RAC Any Worthwhile Purpose Personal Loan
- Interest Rate (p.a.)
- 7.95% to 12.25%
- Comp. Rate (p.a.)
- 8.52% to 12.85%
- Min Loan Amount
- $8,000
Summary
No monthly fees and loan amounts up to $100,000. Interest charges and fees apply.
This personal loan from RAC can be used, as the name suggests, for any worthwhile purpose. This can include the purchase of a new vehicle, home improvements, travel, study or debt consolidation. The interest rate will depend on the amount you wish to borrow, with lower rates for higher borrowing amounts. This loan is secured and comes with a fixed interest rate.
Details
Product details
| Product Name | RAC Finance Any Worthwhile Purpose Loan |
| Interest Rate (p.a.) | 7.95% to 12.25% |
| Comp. Rate (p.a.) | 8.52% to 12.85% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $8,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does the RAC Any Worthwhile Purpose Personal Loan work?
The RAC Any Worthwhile Purpose Loan is secured and requires your current vehicle as loan security. The vehicle can include either a car, boat, caravan, jet ski or motorcycle. Your car, caravan or boat cannot be older than 15 years, while for motorbikes and jet skis it is 10 years. The interest rate is fixed, which means that your repayments will remain the same throughout the loan term.
What features does the RAC Any Worthwhile Purpose Personal Loan offer?
- Secured loan. You can use your current vehicle to secure this loan. This can include your car, boat, caravan, jet ski or motorcycle. This gives you access to a lower interest rate and higher borrowing amounts.
- Fixed rate. With a fixed rate loan, your monthly repayments will remain the same throughout the loan term. This makes it easier to budget for loan repayments.
- Flexible loan term. Your loan term can be between 3 years and 7 years years.
- Borrow from $8,000 upwards. The minimum loan amount is $8,000. You can borrow up to $100,000.
- Quick turnaround. You can get your loan funded within 24 to 48 hours from settlement.
- No monthly fees. This loan does not charge either monthly or annual service fees.
How much does the RAC Any Worthwhile Purpose Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- An establishment fee of $399
- A Personal Properties Securities Registration fee of $8
- Fixed interest rate, which is influenced by how much you borrow
|
$8,000–$29,999 |
12.25% p.a. | 12.85% p.a. |
|
$30,000–$49,999 |
10.80% p.a. |
11.39% p.a. |
|
$50,000–$69,999 |
8.95% p.a. |
9.53% p.a. |
|
$70,000 and over |
7.95% p.a. | 8.52% p.a. |
This loan does not charge monthly or annual account keeping fees. You may also be charged an early termination fee of $255 if your loan is repaid in the first 24 months.
What are the pros and cons of the RAC Any Worthwhile Purpose Personal Loan?
Pros
- Fixed rate. You know what your monthly repayments will be and can budget for them with peace of mind.
- No monthly fees. This loan does not come with monthly or annual account keeping fees.
Cons
- Interest rate depends on how much you borrow. For smaller borrowing amounts, it is higher than for larger borrowing amounts.
- Risk to asset. Secured loans come with the risk of losing your asset if you default on your loan. It may be repossessed to pay for the lender’s loss.
Am I eligible for this loan?
To be eligible for this loan, you must be:
- Over the age of 18
- Receiving an income and able to repay the loan
- Able to offer security
- An Australian citizen or permanent resident residing in Western Australia
How do I apply for this loan?
You can apply for the loan through the RAC website, on the phone or in person by visiting a Member Service Centre.
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