The most frequently asked questions about NRMA car loans.
1. What documents will I need to provide to have my car loan conditionally approved?
None. After your car loan has been conditionally approved we will ask you to verify your application details such as income, address and identity. In a few cases, additional information may be required prior to approval; NRMA car loans will contact you if this is the case. For self-employed applicants we will require financial statements. A member of the car loans team will contact you to discuss the exact requirements.
2. How quickly can I get an approval?
Provided all details are correct, NRMA car loans can provide pre-approval in five business hours.
3. Are there any ongoing fees?
No, one of the many benefits of an NRMA car loans is there are no ongoing fees. When you shop for a loan, make sure you consider all fees including monthly fees, origination fees, additional loan repayment fees and early termination fees. Call NRMA car loans on 1300 732 398 to make sure you have the best deal.
4. What type of interest will I be paying?
NRMA car loans have a fixed interest rate you always know how much your repayment will be for the duration of your loan.
5. Do I have to be an NRMA Member to take out a loan?
No although by taking out an NRMA Membership you may qualify for an immediate saving on your NRMA car loans . If you are a current NRMA Member, have your membership number handy when you call to ensure you take advantage of Member savings.
6. Do I need to provide security for a car loan?
Yes, generally NRMA car loans uses the car you are buying as security. We can also use a car which is already owned by you.
7. How can I apply for an NRMA car loan?
8. How can I calculate my car loans repayment?
10. What sort of loan is best for me?
We will inform you about the finance options available but recommend you contact your accountant or financial advisor to make sure the loan you choose will maximise any tax or other benefits you may be entitled to.
11. What happens if my car is written off?
Your car insurance policy may cover the bulk of the loan, but if there is a shortfall between the amount paid out and the amount owing you will need to make the loan repayments.
*Conditions, fees and charges apply. The promotional new car loan rate is for loans greater than $15,000 for new cars only, for applicants that own a property. Member discount does not apply to the promotional new car loan interest rate. ^Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan. Subject to RACV lending criteria. Australian credit licence 391488. Disclaimer: NRMA Car Loans products are provided by R.A.C.V. Finance Ltd (ABN 82 004 292 291) trading as NRMA Car Loans. NRMA trade mark used under licence from IAG, owner of the trade mark for financial services.