Great rates with patchy service
I shopped around for a used car loan—comparing interest rates, fees, reviews and the fine print. I initially engaged a broker believing they had access to the best deals. When I told my broker the rate I got from RACV he was completely surprised with how low it was ($20k @ 7.25% over five years, 2020) and simply told me it couldn't be beaten and to go with them. He didn't even try to convince me otherwise so I knew I had a good deal.
Unfortunately the speed and communication of setting up the loan was subpar with multiple failed promises by my...loans officer to call me back; then went on leave without letting me know. I had to follow up again although did end up dealing with some helpful staff who got everything sorted in time. The other thing that lets RACV car finance is that you can't access your statements online. If they made this accessible to their customers then I'd rate them five stars.
- Verified customer
Absolutely pathetic, useless..Dont waste your time and money.
I would give them a zero star option if its an option as I took a car loan..Was told that I can pay extra without any penalty and then charged me Early termination fees. Took them to Financial ombudsman/AFCA and still didnt had the courtesy or common sense to apologize or resolve the complaint. Absolutely pathetic and garbage customer service and not even worth going with this company. Will never deal with this company again as useless. One of Female staff member absolutely clueless and lacking even common sense told AFCA that I had taken my lo...an out in 2018 when I had only signed up in 2019 ?? Shame on you RACV and trying to rip off the people who dont know your tricks and then pretend that you didnt gave the customer any wrong information. Wouldnt suggest going with RACV on car loan when there is plenty other companies out there.
- Verified customer
Excellence in service.
My application was handled over the phone by Natasha and it was done quickly, 10~15mins.
From the start until approval, it takes about 1 week. Which is reasonable, a friend of mine have experienced much worst.
Then my case was handled by Liuping, whose are very knowledgeable and led me step by step till the settlement. I have heard many nightmare stories about the paperwork and legal documents between financing and dealer, she is transparent and honest in explaining your rights and exit fees.
I have a very good results with Liuping, Natasha and Sam. They are all very helpful.
At the end, it's exactly the help needed for novice like me in getting a car loan.
I took a car loan with RACV for 5 years. The loan had THE Consumer Credit Insurance (CCI) premiums. When the loan was taken, the RACV guy told us that we would get a part of CCI back if the loan is repaid sooner. When we repaid the loan in 2 years and I claimed the CCI proportional component, I was told that the refund method takes into account the higher level of risk at the beginning of the insurance term where the loan balance is higher, by allocating more premiums in the earlier months of the loan than in the later months. Effectively this ...means that if the loan is repaid in 2 years, the CCI refund is zero. This is not was we were told when getting the loan but my compliant to RACV was not resolved to my satisfaction. So, these guys are simple liars. After having my case reviewed with zero result, I withdrew two insurance policies for my house and car from RACV. So, you RACV lost a customer and money in the end. Don't go with RACV when buying a car, there are better loan providers out there.
Rude and arrogant
Inquired about changes to my loan from secured to personnel as in starting a new loan and ending the old one so as to sell my motorcycle. The man who phoned me was quite rude and short with me and his tone was very arrogant. I was told they don't do unsecured personnel loans and to pay my loan off. I checked their web site again and they advertise unsecured personal loans. So write to them pointing this out. I was told that's only for new customers. Went to Ratesetter, got an unsecured personnel loan at 8.49%, lower than the secured loan and fr...iendly service. Paid them out and selling the bike to release the funds tied up in it. Will never deal with RACV again. The lady I spoke to for the payout figure was really nice. But not the actual loans department
Easy and simple
Unlike others on here, I have a fantastic experience with RACV Finance. My consultant made everything easy. Told me from the start what my rate would be and what documents I would need to produce, so I could get them together prior to having to produce them. When it came time to purchase the car, they dealt directly with the dealer on my behalf, and made sure I received every update. No issues, and great rate
I'm with RACV
RACV finance was there for me when all others rejected my car loan application 2 1/2 years ago. Wished there were more like them. As a customer, I am satisfied with RACV finance and look forward to engage them again in future. Many thanks!
Found them to be a very mixed bag, one person would tell me one thing and then the next time I call up someone would tell me another. When first signing up, got a few extra cost added on, like the GAP policy, I was made to pay it at the last minute, even though I could prove my insurance value rate was way above the loan amount
Never borrow from racv
The ad says 5 hrs to complete the process, what a load of rubbish. 3 weeks later and we're still jumping through hoops. They make it impossibly hard. Having a house, cars, a business, and assets means nothing to them. Just when you've covered all bases they more the goal post and want more useless information. 3 weeks is a bloody joke.
RACV - Entire process is misleading process- Total Waste of time
Nothing like what they advertise- I put an application, the process is very complicated and misleading. They try and find mistakes in your application to jack up the interest rates.
The staff was rude and discourteous. Don't waste your time with them.
Lie about your credit score
Had a loan with them. Never missed a payment.
Went to refinance and they said the interest rate will go up due to us being a risk. But couldn't tell us why.
Made up numerous excuses that didn't make sense. Like credit score was low due to hits on our credit profile. They were the only hit.
But now we can't go elsewhere because they have put hits on our profile.
We did 6 checks on our score and all came back substantially higher.
Just another legal scam
OK customer service but bad rates and no transparency
The customer service is ok but there is no ability to check your outstanding balance without calling them. They have no online system and do not provide regular statements of account. If you want to be able to track your debts responsibly and make regular extra payments it is tough to know exactly how much you owe at any time. Every time you call customer service says that IT is working on an online system but they have said that for years with zero progress.
Different rate at time of enquiry and pre-approval
I made a call to [name removed] [name removed] said to me 5.69 rate which is mentioned on the website. I specifically enquired how old the car should be. [name removed]y said maximum 14 years old at the end of the term of the loan.
When I called again to make the pre-approval application [name removed] who is sitting next to [name removed] offering me 7.11 and said to me to get 5.69, the car should be 2 years old. They don't stick to the rate what they offer. so i dropped the idea of pre approval from them. Will go with some other bank.
Great customer Service
Tiffany was so helpful and patient when I asked every question possible! She understood I needed a fast answer and was incredible at keeping me updated and helping my application progress. She gave me her direct number and I never had to wait in a cue to speak to someone. Overall very easy process for my first car loan!
I am selling a car to a young guy who borrowed through RACV, after 5 requests for further paperwork and a smarmy brat on the other end of the phone, I will NEVER sell a car to someone who has RACV finance again. I had to sign sale documents provide bank and BSB details and provide the roadworthy certificate up front, without one cent going in to my account. The sale has not completed yet so I'm not even sure the RACV is going to honour the loan, we live in hope.
No idea what's going on
Applied for a car loan as their rates were quite attractive, went through budget well and truely afford it. There was an incorrect default on my account from Origin, they apologised and had it removed from Equifax/Veda immediately & emailed me an apology, same thing happened as with NAB 2 yrs earlier for a home loan but they saw the obvious issue and granted my loan immediately but RACQ wanted a particular letter head (that Origin blatantly said was impossible). After chasing them for weeks the RACQ consultant went on holidays and so did my progression, after of course, they left a credit check on my credit file. Cheers for nothing RACQ Loans
The vehicle I have as security on a loan is playing up so I e-mail this mob asking them if I could sell this vehicle and put what ever I buy as security. Wow The feller that phoned me was so condescending that I had a feeling that his work mates was sitting listening in on the fun. wish I could give this a -5 stars. Look at all the reviews before you go with this Mob
Disappointed- No proper communication
I was disappointed as racv representative stayed in touch until they for some strange reason they count out that they cant provide me finance. While I did get the finance done from commbank what i would want is atleast i should have been communicated the reason for rejection.
I never heard back from them
Really great service! Easy to contact and always returned calls/emails with haste
My wife and I applied for the loan on Friday - Conditionally approved same day. Found car on weekend (VW Golf GTI), put down deposit, supplied documents and loan was settled and funded by the Tuesday (would have been earlier however a certain Pharmacy wasn't very good at certifying documents!)
Really happy with the outcome and overall service - will recommend to friends and family. Pat was excellent to deal with!
Questions & Answers
Can you pay a payout amount at a RACQ Branch?
RACQ is just the underwriters, so earning the proceeds but wash their hands otherwise.
RACV does charge early termination fees and charges for breaking the contract (early payment of the contract) etc. So regardless of whether you are paying the full term with interest or paying it out early they want their pound of flesh.
Hope this helps someone to avoid this micro lender in disguise.
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