Used car loans

Drive away with our comprehensive interest rates for used 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

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 used car

    Get keys to your car and give a second home to a pre-loved vehicle. Our competitive interest rate with no ongoing fees and flexible payment options will have you behind the wheel sooner.

    Purchasing a used 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 used car loan?

Here's what makes you eligible to finance a used car:

  • 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 borrow for a used car?

You can borrow a minimum of $5,000 for your used car loan, with a term length 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?

If you're looking to finance a used car, here are some things we may take into account to determine your borrowing amount:

  • Credit score (your repayment history and due accounts)
  • Income and expenses
  • Existing debt (sometimes called liabilities)
  • Employment
  • Value of the used car

Can I use a personal loan for a used car?

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

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 used 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 used car?

A used car loan rate is applied to vehicles up to 20 years old by the end of the loan term. A used car can be financed for a maximum of 7 years.

These second-hand or pre-owned vehicles may be brought from a dealer or private sale.

Can RACV inspect a used car before I purchase?

Yes, we offer vehicle inspections at RACV Accredited Auto Care Centres.

Here's how it works:

  1. The vehicle is inspected and you'll receive an inspection report the following business day. This will assess the overall condition of the car based on visual external examination.
  2. A purchase recommendation will be given. The final buying choice is yours, however we'll advise the reliability of the vehicle to help inform your decision.

For more information, see RACV vehicle inspections.

I'm an RACV Member, will I receive a discount on my used 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 used 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.

RACV 485 Bourke St, Melbourne VIC 3000