Finty
RACQ Bank

RACQ Bank Fixed Rate Car Loan

SecuredFixed rate

Take out a secured car loan with RACQ Bank so you have the flexibility to choose a car that is suited to your lifestyle. Car finance with RACQ Bank means you'll receive the same low interest rates for car loans on new or used cars.

Written byDavid Boyd
Interest rate a year, from
8.19%
Comparison rate, from
8.36%
Establishment fee
$120
Monthly fee
Not published
Borrow
$3,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 8.19%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$628
Total repayments
$22,625
Interest
$2,625

Loan details

Rates

Interest rate (a year)
8.19%
Comparison rate (a year)
8.36%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$3,000 to $100,000
Loan term
Up to 7 years
Establishment fee
$120
Monthly fee
Not published

How it compares

Against the other secured car loans we compare. Typical means the middle half of them.

Comparison rate

8.36%

From 8.36%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,561

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$120

A typical setup fee is $258.

Most you can borrow

$100,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.19%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.