Loans.com.au to offer used car loans for private sales

By Sara Borman · · 1 min read
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man using car loan to buy classic used car

Often the best car for you isn’t one that comes from a dealership, but one you find via a private sale. Taking out a car loan for a private sale can be complicated, as many lenders will only offer loans on dealer sales for their used car loans, or will require extensive checks to ensure a vehicle is in suitable condition.

Now lender loans.com.au adds loans for private sale vehicles to its repertoire. This makes it a one-stop shop for your car finance needs, whether you’re going for a green car or a flashy new vehicle.

Managing director of loans.com.au, Marie Mortimer, explains: “This is a major step forward for us and enhances competition in a market where many people are still relying on high-rate personal loans.” 

This will allow you to get a loan on a second-hand vehicle up to 12 years old. Other options that allow secured car loans on older cars include the OurMoneyMarket Car Loan (cars up to 10 years old) and Macquarie Credit Union Used Car Loan (cars up to 10 years old).

If you’re in the car market, find some more picks for Mozo’s best car loans.

Car loan comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 car loans.
Last updated 30 October 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit, $5,000-$75,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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    Details
  • Used Car Loan

    Home Owner Discount, Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.49% p.a.
    8.36% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers or private sale. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.49% would cost $36,939.75 including fees.

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    Details
  • Used Car Loan

    Up to 5 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.69% p.a.
    8.80% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers or private sale. Early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.69% would cost $37,111.05 including fees.

    Compare
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    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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