Thumbnail icon for RACV

RACV New Car Loan (Fixed)

Interest rate from
5.69% p.a.to 15.00% p.a.
Comparison rate from*
6.39% p.a.to 15.76% p.a.based on $30,000
over 5 years
Upfront fee
$499

Mozo editorial review RACV New Car Loan (Fixed)

Last updated: 4 March 2020.

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What's hot
  • Low 5.69% interest rate (6.39% comparison rate*)
  • No maximum loan amount
  • Flexible repayment options
What's not
  • $499 application fee
Mozo snapshot

There’s a certain joy in getting a new car, so you want to make sure you get a car loan that makes the special day as joyous as possible. The RACV New Car Loan comes with a 5.69% fixed interest rate (6.39% comparison rate*) and allows for you to take control of the repayment schedule; coming with either fortnightly or monthly repayments and terms for anywhere between 1 and 7 years. However keep an eye out for the $499 application fee.

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Key features

If you are looking for a loan to finance your new Porsche or Lamborghini, then make sure you give this one a look. RACV lets you borrow any amount from $5,000 up, so you won’t be rejected by some annoying maximum loan amount.

The interest rate of your RACV New Car Loan is fixed, and it may vary from anywhere between 5.69% to 15.00%, depending on your creditworthiness (6.39% - 15.58% comparison rate*).

Knowing how often you make repayments and for how many years can help you to better manage your budget. The RACV New Car Loan allows for you to choose between 1 year and 7 years repayment terms and also gives you the option to choose between fortnightly and monthly repayments. This lets you personalise your repayment schedule to fit with your budget.

With the RACV New Car Loan, you can make fee-free extra repayments to pay off your loan quicker. Just remember that if you repay your loan early then you’ll be whacked with a penalty of 2% of the loan or minimum $205 if you pay in the first 75% of time of your term. If you pay in that last quarter of the term however, then you’ll be free to pay early with no fee.

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Who is it good for

The RACV New Car Loan is for borrowers buying a brand new set of wheels (not a second hand vehicle). Since there’s no upper borrowing limit and a pretty hefty application fee, it may be more suited to big spenders splashing out on a more expensive car.

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Any catches

While application fees are standard for any car loan, the $499 application fee is quite high, especially if you are looking at a smaller loan amount.

Details

Rates and fees information correct as at 8 July 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

  • 5.69% p.a.to 15.00% p.a. fixed

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

Fees
  • $499.00

  • $0.00

  • $20.00

  • $0.00

  • 2%, min $205 if paid before 75% of term, otherwise $0.

Other financial bits
  • $5,000.00

  • none

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Fortnightly, Monthly

  • Yes

  • No

  • none

  • 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

How are RACV personal loans rated by the Mozo community?

Overall customer rating
9.0/10
Price
9.3/10
Features
7.0/10
Customer service
8.3/10
Convenience
7.7/10
Trust
8.3/10

Latest review of RACV New Car Loan (Fixed)

  • 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 almost 7 years ago
RACV

About RACV

RACV is proud of its rich history which began in December 1903 when the Club was formed at Melbourne's Port Phillip Club Hotel. Today, RACV offer a range of insurance policies to suit all sorts of needs - from car insurance and home insurance to business insurance. As a membership organisation, RACV is committed to returning value to members as well as providing great value products and high quality service

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