RACQ Secured Car Loans - AVOID THEM!
My wife and I applied for a secured car loan on the 13/05/2021 only to be referred to the call centre who advised a full loan application was required (2nd loan application). The 2nd application was nine pages long. On the same day, we submitted the full application. It is now the 31/05/2021 and the loan is still not unconditionally approved despite the fact that RACQ car loans have requested a tax invoice form the dealer! According to the lending officer, RACQ do not formerly approve the loan until they receive a tax invoice after which it g...ets formal, unconditional approval. I have spoken to two car dealers and as they said, preparing a tax invoice for a motor vehicle which goes to a finance company tells the car dealer that the loan is approved and the vehicle is prepared for delivery. It is now the 31/5/2021 and we still are waiting on final approval. We are extremely disappointed that RACQ have taken so long (13 business days) to get to this point and still no approval. We should have taken the business manager's advice at the dealer and applied through the dealership. In such an instance, the loan would have been approved and funded within five to seven working days. We will never borrow from the racq again and may consider taking all our insurance and roadside assistance to another provider. Don't use RACQ Car Loans.
Applied online and was told they would get back to me after 1 business day. 2 days passed and I called them and they said they would call back soon. Called again the next day and was again told they would call back soon. Called AGAIN the next day and was told I would be called back soon. They didn’t call me back until I asked to be seen by a different lender FIVE days after just to get a call back. Got conditional approval the next day and now saying it will take 2 weeks just for unconditional approval :) not even funding, just approval. Feels ...like they don’t care about customers at all. It should not be the customers job to call everyday to try and get a call back. Extremely unprofessional and seems like they don’t want your business. Could’ve gone anywhere else and gotten my car within 2 days instead of 3 weeks. Absolutely ridiculous.
Terrible service. No call back after more then a week.
I rang up to apply for a caravan loan. The consultant took all my details and said a lender woukd contact ke within 2 days. It has been two weeks with no call back.
Don’t use RACQ
DO NOT USE RACQ Took to long to respond, inaccurate information supplied and obviously don’t update their information and I didn’t feel secure using them, lost the car and deposit because they couldn’t control their data. Rude customer service
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Complete waste of time! Stay Away!
We advised our situation in detail before proceeding to apply for a car loan and they advised that we qualify and they would be able to assist (we had previously been approved by a different lender however their interest rate was higher). We decided to proceed and were advised that the loan had been approved. We were advised how to make an offer on a vehicle we wanted to purchase and to email the invoice through once completed. Next day we received a phone call advising that we weren't approved. Almost 2 weeks of going back and forth to get the loan approved only for this to happen. Completely disheartening and unprofessional. Would never recommend anyone deal with them no matter how good the interest rate is.
Please don't go through RACQ
I have never written a negative review before but I feel obliged to warn others away from this terrible product.
We decided to try RACQ for a vehicle loan because their rates seemed reasonable. We were pre approved over 3 weeks ago and our car has been waiting at the dealership for over 2 weeks now as we try and finalise our paperwork with RACQ. Extremely frustrating to deal with. Every time we think it's going ahead we wait, get in contact with them again as we haven't received the contract, and find out there is more paperwork needed.
Very slow. Overly complected review process. Unprofessional consultants.
I recently had a personal car loan approved with RACQ and wanted to express some concerns I had with the approval process. In particular, the unprofessional way in which the consultant managed the application and reviewed our personal documentation.
Despite receiving a formal loan approval, we received multiple emails afterwards requesting additional information such as bank statements and proof of identification. These were documents that were had already been provided weeks in advance, but only now were being re-checked for compliance. Fu...rther information was even requested the day before were scheduled to visit a local RACQ branch and sign the final loan documents. Information requests came in the form of emails that were often unclear and resulted in myself having to call the consultant to seek further clarification. This was both time consuming and highly frustrating as the consultant frequently seemed confused and was unable to clearly explain what was required. At times I considered withdrawing my application with RACQ given that the consultant seemed uncertain on advice they would provide. The application required us to apply for insurance on the vehicle before the loan was provided. However, the slow review process meant that we were insuring a vehicle for some time without owning it. As a result, I found myself preemptively arranging to supply additional documents in an effort to reduce further delays and to work around the consultant’s disorganised review process. Overall, the application was stressful and time consuming, taking a roughly 3 weeks to complete.
24 hour Car Loan- yeah right !
Applied online lured by the 24 hr promise.
It took 4 days for someone to contact me.
After providing all docs-tax returns-etc., the loan officer goes awol for 7 days.
After I contact him he requests the same bank statements he had for a week but in PDF format.
I sent those statements right away (that did not add any information he didn't have a week earlier ) and pressed again for a timeline, within 10 minutes he rejects the loan, even though my initial request was not for a pre-established amount but for which amount I could be approved for, I have plenty of funds in the bank for whatever deposit they determined I needed.
Very pood RACQ.
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