If you're after a low rate personal loan with fixed repayments, then the RACV personal loan fits the bill with its fixed rate of 6.49% (7.19% comparison rate*) And this loan doesn't have to be just for a car - you can use it for any purpose such as a holiday or even to consolidate debt. No ongoing fees and a simple online application process make it a convenient loan for anyone, and the good news is, you don't have to be located in Victoria or be a member of the RACV to apply.
The RACV personal loan has a 6.49% interest rate (7.19% comparison rate*) for all loans between 1 to 7 years. The minimum loan amount is $5,000 and there isn't a cap so long as you can make the fixed monthly repayments within the loan term. The $499 application fee is relatively steep compared with other personal loans but the low interest rate and fact that you won't have to pay any ongoing fees should balance out this cost.
You have the option of choosing fortnightly or monthly repayments to help you time repayments with your pay cheque. And there is the option of making extra repayments at anytime but this loan does not have a redraw facility which means that if you make extra repayments, you won't be able to access this money down the track. Keep in mind that there's also a 2% or minimum $200 fee if you pay the loan off before 75% of the loan term.
The RACV personal loan boasts a fast application and approval process. Once your loan is approved, your money can be made available within 24 hours.
As this is fixed rate loan, it suits those who are on tight monthly budget and need the certainty of knowing each month that their repayments won't change.
There's a 2% or minimum $200 early repayment fee which you will need to pay if you do happen to pay off the loan before 75% of the loan term, but don't let this put you off paying out the loan as quick as possible. Every extra repayment means less interest you'll pay in the long run.
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Fixed |
|
|
6.49% p.a.to 15.00% p.a. fixed |
|
|
7.19% p.a.to 15.76% p.a.based on $30,000 |
|
$499.00 |
|
|
$0.00 |
|
|
$20.00 |
|
|
$0.00 |
|
|
2%, min $200 if paid before 75% of term, otherwise $0. |
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$5,000.00 |
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|
none |
|
|
1 Year |
|
|
7 Years |
|
|
Residential Property, Vehicle |
|
Fortnightly, Monthly |
|
|
Yes |
|
|
No |
|
|
none |
|
|
none |
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.
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 reviewRACV 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!
OurMoneyMarket
Low Rate Personal Loan
5.45% p.a.to 8.48% p.a.
6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
Harmoney
Unsecured Personal Loan
5.35% p.a.to 19.09% p.a.
6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
Plenti
Unsecured Personal Loan (Fixed)
6.39% p.a.to 7.89% p.a.
6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
Wisr
Unsecured Personal Loan
5.95% p.a.to 17.45% p.a.
6.79% p.a.to 17.86% p.a.based on $30,000
over 5 years
Latitude
Personal Loan
5.75% p.a.to 25.99% p.a.
6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
NOW Finance
Unsecured Personal Loan
5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
Alex Bank
Personal Loan
4.99% p.a.to 14.99% p.a.
4.99% p.a.to 14.99% p.a.based on $30,000
over 5 years
loans.com.au
New Car Loan - Prime Special
6.09% p.a.
6.64% p.a.based on $30,000
over 5 years
Latitude
Car Loan
6.99% p.a.
8.24% p.a.based on $30,000
over 5 years
Wisr
Secured Car Loan
4.49% p.a.to 13.59% p.a.
5.31% p.a.to 14.49% p.a.based on $30,000
over 5 years
Great Southern Bank
Secured Car Loan (Fixed)
6.79% p.a.
7.16% p.a.based on $30,000
over 5 years
OurMoneyMarket
Low Rate Personal Loan
5.45% p.a.to 8.48% p.a.
6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
Plenti
Unsecured Personal Loan (Fixed)
6.39% p.a.to 7.89% p.a.
6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
Harmoney
Unsecured Personal Loan
5.35% p.a.to 19.09% p.a.
6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
Wisr
Unsecured Personal Loan
5.95% p.a.to 17.45% p.a.
6.79% p.a.to 17.86% p.a.based on $30,000
over 5 years
Alex Bank
Personal Loan
4.99% p.a.to 14.99% p.a.
4.99% p.a.to 14.99% p.a.based on $30,000
over 5 years
NOW Finance
Unsecured Personal Loan
5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
OurMoneyMarket
Low Rate Personal Loan
8.49% p.a.to 11.19% p.a.
8.85% p.a.to 11.56% p.a.based on $30,000
over 5 years
