NRMA car loans review

author-avatar By
on February 14, 2022 Fact Checked
NRMA car loans review

Commonly known for its slogan ‘help is who we are’, NRMA provides flexible car loans for new and used vehicles.

You may know that NRMA offers roadside assistance and insurance services, but did you know the motoring body also provides new and used car loans? Well, now you do.

NRMA is Australia’s largest member organisation with approximately 2.6 million members, and has serviced Australian car and homeowners for more than 100 years. With better roads and transport a key focus since the beginning, the member-owned mutual is responsible for many things we may take for granted, from fuel price transparency to school zone flashing lights.

What car loans does NRMA offer?

NRMA offers ‘flexible, low-rate’ car loans that are ‘easy’ to apply for. NRMA’s car loans come with no monthly fees, fixed interest rates, and loan terms of up to seven years.

Finance options are not just limited to cars. New and used motorbikes, caravans, and motor homes can be purchased with an NRMA loan. NRMA Members could also receive lower rates.

The table below features some of NRMA’s fixed-rate car loan options.

Lender

FixedNew2 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES
  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
FixedUsed99 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES
  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
QUICK APPLICATION PROCESS WITH NO FEES

Used Vehicle Fast Loan Low Rate

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
Fixed99 yearsMore details
  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options

New Motorcycle Fast Loan Low Rate

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
Fixed99 yearsMore details
  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options

Used Motorcycle Fast Loan Low Rate

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options

*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 11, 2022. View disclaimer.

For a better idea of how NRMA’s car loans compare to other low-rate car loans on the market, the table below features car loans from other lenders.

Lender

FixedNew1 yearMore details
GET APPROVED WITHIN 24 HOURS
  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options
GET APPROVED WITHIN 24 HOURS

New Car Loan - Special

  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options
FixedNew2 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES
  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
FixedNew1 yearMore details
  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old

Green Car Loan Fixed

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old

*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 12, 2022. View disclaimer.

Why choose NRMA for your car finance?

NRMA car loans come with a few key features, including:

Flexible repayments

NRMA’s car loans come with flexible repayment options - fortnightly or monthly - and no monthly fees. You can also make extra repayments at any time with no extra fees involved.

Quick settlement

Loans settle quickly once all the paperwork is out of the way, with funds available the next day, so you can be in your new set of wheels quickly.

Member benefits

NRMA Members could save up to 1% off car loan rates.

Having a car loan with NRMA may simplify your car expenses. Offering other car-related products and services including roadside assistance, car insurance, car servicing, battery health checks and more; having your car loan through NRMA could mean all your car-related expenses are in one place.

How to apply for an NRMA car loan

Applying for a new or used car loan with NRMA should take about 10 minutes, and to make it even quicker, NRMA recommends having your current driver's licence handy.

To process your application, NRMA will need employment information including:

  • Employer contact details

  • Length of employment

NRMA will also need financial details including:

  • Income

  • Assets

  • Savings

  • Other loan details (including credit and store card details)

  • Other expenses (rent, child support payment details, and so on)


Image by Kelly Sikkema on Unsplash

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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