RACQ Car Loans

RACQ was first formed in 1905 in order to represent Queensland motorists at government, community and industry levels. With 110 years of history, the company has grown to 1.2 million members with 764 rescue vehicles and 110 individual retail outlets. RACQ currently offers two core services, insurance and roadside assistance. They also offer a suit of nearly 35 services including and not limited to: home security, education, driver safety, tourism and finance.

For auto loans, they are happy to accept applications for both new and used car of any age, make or model unlike other Australian lenders. They also accept loan applications for motorcycles, watercrafts and caravans.

About RACQ Personal Car Loans

RACQ offers approval or pre-approval car loans to buy a vehicle through a dealer, at auction or via private sale (unlike other lenders as well). This auto loan is secured against the vehicle making the interest rates lower. Some features of a RACQ car loan include:

  • Bi-weekly or monthly payments
  • No ongoing monthly administration or other fees
  • A fixed interest rate
  • Loan term period of 1 to 7 years
  • Minimum loan amount of $5,000
  • Payments made through direct debit only

Car loans for new car have great interest rates while used vehicles have a higher interest rate. However, RACQ members receive a 1% discount on this higher rate.

racq car loans

Benefits of a RACQ Personal Car Loan

RACQ offers a 21-day cooling off period, so if you a customer is not completely satisfied with your loan, they can repay the full amount within 21 days for a complete refund without any penalty.

Borrowers will automatically become a RACQ member, entitling you to a range of benefits including:

  1. Savings on movie tickets, theme parks and other attractions as well as vehicle inspections and travel insurance
  2. 24-Hour travel assistant and car brokerage service
  3. Fair fuel price information and road conditions reports

Applying for a loan is quick and straight forward with a response typically within five business hours. The funds generally will be in the bank account or paid to the vendor directly within 24 hours.

RACQ Business Car Loans

RACQ offers car loans for businesses in various ways. Each option offers fantastic tax benefits, based on the accounting methods of your particular business. Some business car loan options include:

  • Chattel mortgage – This involves you sourcing, buying and taking ownership of the vehicle from the start. RACQ will provide the finance that you repay over an agreed period of time with a certain interest rate.
  • Hire purchase - RACQ will buy and own the vehicle, and you make repayments over the agreed term of the loan. Once the loan is completely paid for, you take ownership of the vehicle.
  • Finance lease - RACQ will buy the vehicle and will rent it to you for an agreed period of time. At the end of the lease agreement, you have the option to purchase the vehicle for an agreed price.

Benefits of a RACQ Business Car Loan

Once someone is approved for a business car loan, they automatically become a RACQ Business Member. This membership has a variety of benefits (see above for a list of some of them).

As with car loans, individuals who wish to use their vehicle for private use, a business car loan entitles you to a 21-day Satisfaction Guarantee. This means you can return the full loan amount within 21 days with no financial penalty, no questions asked.

RACQ Programs and Initiatives

RACQ has sponsored many programs that service the Queensland community. These include:

  • The Prevent Alcohol and Risk-related Trauma in Youth (P.A.R.T.Y) program where high school students are exposed to the outcomes of road accidents and other risky behaviors with presentations by experts and professionals in related fields.
  • ACQ All Schools Pedal Prix - A Queensland-wide school competition to design and build human-powered vehicles.
  • RACQ Technology Challenge Maryborough – This is where students design and develop efficient and environmentally-friendly vehicles using the latest technology.
  • RACQ International Women’s Day Fun Run – This event raises breast cancer awareness and inspires women to celebrate their achievements.
  • Emergency Relief: The RACQ Foundation was originally set up in order to assist when natural disasters strike Queensland communities. Since forming in 2011, the RACQ Foundation has distributed over $6.9 million to 160 organizations.

racq car loans

RACQ Car Loan Eligibility

To be eligible for a RACQ car loan, you must be at least 18-years-of-age, an Australian resident or permanent citizen, have a regular income and a good credit rating. RACQ will accept applications from those who have had financial issues in the past, but you may have to provide additional information that is not required from those with a good credit history. Do not let this deter you from applying for a loan.

For more information on their loans, visit https://www.racq.com.au/loans or call 13 1905.

Other banks that offer car loans.