Used Car Loans Australia

Australian customers can apply for Used Car Loans when they want to purchase a car that is too old (older than 3 years old) to qualify for a new car loan.  The used cars customers choose cannot be older to 5 or 6 years old, depending on the lender. Used Car Loans are secured by the value of the car which means the customers cannot take the possessions of these second hand cars until they complete their repayments.

Types of Used Car Loans

  • Secured Car Loans: Loan seekers are allowed to borrow as much as the value of their cars and those loans will be secured by the value of the car. They come up with competitive interest rates since pledging an asset reduces the risk of being unpaid for the lender.
  • Unsecured Car Loans: These loans come up with higher interest rates but borrowers will have a chance to get more flexibility.

Some Used Car Loan Offers in Australia

Here is a list of used car loan offers for customers who need to borrow $30,000 to repay within 5 years.

  • NRMA Secured Used Vehicle Fast Loan: Customers can borrow starting from $15,000 up to $100mafter being charged $499 upfront fee and a fixed interest rate starting from 6.99% due to their credit profile and other factors. It also contains $0 missed payment penalty and an early exit penalty fee and customers are allowed to make extra repayments. The car cannot be older than 10 years old.
  • Credit Concierge Secured Used Car Loans: Customers can borrow starting from $10,000 up to 150,000 to buy a used car after being charged $400 upfront fee and a fixed interest rate starting from 4.79% due to their credit profile and other factors. It also contains $25 missed payment penalty and an early exit penalty fee and customers are allowed to make extra repayments.
  • OurMoneyMarket Unsecured Used Car Loans: Customers can borrow starting from $2,000 up to $75,000 after being charged $250 upfront fee and a fixed interest rate starting from 5.50% due to their credit profile and other factors. It also contains $25 missed payment penalty and an early exit penalty fee and customers are allowed to make extra repayments.
  • Westpac Secured Used Car Loans: Customers can borrow starting from $10,000 up to $100,000 after being charged $250 upfront fee and a fixed interest rate starting from 8.49% due to their credit profile and other factors. It also contains $15 missed payment penalty and $175 early exit penalty fee (during first 2 years) and customers are allowed to make extra repayments. The car cannot be older than 7 years old.
  • ANZ Unsecured Used Car Loans: Customers can borrow starting from $5,000 up to $50,000 after being charged $150 upfront fee and a fixed interest rate starting from 12.45% due to their credit profile and other factors. It also contains $20 missed payment penalty and $300 early exit penalty fee and customers are allowed to make extra repayments. The car cannot be older than 7 years old.