3 things to do before taking out a car loan
Taking out your first car loan can be tricky – but not if you’ve done your homework.
Why choose RAC Finance?
Competitive interest rates from 7.95% p.a. (Comparison rate 8.45% p.a.)
Afford your dream car sooner.No ongoing fees
We won’t charge you any monthly fees on your loan.Quick turnaround
Get your loan pre-approved within 7 working hours.*Electric vehicle discount
Get 0.50% p.a. off the interest rate when you buy an electric vehicle*.Flexible loan terms & repayment options
Choose from 3-7 years, monthly or fortnightly by BPAY or direct debit.Easy to apply
Apply online, over the phone on 13 17 03 or in person at one of our Member Service Centres.Fixed interest rates from only 7.95% p.a.
Comparison rate 8.45% p.a.
| Loan amount | Interest rates | Comparison rate2 |
|---|---|---|
| Secured loans | ||
| $8,000 - $29,999 | 12.25% p.a. | 12.77% p.a. |
| $30,000 - $49,999 | 10.80% p.a. | 11.32% p.a. |
| $50,000 - $69,999 | 8.95% p.a. | 9.46% p.a. |
| $70,000 and over | 7.95% p.a. | 8.45% p.a. |
There are no monthly account-keeping fees with RAC Finance. A one-off establishment fee of $349^ plus an $8.00 Personal Properties Securities Registration (PPSR) fee may apply. An early termination fee of $400 may apply if a loan is paid out in the first 24 months.
Frequently Asked Questions
What is the criteria for applying for an RAC Finance car or personal loan?
Applicants need to be:
- Over 18 years of age
- Be receiving an income
- Hold a valid Australian driver's licence or learner's permit
- Security must be registered in WA at time of loan settlement
- You're an Australian Citizen or permanent resident and reside in WA
- Free from bankruptcy for 7 years
What is RAC Finance's loan approval time?
Once you submit your loan application, RAC Finance will be in contact within 7 working hours*.
How long until I get my money and how will I receive it?
Once we receive your signed loan documents and the loan has settled, your funds can be received.
- Funds via EFT or BPAY will arrive in the following 24 – 48 hours (time frames may vary depending on your bank)
I haven't chosen my car yet. Can I get a pre-approval for a car loan with RAC Finance?
Yes, you can. We can conditionally approve a car loan before you decide on your dream car. Pre-approvals are valid for 30 days.
What fees will I have to pay?
There are no monthly account-keeping fees with RAC Finance. A one-off establishment fee of $349^ plus an $8.00 Personal Properties Securities Registration (PPSR) fee may apply. An early termination fee of $400 may apply if a loan is paid out in the first 24 months.
Gary
Ease of the application. Great local friendly staff who explained every step. Speed my funds were paid to the dealership so I could secure my new car at the earliest possible time. Good competitive rate.
Joseph
The loan application process was extremely fast, and the loan finance team kept me up to date every step of the way. Totally satisfied with the service that RAC provided.
Natalie
The customer service on my application was excellent. The RAC staff couldn’t be more helpful if they tried. They pushed through the application and organised an instant payment as I live in the country and needed to go to the city to pick up car. Couldn’t have asked for better service. Alongside that we got a better interest rate and a discount on application fee as we have used RAC finance before. Very satisfied.
Rebekah
There’s no monthly fees and the interest rate is lower than most places. Also the money goes back into WA rather than anywhere else.
Amy
The staff were super helpful and friendly, the whole process of providing documents was so easy. From start to finish - would highly recommend.
Not right for you?
Considering a different personal loan? Take a look at the other personal loan options
Get into your next ride sooner
Become a member for free when you get RAC Finance
As a member you get access to great discounts & offers
