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RACV Car Loans

RACV Car Loans (page 2 of 2)

2.0 from 21 reviews

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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.

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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.

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