RACV car loans
RACV car loans are available to borrowers throughout Australia, with members eligible for discounts. RACV makes decisions on car loan applications within five business hours. Car loans come with a 21-day loan satisfaction guarantee, which means that if borrowers repay their loan within three weeks, any interest and fees will be cancelled. RACV is primarily a motoring organisation, although it also operates in the home, leisure and travel, and retail sectors. RACV is owned by its members rather than shareholders. It was founded in 1903 and has more than 2,000 staff and more than 2.1 million members.
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Why choose RACV
RACV Car Loans
Car Loans calculator
Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
Total interest
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Total repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the car loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
About RACV
The Royal Automobile Club of Victoria (RACV) was first established in Melbourne as a motorists’ social club in 1903. The club operated to encourage and develop the motoring industry and actively sought to protect the rights of motorists. Today, RACV continues to support its community and 1.9 million members through its car insurance products and the RACV Foundation.
RACV can be contacted online or by phone, or you can visit an RACV shop for a face to face meeting, with locations throughout Victoria’s metropolitan areas and regional centres.
Features of an RACV Car Loan
RACV is renowned for providing car insurance and roadside assistance, but it also offers finance for new and used car purchases. RACV car loans have no ongoing fees, which helps to ease their impact on your budget, both from month to month and over the full loan term.
RACV new car loans start from $15K, and used car loans from $25K. Both loan options have fixed interest rates, and are secured against the value of your vehicle. If you join RACV, or are already a member, you may be eligible for further benefits.
Customer service
- Customer service centre (phone)
- Online
- Branch
Pros:
- No ongoing fees
- Can apply in branch
- Can apply online
Cons:
- Application fee charged
- Requires security to be held
What RateCity says
Whether you’re looking at buying a new car or a used car, RACV’s car loans have lower-than-average interest rates compared to many other car loans on the market. When you also consider that these car loans have no ongoing fees to worry about, they can often prove to be affordable options, depending on your personal finances. It’s also possible to make extra repayments to pay more of the loan’s principal and reduce your total interest charges.
It’s also important to remember that RACV car loans require paying an upfront fee that’s higher than the market average. And if you make extra repayments and pay off your car loan early, an early exit fee will also apply. Finally, these car loans are secured by the value of your vehicle, so if you don’t keep up with your repayments, you’ll risk losing it.
Applying/eligibility
To apply for an RACV car loan, you’ll need to supply your personal details, employment details, assets, liabilities and income. According to RACV, approval can be completed in as little as 5 hours, and once you’ve signed the paperwork, you’ll have access to your finance within 24 hours.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
