New car loans

Drive away with our comprehensive interest rates for new cars

^ Comparison rate calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts will result in a  different comparison rate.
 

Estimate your repayments on your car loan^. We have flexible payment options - weekly, fortnightly or monthly.




Your estimated monthly repayment
$293

No ongoing fees

That means lower monthly repayments for the duration of your loan.

Easy to apply

You can apply online or call 13 15 60. It's secure and will take around 15 minutes to complete.

Discounts for members

Members get lower interest rates when they apply directly to RACV thanks to our Years of Membership benefit.** You'll also have access to a range of benefits.

Fast approval

If successful, you should receive funds within 24 hours of your approval.

  • Financing a new car

    Drive away in your brand new car sooner with the help of car finance. Our competitive interest rates with no ongoing fees and flexible payment options helps accelerate your car buying journey.

    Purchasing a new car through private sale? We want to make the process easy, quick and secure. We've partnered with Verimoto, an asset identity verification system, to ease the stress of sourcing important documents, like roadworthy certificates.

  • Apply now

    It's easy, secure and will take around 15 minutes to complete an application.

    You can apply online anytime, or call our team between Monday to Friday, 9am - 5pm.

A Target Market Determination is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers. It also describes the events or circumstances where we may need to review the Target Market Determination for a loan product. View the Target Market Determination for RACV Secured Personal Loan (197.5KB).

Am I eligible for a new car loan?

Here's what makes you eligible for a new car loan:

  • Up to two applicants both aged 18 years or over
  • All applicants are present to complete the application
  • Australia/New Zealand citizens or permanent residents living in Australia
  • Employed on a regular basis in Australia
  • Your credit history is good

If you don't fit the eligibility criteria above, call our team on 13 15 60 for further assistance on progressing your application.

For more information, read the Target Market Determination for RACV Secured Personal Loan (197.5KB).

How much can I finance my new car for?

You can borrow a minimum of $5,000 for your new car loan, with a maximum loan term of 7 years.

Once we've reviewed and accepted your application, in most cases you'll receive funds within 24 hours.

What are some factors that affect my borrowing amount?

When applying for a new car loan, we may take the following into consideration to determine your borrowing amount:

  • Credit score (your repayment history and due accounts)
  • Income and expenses
  • Existing debt (sometimes called liabilities)
  • Employment

Can I use a personal loan for a new car?

The short answer is yes. but car loans tend to be offered at a lower interest rate as they are secured loans.

Personal loans can be used to pay for almost anything, from holidays or weddings, to home renovations or debt consolidation. As car loans are specific to financing a car, your new vehicle acts as security for the loan. With greater reliability on how the loan will be used, a lower rate is usually offered.

For more information, read the Target Market Determination for RACV Secured Personal Loan (197.5KB).

What is considered a new car?

Vehicles up to 3 years old are considered a new car. This might be a new or demo car from a dealership or private sale.

We also have pre-purchase approvals available to sort your new car finance before taking home your car from a dealer or private sale. To gain full approval, we'll ask for more supporting documents and details on your new car later.

I'm an RACV Member, will I receive a discount on my new car loan rates?

Yes, our Years of Membership Benefits discount** applies to all approved loans made directly to RACV.

Here's the annual discount for RACV new car loans, based on years of membership:

  • Bronze (5 - 9 years) receive 5% discount on applicable rate
  • Silver (10 - 24 years) receive 10% discount on applicable rate
  • Gold (25 - 50 years) receive 15% discount on applicable rate
  • Gold 50 (50 + years) receive 20% discount on applicable rate

Keep in mind, any loan application introduced through a broker or intermediary will not be eligible to receive the Member discount.

If you're not a Member but end up taking out a car loan with RACV, you'll then have access to a range of member benefits, from discounted tickets to exclusive deals.

* R.A.C.V. Finance Limited ABN 82 004 292 291 Australian Credit Licence No. 391488. RACV Finance is subject to RACV lending criteria. Conditions, fees and charges apply. 

RACV Loan terms and conditions |  Privacy Charter (includes Credit Reporting Policy)  |  Dispute Resolution

RACV Finance also provides NRMA Car Loans.
 

** Years of Membership benefit applies to all consumer loan applications (subject to approval) made directly through RACV. Any loan application introduced through a broker/intermediary will not be able to receive the discount. 
 

^^ If you are not completely satisfied with your RACV Finance personal loan, you can return the full loan amount and, if the loan is paid out and finalised within 21 days from the date the loan was funded RACV Finance will refund all application fees and any interest charged; waive the early termination fee (ETF); and cancel any Consumer Credit Insurance or Shortfall Insurance policy taken out and refund all premiums to the loan, product coverage will cease. The Satisfaction Guarantee is not available in conjunction with commercial loan products, leases or loans introduced by Brokers/Dealers.