NRMA Car Loans
The National Roads and Motorists’ Association (NRMA) has assisted motorists in Australia since the 1920s.
NRMA has multiple branches located throughout Australia to serve over two million members.
While not a banking institution per se, NRMA does offer personal loans to its Australian members in addition to roadside assistance.
NRMA also works as an advocate for Australian motorists’ rights.
NRMA Car Loans personal loan repayment calculator
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Pros and cons
- Very low interest rates available
- No ongoing fees
- Discounts for members
- High upfront fee
- No unsecured loans
- No redraw facility
NRMA Car Loans personal loans rates
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Features of an NRMA personal loan
Members and non-members of NRMA have access to its personal loans. All loans are secured and come with fixed interest rates.
NRMA members have access to discounted interest rates. NRMA personal loan rates range from very low to moderately low, depending on the loan type.
Loan terms of up to seven years are available on loans up to $100,000.
NRMA charges an upfront fee that is high compared to other lenders on the market. However, there are no ongoing fees associated with an NRMA personal loan.
NRMA personal loans - customer service
Much like a major bank, NRMA has plenty of branches throughout Australia to assist its more than two million members.
NRMA borrowers can also receive assistance online or by calling the customer service phone line.
Who is eligible for an NRMA personal loan?
Potential borrowers must be an Australian citizen or permanent resident aged at least 18, and will need to submit the following when applying for an NRMA personal loan:
- Driver’s licence
- Income and employment details
- Assets, liabilities and existing loan information
- Details of other loans
- Info about expenses
How to apply for an NRMA personal loan
Applying for an NRMA personal loan can be done through the following methods:
- At the NRMA website
- By phone
- In person at a branch
NRMA personal loans review
NRMA personal loans may be helpful for NRMA members who are looking to borrow money for a new or used car. NRMA personal loan interest rates range from very low to moderately low. Existing members have access to discounted rates.
Maximum loans of up to $100,000 are available with loan terms up to seven years. NRMA’s various loan options could be beneficial for borrowers needing to buy a car on terms that suit them.
Because NRMA personal loans come with fixed interest rates, they could appeal to borrowers who want to accurately budget for their loan repayments.
All NRMA loans are secured by the vehicle purchased with the loan money or by a vehicle already owned by the borrower.
There is a high upfront fee, which may be undesirable for those looking to save on starting their loan. However, NRMA does not charge any ongoing fees.
Learn more about NRMA Car Loans
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What can quick loans be used for?
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.