a personal loan with RACV, the provider does not charge monthly fees of any type.

RACV member benefits: 

If you’re an RACV member, you could be eligible for a rate discount on your personal loan (but not with the new car loan).

RACV car insurance discount:

If you buy a new ride with an RACV personal loan you’ll get a discount on your comprehensive car insurance if you choose them as the insurer.

Cooling off period: 

If you take out a personal loan with RACV and change your mind because you find a better rate, you can take advantage of the Loan Satisfaction Guarantee. This lets you repay the borrowed amount within 21 days to RACV, and it will cancel the loan free of charge. You’ll also get a refund for any interest or fees you’ve paid.

RACV customer reviews:

Are you on the cusp of choosing RACV for your personal loan needs, but need a final check to ensure it’s right for you? Visit the customer reviews section where you can read up on what real customers have to say about their experience with the provider.

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:

More helpful personal loan quick links