Learn more about RACV Finance car loans with Savvy and find out whether they’re right for you today.
Fact checked
The Royal Automobile Club of Victoria serves as one of the more unique vehicle finance providers and insurers in Australia, with a range of resorts and a lifestyle club operating across three states setting them apart from the rest.
However, it’s important to assess each car loan application on its merits before you submit your application, as you should always know the exact deal you’re signing up for prior to commencing the process.
Fortunately, Savvy breaks down car loan offers from our wide panel of partnered lenders, including RACV, so that you can have peace of mind in knowing exactly what you’re signing up for and be in a better position to make an informed choice on which is best for you.
*RACV is among Savvy’s panel of car loan financiers. All information in this article is correct as of 29 July 2024.
Purchasing a car with finance through RACV can help you access interest rates as low as 7.29% p.a. (8.00% p.a. comparison) for new cars – and even less if you buy an EV.
You have the freedom to buy used cars of a variety of ages, provided it's no older than 20 years at the beginning of your car loan term.
As long as you stick to the minimum loan amount of $5,000, you can take out just about any loan size you wish, provided it aligns with the value of your car and you can afford to repay it.
Ongoing fees can add up over the life of your loan, potentially costing you thousands of dollars overall, so you won’t have to worry about paying them on your RACV loan.
Tailor your loan repayments to align with your income schedule and financial needs to ensure that every instalment is manageable for you across your entire term.
RACV offers a Loan Satisfaction Guarantee which enables you to repay the full loan within 21 days if you aren’t happy with it, with no penalties charged and having interest and fees refunded.
If you’ve been an RACV member for more than five years, you can qualify for a rate discount through their Years of Membership Benefits program, with up to 20% of your applicable rate able to be slashed.
Once you apply for your car loan, you can be approved on the same day and have the funds sent directly through to you within just 24 hours if you apply directly with RACV.
If you're buying a new or used battery electric vehicle, you can take out a loan with a heavily discounted rate as low as 5.79% p.a. (6.49% p.a. comparison)
Used car loans don’t qualify for the same interest rate as new car loans, with a 1.2% increase meaning rates begin at 8.49% p.a. (9.21% p.a. comparison rate).
While many lenders enable you to choose between monthly, fortnightly or weekly payments, you’re unable to pick weekly instalments when applying with RACV.
Although no ongoing fees are charged, the establishment fee on your car loan could exceed $500 (based on the comparison rate provided for a $30,000, five-year loan).
While you can quite easily apply for financing directly through RACV’s website, applying through Savvy makes the application process even simpler for you. We help you find the best loan available by considering offers from our vast lender panel. The steps for applying with us are as follows:
Submit your easy application
First of all, you can send through your quick quote to us, which will only take a few minutes to do. You can go ahead and fill out your full application at this point, too, and once your consultant receives this, they can move onto the next phase of the process.
Have your application considered by our consultants
With the details of your application ready, as well as your personal financial information, your consultant can get to work comparing from our lender panel (which includes RACV) to determine which loan is the ideal offer for you. They’ll consider factors such as interest rates, fees and other features which may be useful for you.
Review the best offer available to you
Once this comparison has taken place, your consultant will get in touch with you to let you know what the best available deal is. They’ll run through all the relevant details and, if you’re happy with it, they’ll move ahead with your chosen lender for your application.
Have your formal application submitted
By this stage, you’ll need to have submitted a range of personal and car loan documentation to RACV and your consultant to use for your formal loan application. Your consultant handles this process, preparing your application for you to ensure it meets your lender’s requirements, and should receive an outcome within one day.
Sign off on your loan deal
After your lender approves your formal application, your consultant will let you know and forward you the final loan agreement for you to sign electronically. Once you’ve done this, the funds can be released either to you or to your seller and you can take ownership of your vehicle.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
