If you are looking for a hefty loan to finance your new Porsche or Lamborghini then make sure you give this one a look. RACV lets you borrow anywhere 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, that may vary from anywhere between 5.99% - 15.00%, depending on your creditworthiness (6.53% - 15.58% comparison rate).
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 allows you to decide between a fortnightly and monthly repayment schedule. This lets you personalise your repayment schedule to fit with your budget.
You also have the option to 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.
Who it's 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.
While application fees are standard for any car loan, the $399 application fee is quite high, especially if you are looking at a smaller loan amount.