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RAC Loan

Compare RAC Loans

If you have been thinking about borrowing some money, to buy a new car or carry out some home improvements you might have been wondering if an RAC personal loan was the right choice for you. Before you decide you could use the below comparison tables to look at some loans offered by a variety of different lenders.

ProviderLoan AmountCredit HistoryRates FromTerm 
£1,000 to £20,000Good Credit Only2.8%

APR
Representative

(£7,500-£20,000)

1 to 5 YearsGet Quotes >
  • PERSONAL LOAN DEAL (unsecured)
  • One fixed monthly repayment: Know what you’re paying and when you’re paying it
  • Instant Online Decision
  • Must be aged 21
  • No CCJs or IVA in the last 6 years
  • Must have an annual income of over £6,000
  • Permanently resident in England, Wales, Scotland or Northern Ireland
  • Provided by Santander UK Plc

Representative Example: The Representative APR is 2.8%. Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 2.8% p.a. (fixed). Monthly repayment £178.64 & total repayable £10,718.40.

£1,000 to £20,000Good Credit Only3.00%

APR
Representative

(£7,500-£15,000)

1 to 5 yearsGet Quotes >
  • Fixed Interest Loan Rate
  • Instant Online Decision
  • Maximum loan amount of £25,000 for existing Santander customers
  • Must be aged 21
  • No CCJs or IVA in the last 6 years
  • Permanently resident in England, Wales, Scotland or Northern Ireland

Representative Example: The Representative APR is 3.0%. Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed). Monthly repayment £179.51 & total repayable £10,770.60.

£1,000 to £25,000Good Credit Only3.1%

APR
Representative

(£15,001 - £25,000)

1 year to 7 yearsGet Quotes >
  • No arrangement fees or hidden charges
  • Instant online decision
  • Funds transferred within 2 working days
  • No penalty for overpayments
  • You must be aged between 21 and 70 
  • You must have been a permanent UK resident for 3 years 
  • You must have an annual income of at least £12,000 and have a UK bank or building society account
  • You need to make payments on time or you will be charged a late payment fee. Missing payments could have severe consequences on obtaining future credit
  • Post Office Personal Loans are provided by Bank of Ireland (UK). Post Office Limited is a credit broker and not a lender

Representative Example:  The Representative APR is 3.1%. Based on a loan amount of £17,500 over 60 months at an interest rate of 3.1% p.a. (fixed). Monthly repayment of £314.89. Total amount repayable £18,893.40.

£2,500 to £25,000Good Credit Only3.3%

APR
Representative

(£5,000-£25,000)

2 to 5 yearsGet Quotes >
  • 10 minute online quote, instant decision
  • Money can be with you within 48 hours
  • No arrangement, over payment or early repayment fees
  • Must be aged 21 or over
  • UK Resident with a UK bank account

Representative Example:  The Representative APR is 3.3%, so if you borrow £7,500 over 5 years at a rate of 3.3% p.a. (fixed), you will repay £135.61 for 36 months and £8,136.60 in total.

£1,000 to £50,000Excellent Credit3.40%

APR
Representative

(£7,500-£19,950)

1 to 5 YearsGet Quotes >
  • Get a quick quote - no impact on your credit rating
  • Available to existing NatWest current account holders only
  • Must be aged 18

Representative Example: Borrow £7,500 over 5 years at a Representative APR of 3.40% APR (fixed) paying £135.93 per month will result in a total sum of £8,155.80 over the loan term.

£1,000 to £50,000Excellent Credit3.40%

APR
Representative

(£7,500-£19,950)

1 to 5 YearsGet Quotes >
  • Get a quick quote - no impact on your credit rating
  • Available to existing Royal Bank of Scotland current account holders only
  • Must be aged 18

Representative Example: Borrow £7,500 over 5 years at a Representative APR of 3.40% APR (fixed) paying £135.93 per month will result in a total sum of £8,155.80 over the loan term.

£7,500 - £15,000Good Credit Only4.2%

APR
Representative

(£7,500-£15,000).

1 to 7 YearsGet Quotes >
  • Fixed Interest Loan Rate
  • No set up charges or hidden fees
  • Instant Online Decision
  • Loan rate of 3% available for existing current account customers
  • Must earn at least £700 pm (can be combined income)
  • Must be aged between 18 and 79
  • If self employed must be homeowner and supply 1 years audited accounts

Representative Example: The Representative APR is 4.2%. Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 4.2% p.a. (fixed). Monthly repayment £184.71. Total amount payable £11,082.60.

£1,000 to £35,000All Credit Histories Considered12.9%

APR
Representative

1 year to 7 yearsGet Quotes >
  • No waiting, no surprises, and a guaranteed, personal rate
  • Soft credit search so there will be no impact on you credit score
  • Some banks advertise very attractive low rates, but when you apply you find you could end up paying much more. With a guaranteed rate, there’ll be no nasty surprises.
  • You must be aged between 21 and 75
  • You must have been a permanent UK resident for 3 years 
  • You must have an annual income of at least £15,000 and have a UK bank or building society account

Representative Example:  The Representative APR is 12.9%. Based on a loan amount of £10,000 over 60 months at an interest rate of 12.9% p.a. (fixed). Monthly repayment of £223.43. Total amount repayable £13,405.80.

£1,000 to £25,000All Credit Histories Considered14.9%

APR
Representative

1 to 5 YearsGet Quotes >

Representative example: The Representative APR is 14.9% (variable).The Representative APR is If you borrow £90,000 over 4 years at a representative 14.9% APR and an annual interest rate of 14.9% (fixed) you would pay £245.80 per month. Total charge for credit will be £2,798.51. Total amount repayable is £11,789.51.

£1,000 to £20,000All Credit Histories Considered42.5%

APR
Representative

1 to 6 YearsGet Quotes >
  • Rebuild Your Credit
  • Fast,online application - optimised for all desktop / mobile / tablet devices
  • Instant Online Decision using 'soft' credit searches (Won't affect your credit score)
  • Funds as soon as same day
  • No early repayment fees
  • Must be aged 18
  • Must be UK resident
  • Administration fee applies, not payable upfront but instead included in monthly repayments
  • Applicants must have a net monthly income of at least £1,000, be in full time or part time employment, and have no CCJ's

Representative Example:  The Representative APR is 42.5% (fixed). If you borrow £3,000 over 3 years at a rate of 31.9% p.a (fixed) plus an arrangement fee of £137.31, you will repay £157.89 per month & £4,943.25 in total.

 RAC Loans Feature:

  • Borrow from £2,500 to 25,000
  • Repayment terms of 2 to 5 years
  • Potential benefits for RAC members who apply
  • Online application
  • Instant decision
  • Funds could be paid next working day
  • Provided by Hitachi Capital

 

To be eligible for an RAC loan you must:

  • Be aged 18 years or over
  • Have been a permanent UK resident for a minimum of 12 months
  • Have a good credit history
  • Be in permanent paid employment, self-employed or be retired with a pension.

 

RAC loan calculator

 

If you think an RAC loan could be the right choice for you, you may wish to use the RAC loan calculator. You just need to enter on the slider tools how much you wish to borrow and how long you would like the repayment term to be. The RAC loan calculator will then give you an estimate based on the lender’s Representative Annual Percentage rate for a loan of that size.

 

Remember however that you are not guaranteed to get the APR that the calculator used. If you decide to apply for a loan and you are accepted a lender may tailor the specific APR they are willing to offer a borrower following an assessment of their financial circumstances such as; their credit history, how much they earn and any already existing credit commitments.

 

Before you apply

 

There are diverse range of loans available on the market from different lenders, shopping around before you take out a loan therefore is a good idea, think about what loan features are most important to your specific needs when looking. You can use the above comparison tables to look at loans from various lenders at the same time.

 

As well as shopping around beforehand you may also want to take into consideration alternatives to borrowing. For example if you already have the required funds in your savings it may be better to use them instead. This is because you might find that the interest you earn from your savings are less than the interest you could be charged on a loan of the same size.

 

There are also other types of borrowing than loans such as authorised overdrafts and credit cards you might want to think about.

 

If the reason you want a loan is to consolidate already existing debt then you should understand that by spreading your payments over a longer term you may ultimately be paying back more than you would if you stayed with your current arrangements, even if the interest rates on the new loan are less than what you are currently paying.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.