??!
1 photo
RACV Car Loans

RACV Car Loans

2.0 from 20 reviews

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.

Customer Service
Application Process
Timeliness
Loan TypeFixed Rate

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.

1 comment
One More thing- RACV has a useless and fruitless process - they actually damage your credit score- mine was 630 before the application 580 after the application. This will make it harder to borrow on lower interest rates

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.


Ridiculous expectations.

If you are after a car loan I advise you to go anywhere else, the low interest rate is just not good enough to offset the poor service and ridiculous hoops you have to jump through to even get the smallest of loans, wouldn’t recommend to my worst enemy.


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!


Red tape

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


Condescending fools

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!


Abusive insulting disrespectful!!

Applied for a car loan, got on with the processing and suddenly they want to know the past history of the cars, the person's history from whom I'm buying the car, why I'm buying, if that person owe any money on the cars get the repayments if any from that person. They said all is good on my side credit history is good. And they can give the loan but on adding a caveat on my property!!! What!! I asked if I didn't have the property what would they do?? They have no answer!! They are greedy extortionists!!!! I asked them to shove the finance up their back!!


Yet another bad review

Applied for a personal loan, no biggy easily affordable, had normal approval have now waited nearly 2 weeks after submitting all required docs ......no reply ....no followup ....not a sound ....if they ever call regarding this loan , it will be my pleasure to tell them its all done by another. hassle free, bye


Good service

Good service and organised payment transfer for existing car. Rate a bit high but ease in organising finance. Would go again


I'd rate them lower than 1 star if I could.

Terrible company and shocking customer service. Amazingly drawn out process, never returning phonecalls - awful phone manner, abusive and downright rude.

I would NEVER deal with this company given the chance - they are terrible - they have made what should be an easy situation incredibly difficult demanding paperwork nobody in their right mind would want (previous registration certificates, BSB details with no intention of depositing into the bank account, disregarding their own paperwork for the sake of their own systems)

If you can go through ANYBODY ELSE do it - do NOT use RACV - absolutely terrible. Go with any other lender, absolutely anybody else - RACV are awful.


bias against those who are self employed

i'm on a pension my partner is on a pension and i work 5 mornings a week, i earn in excess of $900 per week, its a full pension so it wont be taken away from me, and its permanent work after bills i get left with $400 per week, which is now a permanent thing, and RACV doesnt want to finance me a car loan which i need to keep working just because i am on a pension and not in full time work. wont ever go with RACV not even for insurance any car i buy.

biased as all heck


Excellent

Really good service! Approved quickly and organised with the car yard to deposit funds straight into their account. all i had to do was pick up my brand new car!
got my loan approved in a matter of hours. Approved me for a loan when no one else would. good car loan rates.


Excellent

i should first qualify myself here - I have been working as a finance broker and I put all my clients wanting to purchase a car onto RACV - not because I get anything out of it -I don't, in fact I get nothing except a happy client. It is because I cannot get a better car loan product for my clients from any of the lenders on my panel. I have also used them twice for my own vehicle finance (the only 2 times I have financed a car) once about 10 years ago and the second time October 2010 when Toyota couldn't even come close to matching them when we purchased a new Hi-Lux. The other great thing about RACV loans (also RACQ - they are both the same loan funded by RACV) is that the pay out penalties are very reasonable if you want to pay the loan off quicker. they do have very quick approval processes and you can do it all online and via email - but not always that easy if you don't know much about finance - better to do it over the phone or go into an office.
the best rate available, good fast service
online application can be confusing and doesn't always go through


Incredibly slow and antiquated process, I feel victimised despite my perfect financial record

Day 1 > Pick out car
Day 2 > Apply for loan, happily approved that day
Day 3 > Painful, drawn-out, offensive pre-requisites begin:
- Asked to find out EVERYTHING re the warranty. Led to believe this was part of the process, however it was so RACV could attempt sell me their Warranty.
- Had to buy and pay for full year of Comprehensive insurance
- Provided Licence, Payslips, insurance, sale contract, bank statement. Demonstrated direct debit Rent Receipt. Not good enough. Had to go to Real Estate to pick up copy of receipt.
- Arranged to pay 5k of car up front. I paid $1000 deposit, I was called and asked why I 'lied' about the total. I explained what a deposit is.
- Asked to provide statement account I wish to have my payments deducted, not my actual savings account. Forced to transfer money and obtain a new statement to prove I had 4k.
DAY 4 - RACV cannot read faxed invoice from Dealer. I contact Dealer, not RACV, to advise. I am then informed that once the invoice arrives, I have to leave work, and go and physically sign the contract. And I am currently without a car - which is the point of the loan!

At this point I still do not have car loan & it is Friday. I am offended and angry and still no-one has taken me through the detials of my loan. I am very close to telling them to stick it and going elsewhere. Be Warned.
The interest rate. The ONLY reason I am wading through the beaurocratic red tape for a RACV Car Loan
I have NEVER jumped through so many hoops for a loan, I am waiting for the request for blood. Very disappointing and time-consuming process.

Questions & Answers

Can you pay a payout amount at a RACQ Branch?
1 answer
Hey Lizzy. 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.

Similar listings