Used Car  Finance

As a general rule, used car finance rates are perceived to be “riskier” by lenders, which means that they will normally carry a slightly higher interest rate than a comparable new car finance loan. Used cars can be more prone to mechanical issues and experience rapid depreciation, which means that lenders must take extra precautions – usually in the form of a slightly higher interest rate, to offset their risk.

Each loan is different, so it’s worth discussing what you are looking to purchase with our lenders so that we can match you with loans that are tailored to your unique financial circumstances.

Many used car loan applications are approved within 24 hours, subject to lender criteria. Once we have received all of your supporting documentation, we will do our due diligence and begin rounding up the best possible used car loans for your unique financial circumstances.

How much you can borrow will depend on your financial history and your unique financial circumstances. Our lenders will consider a range of different factors such as debt to income ratio, your employment status, your credit score and lending history. Using all of these details, we will be able to determine how much you can borrow for a used car loan.

Some lenders on our panel consider applicants with past credit issues. It depends on your current income, deposit and the asset. We’ll look at your situation first and only apply where you fit. 

The average used car loan rate will vary depending on factors such as your credit history, income, employment status, loan term, and the age of the vehicle. Used car finance rates are generally slightly higher than new car loan rates because lenders often consider older vehicles to carry a higher lending risk. Our brokers compare offers from 49+ lenders to help secure a competitive rate based on your circumstances.

Rates depend on the lender, your current income, deposit and the asset. Past credit issues can mean a higher rate. We’ll look at your situation first and only apply where you fit.

Yes, many lenders offer used car finance for private sales as well as dealership purchases. The process may require additional checks on the vehicle and seller before the loan is finalised. Our team can help guide you through the documentation needed to finance a used vehicle through a private seller.

Yes, comparing car finance options can help you find a loan that better suits your budget and financial circumstances. Financfy works with 49+ lenders, allowing borrowers to compare interest rates, loan terms, repayment options and eligibility requirements before making a decision for car financing. Whether you are buying a new or used vehicle, comparing car loans can help you better understand your borrowing options and overall repayments.

Yes. Buying a used car for personal use is a personal (consumer) loan, so there’s no ABN or business-use requirement. Lenders have their own criteria: they usually look at your payslips, your employment and your living expenses. We start with a soft credit check and only apply to the lender whose criteria best match you.

Yes, if you have an ABN and the used car will be used at least 50% for your business. With some lenders you can apply with an ABN from 3 months, depending on your circumstances. With a low doc loan you don’t need to provide tax returns or financials. Lenders still check your ABN, ID and credit history, and some may ask for a deposit.