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

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.