NRMA Car Loans Personal 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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New Motorcycle Fast Loan Low Rate
based on $30,000 loan amount for 5 years
Fully drawn advance
- Very low interest rates available
- No ongoing fees
- Discounts for members
- High upfront fee
- No unsecured loans
- No redraw facility
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.
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Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.