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RACQ Car Loan

The RACQ was formed in 1905 to represent Queensland motorists at government, industry and community levels. In its 110+ year history they have grown to over 1.2 million members, with 110 retail outlets and 764 rescue vehicles.

RACQ currently offer two core services, roadside assistance and insurance. However, they offer a suite of 35 services including finance, tourism, home security, education and driver safety.

For car loans, RACQ is happy to accept applications for new and used cars of any age, make or model. They also accept loan applications for caravans, watercraft and motorcycles.

RACQ Personal Car Loan

RACQ offers approval or pre-approval car loans to buy a vehicle through a dealer, at auction or via private sale. The loan is secured against the vehicle so the interest rates are reduced. Features of a RACQ car loan include:

  • Fixed interest rate
  • Fortnightly or monthly repayments
  • No ongoing monthly administration fees
  • Flexible terms of 1-7 years
  • Minimum amount borrowed is $5,000
  • Loan repayments are made via direct debit

RACQ car loans for new cars have very attractive interest rates, while used vehicles purchased from a dealer, at auction or private sale have a higher interest rate. However RACQ members receive a 1% discount on this higher interest rate.

Benefits of a RACQ Personal Car Loan

RACQ offers a 21-day cooling off period, so if you are not completely satisfied with your loan, you can repay the full amount within 21 days for a complete refund without any penalty.

You will automatically become a RACQ member, entitling you to a range of benefits including:

  • Assistance - 24-hour travel assistance, RACQ help line, car brokerage service
  • Savings - movie tickets, theme parks and other attractions, vehicle inspections and products (batteries, windscreens, etc.), travel insurance and the online RACQ shop.
  • Advice - motoring advice service, approved repairers, fair fuel price information and road conditions report.

Applying for a RACQ loan is a very quick, straight forward process, with a response usually within five business hours. The funds will generally be in your bank account or paid to the vendor within 24 hours.

RACQ Business Car Loans

RACQ offers car loans for businesses by way of chattel mortgages, hire purchase or finance lease. Each option offers fantastic tax benefits, based on the accounting methods of your business. RACQ recommends you speak with your accountant before deciding which car loan is right for your business.

  • Chattel mortgage - You source, buy and take ownership of the vehicle from the start. RACQ will provide the finance that you repay over an agreed period of time.
  • Hire purchase - RACQ buys and owns the vehicle, and you make repayments over the agreed term of the loan. Once the loan is complete you take ownership of the vehicle.
  • Finance lease - RACQ buys the vehicle and rents it to you for an agreed period of time. At the end of the lease agreement, you have the option to purchase the vehicle for an agreed price.

Features of each of the car loans include:

  • No ongoing monthly account keeping fees
  • Fortnightly and monthly repayment options
  • Fixed interest rates
  • Terms from 1-7 years
  • Minimum amount borrowed is $5,000
  • Loan repayments are made via direct debit

Benefits of a RACQ Business Car Loan

Once approved for a business car loan, you will automatically become a RACQ Business Member. There are a number of benefits to this membership, including:

  • Discounts on accommodation at selected locations
  • Repair and replacement discounts for batteries, windscreens and car electrics
  • Free car brokering service
  • Discounts on safe driving courses
  • Discounts on the RACQ online shop
  • Discount on vehicle inspections

As with car loans for those who wish to use their vehicle for private use, a business car loan entitles you to a 21 day Satisfaction Guarantee. This means you can return the full loan amount within 21 days with no financial penalty if you aren’t satisfied.

Also, the application process is simple and straight forward, with a response usually within five business hours of the application being submitted.

RACQ Programs and Initiatives

As a community and membership based organisation, the RACQ has sponsored a large number of programs and initiatives that serve the wider Queensland community. These include:

  • RACQ Rescue Helicopter Network - CareFlight (aeromedical aid with both rotary and fixed wing aircraft); CQ Rescue (aeromedical aid based out of Mackay); Capricorn Rescue (aeromedical aid between St Lawrence and Gladstone)
  • The Prevent Alcohol and Risk-related Trauma in Youth (P.A.R.T.Y) program - High school students are exposed to the outcomes of road accidents and other risky behaviours through visits to emergency, intensive care, trauma and rehabilitation hospital wards, and presentations by experts and professionals in related fields.
  • RACQ All Schools Pedal Prix - Queensland-wide school competition to design and build human powered vehicles.
  • RACQ Technology Challenge Maryborough - Students design and develop efficient and environmentally friendly vehicles using emerging technologies. Events include the 24-hour Human Powered Vehicle (HPV) endurance race, plus robotics, CO2 dragsters, solar cars and boats, and smilie pushcarts.
  • Presentation of the RACQ Queensland Road Safety Awards
  • RACQ International Women’s Day Fun Run - Raising breast cancer awareness, and inspiring girls and women to celebrate their achievements.

The RACQ Foundation was set up to assist when natural disasters strike Queensland communities. Since forming in 2011, the RACQ Foundation has distributed over $6.9 million in funds to 160 organisations.

RACQ Car Loan Eligibility

To be eligible for a RACQ car loan, the applicant must be at least 18-years-of-age, an Australian resident or permanent citizen, have a regular income source and a good credit rating. RACQ will accept applications from those who have had financial issues in the past, but you may have to provide additional information that is not required from those with a good credit history.

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