Interested in getting a personal loan for a second car this year?
You might benefit more from choosing a broker or lender who actually knows their stuff. This is why you should consider a RAC personal loan.
Besides offering loans, Royal Automobile Club (RAC) also provides breakdown cover and many other specialised services for car owners.
To compare rates, use our RAC loans calculator. Find out if this credit broker is really right for you.
Terms from 1 to 10 years. Representative example: 5 year £10,000 loan with comparison rates from 2.8% to 49.9% APR would cost between £10,728 and £27,321, including fees. The interest can vary between £728 and £17,321.
About RAC
In the early 1900s, RAC originally started as a breakdown assistance provider. Eventually, they became one of the largest providers of breakdown services in the UK.
Now, together with Freedom Finance, they are providing loans, legal services, and insurance products. If you travel with your vehicle frequently, you might want to look into their route planners and car care services.
RAC is not just a provider with a diversified array of services. They’re actually big in the UK. Currently, more than 12.7m individual borrowers and business owners subscribe to RAC’s services in the UK.
You can visit their offices in Walsall, Manchester, and Bristol.
RAC personal loan features
- Unsecured loan
- 12 to 72-month loan terms
- Fixed, personalised rates
- £1,000 to £25,000 loan funds
- Starts at 3.4% Annual Percentage Rate (APR)
- Offers quick online quotation
- They will inform you via SMS or phone call if you are pre-approved
- Personalised quote will not affect credit score
RAC personal loans review
RAC’s patrons in the UK primarily laud their vehicle breakdown service. Similarly, borrowers have praised RAC for its fast and easy loan-providing service.
One borrower claimed they’ve received their funds in their bank account immediately—specifically three days after submitting an application.
Regardless, not all brokers and lenders are flawless. Take some time to weigh things if this broker is ideal for you.
Here’s an idea: talk to other borrowers if you must and ask about their experiences with RAC.
Most importantly, do your part as well. Make sure you can commit to your loan’s repayment terms.
How to apply for RAC loans
To apply for RAC personal loans, you must check your eligibility first by getting a personalised quote. No worries, you can do this in just a few minutes, online, and without affecting your credit score.
After that, you can proceed to apply for a RAC personal loan. After that, expect RAC and their lenders to contact you after submitting your details for a quotation.
Requirements
To get approved for RAC loans, you must be
- A permanent resident of the UK
- Aged 18 years old or over.
- An owner of a personal bank account in the UK
- Fully employed or earning a high annual income
Application steps
- Prepare your government-issued IDs, 5-year address history, and your employment & income details.
- Go to their website to get a quote. Fill in the required information such as loan details, income, personal information, and address.
- You’ll get your personalised quote. This won’t affect your credit score. RAC will inform you via SMS or landline number if you’re pre-approved for your loan terms.
RAC loans calculator
EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£1,000
to £25,000
An RAC loan allows you to borrow up to £25,000 and pay back a fixed amount every month, over a set term. So, you can cover those big one-off expenses like buying a car, home improvements, debt consolidation or a wedding. Whatever you need, the RAC could lend a helping hand.
Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £25,000
Paying off your debt using a Nationwide loan could give you the chance to take control of your finances.
Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £15,000
You are eligible if youre 21 or over and live in the UK permanently, you have a regular yearly income of £6,000+, you are able to make your repayments by Direct Debit, and you havent been declared bankrupt, had a CCJ or an IVA within the last 6 years. All credit is subject to status and credit checks.
Repayment Period
12 months
to 96 months
Loan Amounts
£15,000
to £25,000
Make your plans a reality with a personal loan with fixed monthly payments, an instant credit decision, quick access to funds and no arrangement fee.
Repayment Period
24 months
to 60 months
Loan Amounts
£15,000
to £24,999
When it comes to putting your plans into action, its personal. And with a personalised loan just a few clicks away, getting things moving could be simpler than you think. Get your loan rate before you apply without it affecting your credit score.
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Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.
