How Our Used Car Loan Comparison Works
1. Tell Us About Your Vehicle
Share details about the used car you’re buying (or looking to buy), including age, kilometers, purchase price, and whether it’s from a dealer or private seller.
2. Get Matched With Specialists
We connect you with lenders who specialize in used car finance and understand the unique requirements for older vehicles, private sales, and various conditions.
3. Compare Your Finance Options
Review personalized loan offers comparing rates, terms, and features. Your broker explains how vehicle age and condition affect your options.
4. Get Pre-Approved
Secure pre-approval before you negotiate, giving you the confidence and bargaining power of a cash buyer without needing to have the full amount upfront.
5. Complete Your Purchase
Once approved and you’ve found your perfect car, your funds are released quickly so you can complete the purchase and drive away.
Used Car Loan Eligibility
While requirements vary by lender and vehicle, you’ll generally need:
Age: 18+ years old
Income: Steady employment or business income (minimum varies by lender)
Deposit: Typically 10-20% (some lenders offer low deposit options)
Credit History: Good credit history preferred (some lenders consider varied profiles)
Residency: Australian citizen, permanent resident, or eligible visa holder
Vehicle: Typically maximum age of 12-15 years (varies by lender)
Don’t meet all criteria? Our broker network includes specialist lenders with flexible requirements. We help buyers with:
- Older vehicles (15+ years in some cases)
- Private sale purchases
- Low or no deposit options
- Self-employed income
- Varied credit histories
- Classic and vintage cars
Types of Used Car Loans We Compare
| Loan Type | Best For | Key Features |
|---|---|---|
| Dealer Used Car Loan | Dealership purchases | Better rates, warranty-backed vehicles, faster approval |
| Private Sale Car Loan | Private seller purchases | Specialist lenders, may require vehicle inspection, competitive rates |
| Secured Used Car Loan | Most buyers | Car as security, lower rates, terms 1-7 years |
| Personal Loan (Unsecured) | Older vehicles | No security required, faster approval, higher rates |
| Classic Car Finance | Vintage vehicles | Specialist lenders, understand collector value, flexible terms |
| Low-Rate Used Car Loan | Good credit buyers | Competitive rates for newer used cars (0-5 years old) |
Frequently Asked Questions About Used Car Loans
Can I get a loan for a car from a private seller? Yes. We work with lenders who specialize in private sale car loans. They typically require a vehicle inspection and the car to be in good condition, but can offer competitive rates for private purchases. The approval process may take slightly longer than dealer purchases.
What’s the maximum age for a car I can finance? Most mainstream lenders finance cars up to 12-15 years old, though some specialist lenders will consider older vehicles up to 20+ years, especially for well-maintained or classic cars. The older the vehicle, the shorter the loan term typically offered.
Do I need a bigger deposit for a used car loan? While new car loans often accept 0-10% deposits, used car loans typically require 10-20% deposit. However, some lenders offer low deposit options, especially for newer used cars (0-5 years old) purchased from dealers with warranty protection.
How does the car’s condition affect my loan application? Lenders prefer vehicles in good mechanical condition with reasonable kilometers for their age. Some lenders may require a mechanical inspection, especially for private sales or older vehicles. Well-maintained cars with service history typically qualify for better rates.
Can I include insurance and warranty in my used car loan? Yes. Many lenders allow you to finance extended warranty, insurance premiums, and other add-ons alongside your vehicle purchase. This can be convenient, though you’ll pay interest on these extras over the loan term.
What happens if the car fails a pre-purchase inspection? If you’ve obtained pre-approval and the car you planned to buy fails an inspection, you can typically transfer your pre-approval to a different vehicle. Your broker will help you find an alternative car within your approved budget and ensure it meets lender requirements.
Related Resources
Explore these related guides to learn more about used vehicle financing:
- New Car Loans - Finance for brand new vehicles
- Luxury Car Loans - Specialist finance for prestige used cars
- Car Buying Guide - Tips for buying used cars
- Private Sale Finance Guide - Everything about private sale loans
Why Used Car Finance Makes Sense
Used cars offer great value, but financing them can be more complex than financing a new vehicle. Different lenders have different criteria for vehicle age, mileage, and condition. Our expertise helps you navigate these requirements and find the right lender for your specific situation.