The game graphics are heavily glitched, see screenshots. 
1)First loading screen (the "Sony Computer Entertainment etc. " screen) is distorted, the "press start screen" too. 
2)The loading screens when you see the blue map of circuit is also glitched. 
3) When you're driving on the track, there is a lot of mess on the screen (see screenshots)
4)Texture of rims and driver helmet is incorrect 

Problem number 2 is fixed when VU XGkick Hack is turned on (must be done manually), problem number 3 is fixed only partially, because there is some texture of vegetation on some parts of the track and some other textures are also on random places of the track. And the minimap seems to be broken too. 

Those problems are present even in software mode.
superVU, different clamping and rounding modes didn't help. Speedhacks were turned off.
PCSX2 1.5.0-20160426164644 - compiled on Apr 26 2016

Specs:
OS: Win 8.1 x64
CPU: Intel Core i7 4700MQ
GPU: Nvidia GeForce GT 740M
RAM: 8GB