NRMA Car Loan Review – Interest Rates and Fees

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Main points to consider with the NRMA auto loan

The NRMA auto loan comes with a fixed interest rate of 4.99% per year and a comparison rate of 5.69% pa

The loan is suitable for a range of vehicle types including new and used cars up to 3 years old, motorcycles, caravans and motorhomes. If you have not yet chosen your vehicle, a pre-approval service is available. If you are a member of NRMA, you can also take advantage of an interest rate reduction.

Features of the NRMA auto loan

This loan comes with a range of features and competitive advantages which are described below.

  • Interest rate. Having a fixed interest rate makes it easy for you to budget your loan repayments with the same amount of regular monthly payments. The fixed interest rate for this loan is 4.99% per year
  • Reduced interest rate. With a membership in NRMA, you can take advantage of their exclusive member offer and get a reduced interest rate, which means you can lower your repayments. The benefits of NRMA allow members to save 1% per annum on the loan rate. This offer is valid for new or used vehicles over 3 years old and is not applicable to vehicles eligible for the promotional rate of 4.99% per year
  • Loan conditions. You can choose loan terms to help you manage your repayments – terms are available between 1 year and 7 years.
  • Repayment flexibility. NRMA Car Loan offers a fairly flexible repayment term option. You can choose to pay on a monthly or bi-monthly basis and can make additional payments at any time.
  • Loan amounts. You can choose to borrow between $ 5,000 and $ 130,000.
  • Quick pre-approval and turnaround time. NRMA Car Loan offers you a five hour pre-approval service which can give you quick approval within five business hours. This gives you better negotiating power with your car dealership to get the best deals possible while having funds on hold. Once all the documents have been completed by NRMA, your funds are made available to you on the next business day.

How to apply for an NRMA auto loan

You can apply for this loan by clicking on the “Go to site” button. Just make sure you have the following documents on hand to complete the application process:

  • Your driver’s license
  • Details of your income
  • Details of the value of your asset, such as your car, savings, property, etc.
  • Financial details if you are currently renting a property
  • Details of amounts you owe on store credit cards, credit cards, or loans

For conditional approvals, you are not required to submit any documents. Once the car loan is approved with conditions, you will be asked to verify the details mentioned in your loan application, such as address, identity and income. However, NRMA will contact you if more information or details are needed prior to approval under certain circumstances. Financial statements are required for independent applicants.

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