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New Car Loan

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I want to borrow

Loan Term

years

Repayment Frequency

New Car Loan Pros and Cons

Pros:
  • Features a low rate
  • No ongoing fees
  • Can apply online
  • Can apply in branch
Cons:
  • Application fee charged
  • Limited to new cars
  • Requires security to be held

RACV New Car Loan Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Upfront Fee
Upfront Fee
$399
Early Exit Penalty Fee
Early Exit Penalty Fee
$205
Borrowing range
Borrowing range
$15k - $100m
Total Repayments
Total Repayments
$34,800
Missed Payment Penalty
Missed Payment Penalty
$20
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Upfront Fee
Upfront Fee
$399
Early Exit Penalty Fee
Early Exit Penalty Fee
$205
Borrowing range
Borrowing range
$15k - $100m
Total Repayments
Total Repayments
$34,800
Missed Payment Penalty
Missed Payment Penalty
$20
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Other Restrictions
Only available for VIC residents

FAQs

A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.

Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.

Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.

However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.

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