One of the greatest benefits of the NRMA car loan is that you do not have any ongoing fees.
The NRMA Car Loan gives you a convenient way to finance a new car or a vehicle that you’ve always wanted. You can also get a quick approval on the car loan and are not required to pay an ongoing fee.
Things to consider about the NRMA car loan
Product Name
NRMA Car Loan
Interest Rate
From 7.45% p.a.
Comparison Rate
7.88% p.a. Info
Interest Rate Type
Fixed
Minimum Loan Term
1 year(s)
Maximum Loan Term
7 year(s)
Minimum Loan Amount
$5,000
Maximum Loan Amount
$80,000
Application Fee
$301.44
Monthly Service Fee
$0
MoreApply
Read the NRMA Car Loan terms and conditions.
Features of the NRMA Car Loan
This section is an overview of the main features and benefits included with the NRMA Car Loan including a competitive interest rate and flexible repayments.
Interest rate. Having a fixed interest rate allows you to easily budget for your loan repayments with the same regular monthly payment amount. The fixed interest rate for this loan is 7.45% p.a.
Comparison rate. The comparison rate is 7.88% p.a. and is calculated on the basis of $30,000 loan amount with 5 year term period based on monthly repayments. This does not include all the charges and fees and different loan amount, terms or fees may result in a different comparison rate. For example, costs related to early repayment fees or redraws and cost savings received through fee waivers are not included in the comparison rate but can influence the total cost of the car loan.
Nature of repayments. NRMA Car Loan offers a fairly flexible repayment term option. Depending on your convenience, you can choose to pay either on a monthly basis or on a fortnightly basis. Their loan terms are up to 7 years. You can choose to borrow as small as $5,000 and can make extra payments anytime.
Pre-approval. Pre-approval within 5 hours. NRMA Car Loan offers you a 5 hour pre-approval service which can give you a fast approval within 5 business hours. This provides you a better bargaining power with your car dealer to get the best deals possible by having the funds on standby. Once all the paperwork is completed by NRMA, your funds are made available to you by the next working day.
Discounted interest rate. With an NRMA membership, you can take advantage of their exclusive member offer and get a discounted interest rate which means you can lower your repayments. The NRMA benefits save members 1% p.a. on the loan rate. However, this offer is only for loan values above $15,000 and is for new cars only. This rate is not applicable to the promotional rate of 7.45% p.a.
How to apply for the NRMA Car Loan
To apply for this car loan, please click the ‘apply now’ button and you’ll be safely redirected to the NRMA application page. Please have the following information to speed up your application process;
Details of your driver’s licence
Details of your Income
Details of the value of your asset, such as car, savings, house etc.
Financial details if you’re currently renting a property
Details of amounts owed by you on any store credit cards, credit cards or loans
For conditional approvals, you are not required to submit any documentation. Once the car loan is conditionally approved, you will be asked to verify the details mentioned in your loan application, such as the address, your identity and income. However, NRMA will contact you if more information or details are required before approval in certain circumstances. Moreover, financial statements are required for self employed applicants.
MoreApply
Read the NRMA Car Loan terms and conditions.
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