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Protect your credit score and get personalised help from an expert. Fido Finance does the comparing for you to help find top rate and repayment loan options from a range of trusted lenders. They receive high average review ratings by their customers. Getting in touch costs you nothing and commits you to nothing.
Fixed, Secured, No vehicle age limit, $5,000-$100,000
Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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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Home Owner Discount, Up to 5 years old, Variable, Secured
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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Up to 5 years old, Fixed, Secured
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.
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Fixed, Secured
Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.
Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.48% would cost $35,202.21 including fees.
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Up to 5 years old, Fixed, Secured
Used Car Loan with a fixed rate for the life of the loan. Fast online application. 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 9.19% would cost $38,411.24 including fees.
Read reviews and learn more about loans.com.au car loans
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Up to 5 years old, Variable, Secured
Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. 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 7.39% would cost $36,854.29 including fees.
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Save with deals from the following well-known brands and many more...
See more car loan providersA used car loan is a financial agreement where you borrow money to purchase a pre-owned vehicle, and then repay the amount plus interest over a set period.
These loans are available from various sources, including:
Traditional banks and credit unions
Online lenders
Dealership finance departments
Peer-to-peer lending platforms.
Most used car loans offer fixed interest rates and terms ranging from 2-7 years. Your monthly repayment will depend on several factors: the loan amount, interest rate, loan term, and whether you make a deposit or have a trade-in vehicle.
Buying a used vehicle offers several advantages like avoiding the steep depreciation that new cars experience in their first few years. Additionally, used cars typically come with lower purchase prices, reduced insurance costs, and a wide variety of available models. However, balancing these benefits against maintenance costs and the possibility of fewer warranty protections is important.
As you start to compare car loans, in addition to having the choice of a secured or unsecured loan, you’ll also be able to choose between either a fixed or variable interest rate. The interest rate you choose should depend on your personal circumstances.
Fixed interest rates: If you choose a fixed rate loan, you’ll be ‘locking in’ your rate for the entirety of the loan term. This means that no matter how the market moves, your interest rate and repayments will always stay the same. This can make it easier to budget. But on the downside, if you do get ahead on your repayments and pay the loan off early, you may be charged a fee.
Variable interest rates: Meanwhile, variable interest rates change with the market, and can either rise or fall during your loan term. With this type of interest rate, there’s rarely an early repayment fee and usually no exit fees, so if you can often pay them off with no additional cost.
Before beginning your car search, it's important to establish a realistic budget. Experts generally recommend following the “20/4/10” rule.
There are three basic elements to this:
Make a 20% deposit
Finance the car for no more than 4 years
Keep total monthly vehicle expenses under 10% of your gross monthly income.
Also, remember to account for the total cost of ownership, including:
Monthly loan repayments
Insurance premiums
Regular maintenance
Fuel costs
Registration and licensing fees
Emergency repairs.
A few things you can do to increase your chances of getting approved for a used car loan are:
Improve your credit score: In order to get approved for a used car loan (or any loan for that matter), you’ll need a good credit score to prove to the lender that you’re a borrower who’ll pay the loan back on time. So if your credit score is in poor shape, be sure to put in the work to improve it before you consider applying for a loan.
Ditch the debt: On that note, you’ll want to rid yourself of any unnecessary debt that’ll harm your chances of getting approved. Start paying your bills on time and pay off any old credit card balances or other lingering debts.
Shop around: Make sure to look around first by comparing used car loans and only apply for one if you think you’ll have a fair chance of being approved for.
Getting pre-approved for a car loan before shopping offers several advantages:
Knowing exactly how much you can spend
Understanding your likely interest rate and terms
Strengthening your negotiating position with sellers
Protecting against dealership finance markups
Simplifying the final purchase process.
Most pre-approvals are valid for 30-60 days, giving you time to shop with confidence.
Once you’re pre-approved and ready to shop for a vehicle, take the time to research reliability ratings and common issues with the models you’re considering.
Request vehicle history reports for any car that interests you and get an independent mechanic to inspect it before buying. As always, compare prices across multiple sellers to ensure that you’re getting a fair deal.
Lastly, don’t overlook certified pre-owned vehicles, as they can offer warranty protection for your investment.
The art of negotiation can go a long way. Whether dealing with a dealership or private seller, successful negotiation requires preparation:
Know the market value of your target vehicle
Negotiate the vehicle price before discussing finance
Watch for unnecessary add-ons or hidden fees
Get all promises and agreements in writing
Be prepared to walk away if terms aren't favourable.
After securing your loan, there are a few things to do.
First, set up automatic payments to avoid late fees. Next, align payment dates with your pay schedule for better cash flow. Then make fortnightly repayments to help reduce overall interest.
Also, be sure to keep maintenance records for your investments and build an emergency fund for unexpected expenses. If you face financial difficulties, contact your lender promptly to discuss options like repayment modifications or refinancing.
In summary, a used car loan can be a good way to save on vehicle ownership when approached strategically. So, to make sure you set yourself up for success, keep these things in mind:
Take time to improve your credit before applying
Get pre-approved to strengthen your negotiating position
Consider total ownership costs, not just the monthly repayment
Read all documentation carefully before signing
Maintain open communication with your lender.
You’re all set - time to start comparing! You can scroll up to find car loan providers specialising in used vehicles, or visit our car loans page if you're interested in a new vehicle.
When applying for a loan to purchase a used car, one common restriction is the age of the vehicle. Different lenders have varying definitions of what qualifies as an "old car." Some may consider a car that is over 2 years old to be old, while others may not approve a loan for a vehicle that is over 12 years old.
Once your loan has been approved, then funds will either be deposited into your bank account or if you are buying through a dealer they can be sent directly to the car dealership.
Yes, you can. If you find that your financial circumstances change during the course of your loan term there is an option to refinance car loans. So if you ever need to refinance your used car loan, you can check out our car loan refinance table.
If you’re borrowing money to buy a used car then you’ll want to make sure that the vehicle is in the best possible condition for its age. You don’t want to be stuck paying off a loan for a car that spends more time in the mechanics than it does on the roads.
So, when buying a used car it’s wise to get an independent inspection done on the car to check:
The number of kilometres the car done compared to its age
Whether there any dents, scratches or bubbles in the paint
Whether there are any cracks in the windscreen
Check the car for rust
That the tyres exceed the legal tread depth of 1.5mm
That the air conditioning, windows and lights work.
If you think that the cost of buying a car is just the initial price you pay for the vehicle, guess again. Regardless of whether you’re purchasing a secondhand or brand new vehicle, there’s a bunch of different expenses that you’ll need to budget for when buying a car, such as:
Rego:
Each year you're required to pay a registration fee in order to keep your car on the road. On top of this fee, when you register your car you’ll also need to purchase a CTP green slip and pink slip (safety check). In order to pass the pink slip safety check and register your car, you might be required to have some repairs done on your car - which could potentially be quite costly.
Car insurance:
Another cost that comes with owning a car is car insurance. Depending on the level of cover you buy (either third-party or comprehensive) your car insurance policy will cover the cost of any damage you cause to your own car or another person’s car/property if you’re involved in an accident.
Once you’ve found the right used car loan for you, you’ll need to have all the relevant documentation prepared for when you fill out the loan application form. This could include things like:
Proof of income: This could include bank statements or payslips, as lenders will need to see that you are able to repay the loan through a steady income.
Proof of savings: Lenders also want to see genuine savings and that you are able to spend your money wisely.
Proof of liabilities: This involves any debt you may have on either a credit card or home loan.
Proof of insurance: Depending on the lender, you may not be approved for a car loan unless you have comprehensive cover beforehand. You can use our car insurance comparison tool to sort out your car insurance policy.
Identification: Such as utility bills, passport, proof of age card, driver’s license, one to two year’s tax returns and bank statements
You’ll also likely need some additional information about the car itself, such as:
Car VIN number (to verify whether or not it’s a stolen vehicle or if there’s money owed on it)
Registration plate
Motor number
Car make, year and model.
I have never had a better car loan then through St George through covid they were very helpful and extended my loan for 6 months to accommodate for time lost due to work
Read full reviewI have never had a better car loan then through St George through covid they were very helpful and extended my loan for 6 months to accommodate for time lost due to work
Organised a new car loan as appeared to be the best rate available that I could find. I was impressed by the minimal wait time on phone to find out about loan product. No hidden fees, very transparent. The application was mostly done over the phone, but I was informed prior the time that it would take to complete. Sarah was outstanding with her communication and kept us informed throughout the process. I would highly recommend, level of service was outstanding.
Read full reviewOrganised a new car loan as appeared to be the best rate available that I could find. I was impressed by the minimal wait time on phone to find out about loan product. No hidden fees, very transparent. The application was mostly done over the phone, but I was informed prior the time that it would take to complete. Sarah was outstanding with her communication and kept us informed throughout the process. I would highly recommend, level of service was outstanding.
Poor service misleading advice, do not waste your time
Read full reviewPoor service misleading advice, do not waste your time
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