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.

In general, we can get you approved for a used car loan in as little as 24 hours from your application. 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.

Yes, we can provide assistance with bad credit loans. Our lenders will work with you to understand your credit history and provide actionable steps that can help with securing a loan. 

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 more than 40 lenders to help secure a competitive rate based on your circumstances.

The average used car loan rate for bad credit borrowers is typically higher than standard used car finance rates, as lenders may view applicants with a lower credit score as a higher lending risk. The exact rate will depend on factors such as your repayment history, income, existing debts, loan amount and the age of the vehicle. Some lenders also offer used car loans specifically designed for borrowers working to rebuild their credit history.

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 more than 40 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.