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 w...e 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.
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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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