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Compare Used Car Loans & Rates

  • Get multiple used car loan offers from top lenders
  • Free, no obligation call from a trusted car loan broker

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Used Car Loans with Money Matchmaker
Just some of the used car loan providers whose rates we compare

Used car loan interest rate comparison

Compare car loans in Australia from a selection of lenders, with interest rate ranges based on the borrower's credit score and other factors.

Lender

Harmoney

Interest rate

5.66% p.a. - 20.07% p.a.

Comparison rate*

6.45% p.a. - 20.98% p.a.

Loan amounts available

$2,000 - $70,000

Max age of used car*

  • No age limit

Lender

Great Southern Bank

Interest rate

6.29% p.a. - 12.99% p.a.

Comparison rate*

6.75% p.a. - 13.48% p.a.

Loan amounts available

$5,000 - $100,000

Max age of used car*

  • Up to 7 years old (secured)
  • No age limit (unsecured)

Lender

Now Finance

Interest rate

6.75% p.a. - 21.65% p.a.

Comparison rate*

6.75% p.a. - 21.65% p.a.

Loan amounts available

$15,000 – $100,000

Max age of used car*

Not disclosed

Lender

Liberty Financial

Interest rate

6.52% p.a. - 19.19% p.a.

Comparison rate*

6.95% p.a. - 20.77% p.a.

Loan amounts available

$5,000 - $80,000

Max age of used car*

  • Up to 8 years old

Lender

Moneyplace

Interest rate

6.66% p.a. - 19.19% p.a.

Comparison rate*

7.09% p.a. - 20.82% p.a.

Loan amounts available

$5,000 - $80,000

Max age of used car*

  • Up to 20 years old

Lender

ING

Interest rate

6.89% p.a. - 19.99% p.a

Comparison rate*

7.17 % p.a. - 20.31% p.a.

Loan amounts available

$5,000 - $60,000

Max age of used car*

Not disclosed

Lender

OMM

Interest rate

6.57% p.a. - 18.99% p.a.

Comparison rate*

7.19% p.a. - 21.78% p.a.

Loan amounts available

$5.000 - $100,000

Max age of used car*

  • No age limit

Lender

Bank of Melbourne

Interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.69% p.a. - 14.14% p.a.

Loan amounts available

$3,000 - $100,000

Max age of used car*

  • Up to 7 years old

Lender

BankSA

Interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.69% p.a. - 14.14% p.a.

Loan amounts available

$3,000 - $100,000

Max age of used car*

  • Up to 7 years old

Lender

St.George

Interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.69% p.a. - 14.14% p.a.

Loan amounts available

$3,000 - $100,000

Max age of used car*

  • Up to 7 years old

Lender

Westpac

Interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.69% p.a. - 14.14% p.a.

Loan amounts available

$10,000 - $100,000

Max age of used car*

  • Up to 7 years old

Lender

Commbank

Interest rate

6.49% p.a. - 10.49% p.a.

Comparison rate*

7.90% p.a. - 11.86% p.a.

Loan amounts available

$4,000 - $100,000

Max age of used car*

  • Up to 7 years old

Lender

ANZ

Interest rate

7.49% p.a. - 19.99% p.a.

Comparison rate*

8.18% p.a. - 20.58% p.a.

Loan amounts available

$5,000 - $50,000

Max age of used car*

Not disclosed

Lender

G&C Mutual Bank

Interest rate

7.99% p.a. - 16.99% p.a.

Comparison rate*

8.20% p.a. - 17.22% p.a.

Loan amounts available

$1,000 (no max specified)

Max age of used car*

  • Up to 3 years old

Lender

Society One

Interest rate

8.20% p.a. - 23.99% p.a.

Comparison rate*

8.27% p.a. - 28.66% p.a.

Loan amounts available

$5,000 - $70,000

Max age of used car*

Not disclosed

Lender

Loans.com.au

Interest rate

7.39% p.a. - 12.69% p.a.

Comparison rate*

8.52% p.a. - 13.80% p.a.

Loan amounts available

$5,000 - $150,000

Max age of used car*

  • Up to 5 years old (variable)
  • Up to 3, 5, 6-7 & 8+ years (fixed)

Lender

Plenti

Interest rate

8.19% p.a. - 11.99% p.a.

Comparison rate*

8.82% p.a. - 12.65% p.a.

Loan amounts available

$5,000 - $100,000

Max age of used car*

Not disclosed

Lender

Wisr

Interest rate

7.74% p.a. - 16.94% p.a.

Comparison rate*

9.27% p.a. - 18.48% p.a.

Loan amounts available

$10,000 - $147,000

Max age of used car*

  • Up to 20 years old

Lender

NAB

Interest rate

8.49% p.a. - 20.49% p.a.

Comparison rate*

9.88% p.a. - 21.78% p.a.

Loan amounts available

$5,000 - $55,000

Max age of used car*

Not disclosed

Lender

Latitude Financial

Interest rate

9.49% p.a. - 29.99% p.a.

Comparison rate*

10.93% p.a. - 31.83% p.a.

Loan amounts available

$5,000 (no max specified)

Max age of used car*

Not disclosed

LenderInterest rateComparison rate*Loan amounts availableMax age of used car*

Harmoney

5.66% p.a. - 20.07% p.a.

6.45% p.a. - 20.98% p.a.

$2,000 - $70,000

  • No age limit

Great Southern Bank

6.29% p.a. - 12.99% p.a.

6.75% p.a. - 13.48% p.a.

$5,000 - $100,000

  • Up to 7 years old (secured)
  • No age limit (unsecured)

Now Finance

6.75% p.a. - 21.65% p.a.

6.75% p.a. - 21.65% p.a.

$15,000 – $100,000

Not disclosed

Liberty Financial

6.52% p.a. - 19.19% p.a.

6.95% p.a. - 20.77% p.a.

$5,000 - $80,000

  • Up to 8 years old

Moneyplace

6.66% p.a. - 19.19% p.a.

7.09% p.a. - 20.82% p.a.

$5,000 - $80,000

  • Up to 20 years old

ING

6.89% p.a. - 19.99% p.a

7.17 % p.a. - 20.31% p.a.

$5,000 - $60,000

Not disclosed

OMM

6.57% p.a. - 18.99% p.a.

7.19% p.a. - 21.78% p.a.

$5.000 - $100,000

  • No age limit

Bank of Melbourne

6.49% p.a. - 12.99% p.a.

7.69% p.a. - 14.14% p.a.

$3,000 - $100,000

  • Up to 7 years old

BankSA

6.49% p.a. - 12.99% p.a.

7.69% p.a. - 14.14% p.a.

$3,000 - $100,000

  • Up to 7 years old

St.George

6.49% p.a. - 12.99% p.a.

7.69% p.a. - 14.14% p.a.

$3,000 - $100,000

  • Up to 7 years old

Westpac

6.49% p.a. - 12.99% p.a.

7.69% p.a. - 14.14% p.a.

$10,000 - $100,000

  • Up to 7 years old

Commbank

6.49% p.a. - 10.49% p.a.

7.90% p.a. - 11.86% p.a.

$4,000 - $100,000

  • Up to 7 years old

ANZ

7.49% p.a. - 19.99% p.a.

8.18% p.a. - 20.58% p.a.

$5,000 - $50,000

Not disclosed

G&C Mutual Bank

7.99% p.a. - 16.99% p.a.

8.20% p.a. - 17.22% p.a.

$1,000 (no max specified)

  • Up to 3 years old

Society One

8.20% p.a. - 23.99% p.a.

8.27% p.a. - 28.66% p.a.

$5,000 - $70,000

Not disclosed

Loans.com.au

7.39% p.a. - 12.69% p.a.

8.52% p.a. - 13.80% p.a.

$5,000 - $150,000

  • Up to 5 years old (variable)
  • Up to 3, 5, 6-7 & 8+ years (fixed)

Plenti

8.19% p.a. - 11.99% p.a.

8.82% p.a. - 12.65% p.a.

$5,000 - $100,000

Not disclosed

Wisr

7.74% p.a. - 16.94% p.a.

9.27% p.a. - 18.48% p.a.

$10,000 - $147,000

  • Up to 20 years old

NAB

8.49% p.a. - 20.49% p.a.

9.88% p.a. - 21.78% p.a.

$5,000 - $55,000

Not disclosed

Latitude Financial

9.49% p.a. - 29.99% p.a.

10.93% p.a. - 31.83% p.a.

$5,000 (no max specified)

Not disclosed

Our second-hand car loan comparison is based on products analysed by Money.com.au that are available for used vehicles, advertising a high and low interest rate range. The table is sorted by lowest starting comparison rate. Rates are current as of 9 January 2025. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of used car loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money.com.au. Comparison rate examples shown are per the lenders’ websites, based on a $30,000 secured/unsecured loan over 5 years. WARNING: Comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. *T&Cs may apply to used car age limits.

Why compare used car loans with Money

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30+ Australian lenders to choose from

Percent 3 svg

Personalised rates

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No credit score impact

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Expert guidance on your used car finance

How to get the best used car loan

1

Get a secured used car loan if you can

This is usually cheaper than getting an unsecured loan for a used car. Unless the car is very old (over 12 years old), it should still be eligible for a secured car loan.

2

Negotiate the interest rate

Particularly if you have a good credit history, lenders may have wiggle room to offer a lower rate if you ask. Or, if you’re using a car loan broker, they will be able to negotiate on your behalf.

3

Get the shortest loan term you can

Our research shows the vast majority of borrowers request a five-year loan, but reducing the term by even one year on the same loan could mean paying around 20% less in interest.

4

Look for loan flexibility

In particular, second-hand car loans that allow you to pay off the loan early with no penalty can be a big money-saver. Or, if you’re ahead on your repayments and need to access the extra cash, you may be able to redraw depending on the lender and product.

5

Get pre-approval on your loan

This will mean you can go hunting for a used car knowing how much you can borrow. It also means you will be able to act fast if you find the ideal used car.

6

Check the fine print before applying

Some used car loans have age limits for the vehicle (e.g. max. 5 years old). You don’t want to find this out after you’ve already chosen a car that exceeds the limit and paid a holding deposit.

How do used car loans work?

Getting finance for a used car is very similar to getting a car loan for a brand new car.

In fact, it’s often the exact same kind of loan. That means a secured car loan where, in this case, the used car is the security. If you can’t repay the loan, the lender can reclaim and sell the car.

Most lenders will still accept used cars as security for a loan. Some lenders on our database will accept cars that are up to 15 years old. For other lenders we work with, the upper limit is lower e.g. 7 or 5 years.

If the car you're buying is not eligible for a secured used car loan, the alternative is an unsecured personal loan.

Some Australian lenders (such as Our Money Market) have no upper limit on the age of the vehicle for their used car loans. If you get an unsecured loan, the vehicle’s age is also generally not considered.

Used car loan features

  • Secured and unsecured options
  • Loan terms of 1-7 years (most people choose five)
  • Borrow up to $150,000
  • Can be used for dealer or private sales
  • Usually a fixed interest rate but there are variable options available
  • Some lenders offer same-day approval
  • Option to get pre-approval on your loan
  • Establishment and ongoing fees can apply
  • Balloon payment option typically available

What type of used car finance do people usually apply for?

Used car loans make up a significant proportion of the overall car finance market in Australia. In fact, more than 60% of all car loan requests made by Money.com.au customers are for a used car.

Our analysis also shows:

  • The average used car loan amount requested is $32,528 for borrowers buying a car through a dealer, based on an average used car age of 6.1 years.
  • For private sale car loans, the average is $26,396, with an average car age of 9.8 years.
  • The majority of used car loans we analysed (55%) are for borrowers buying through a dealer.

What are the best used car finance rates? (And who gets them?)

For a secured used car loan, interest rates generally start from around 6% p.a.

For unsecured personal loans, rates are higher and generally start from around 8% but can be much higher in some cases.

The reality is your actual used car loan rate will be assessed by the lender based on your application. The main factors that affect used car loan rates can include:

  • The age of the car: The older the car you’re buying, the higher the interest rate will be.
  • The type of used car: The market for used electric vehicles in Australia is relatively small, but if you’re buying a used EV, you may qualify for a discounted rate on a ‘green’ used car loan. Westpac’s Electric Car Loan is one of the lowest rates available on eligible used cars up to seven years old.
  • Where you're buying the car from: Some lenders offer lower rates on car loans for dealer-bought cars compared to private sale car loans as there is less risk for them.
  • Your credit history: Borrowers with the highest credit scores qualify for the best rates.
  • Your overall financial situation: In our experience, lenders take account of your income, expenses, existing debt levels, whether you own your home and your employment status.

Getting a second-hand car loan that’s even a couple of percentage points lower can make a big difference to your repayments. You can use our car loan calculator to see for yourself.

Don’t rely on ‘advertised’ rates on used car loans

Shaun McGowan Money.com.au founder

Shaun McGowan, Loans Expert

"A lot of the time you’ll see used car loan rates advertised that are identical to rates on brand new or demo cars. But this is typically a generic ‘starting from’ rate. Chances are the lender will take the age of the vehicle into account when calculating your actual rate. This is why you should compare personalised rates from multiple lenders before deciding."

Shaun McGowan, Loans Expert

Ready to compare used car loans?

Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.

Comparing used car finance: dealer versus lender

Car dealers will generally offer car finance to you as part of the sales process. This can be convenient, BUT you could end up paying a premium for that convenience factor.

Moneysmart.gov.au warns: “It's important to look at loans before you go to a car dealership. You'll be able to negotiate better, as you'll know exactly how much you can spend, the best interest rate you can get, and how much your repayments will be.”

This is where getting car loan pre-approval can be important.

Here are some questions to ask before deciding:
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Is there an introductory interest rate on the loan?

These 0% or 1% finance offers can make the finance cheap to start off with but more expensive in the long run. This is because the introductory rate may apply only to part of the loan (e.g., the first year), or it may come with a large balloon payment at the end of the term, making regular repayments appear lower.

Bank note 1 svg

What commissions and fees does the dealer charge?

Dealers may charge additional commissions and fees, such as documentation fees, administration costs or dealer markups, which can significantly increase the overall cost of the loan, so it's important to review the full breakdown before committing.

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What’s the term of the loan?

Repayments can be low on finance with a long term but you’ll pay more interest overall compared to a short term. For example, a $30,000 loan over 5 years at 7.5% would result in monthly repayments of $601.14 and total interest of $6,068.31. However, with a 4-year term, monthly repayments rise to $725.37, but the total interest paid decreases to $4,817.62.

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Is the dealer offering you any sweeteners?

For example, some may offer a small discount on the purchase price. While this may seem appealing, be cautious. A discount could quickly be offset by the higher costs of financing, making it less of a deal than it initially seems.

Top-selling used cars in Australia

Australians bought more than two hundred thousand used cars in September 2024. These were the top-selling cars (up to 10 years old), according to the Australian Automotive Dealer Association.

1

Ford Ranger (5,704)

2

Toyota HiLux (4,322)

3

Toyota Corolla (3,533)

4

Toyota RAV4 (2,576)

5

Mitsubishi Triton (2,569)

6

Toyota Camry (2,462)

7

Hyundai i30 (2,438)

8

Mazda 3 (2,188)

9

Mazda CX-5 (2,076)

10

Volkswagen Golf (1,846)

Car loan guides & resources

Let us guide you on the road ahead with our simple calculators, comparisons and explainers.

Used car loan FAQ

Yes it’s possible to get a used car loan with bad credit. There are a number of lenders in Australia that specialise in loans for people with a low credit score or defaults on their credit report.

You may have to accept a higher interest rate in order to be approved. But if you make your repayments consistently, your credit score may improve and you could refinance the car loan to a lower rate down the track.

It can be a good idea to check your credit score before you start applying for car finance.

It’s usually possible to have your used car finance approved and paid to you or the car seller within a couple of days.

If you have a complex situation, such as needing to apply for a low doc car loan, the process may take slightly longer.

Likewise the process may take longer for a business applying for an ABN car loan, as both personal and business documents are generally required by the lender.

Lenders typically offer used car loans from $5,000-150,000.

But your actual borrowing capacity will be determined by the lender based on factors including your income, other expenses, the car you’re buying and your credit score.

Money data shows the average used car loan amount requested is $32,528 for borrowers buying a car through a dealer. For private sale car loans, the average is $26,396.

If you want a secured used car loan, the vehicle will need to be below the lender's maximum age limit (up to 15 years depending on the lender). The lender will also generally do a vehicle check to make sure the vehicle has never been written off, reported stolen and does not have finance owing on it.

With an unsecured car loan, the loan funds can be used for more or less any purpose. This means the lender will generally offer funds for any vehicle, provided you are otherwise eligible for the loan.

Currently, used car loan interest rates starting from around 6% are among the most competitive available. But remember, the older the car you’re buying, the higher your rate is likely to be. Your credit score and other factors to do with your financial situation can also impact your used car loan interest rate.

The maximum age of a car for a used car loan varies depending on the lender you apply with. It can range anywhere from five to 15 years. The maximum is often based on the age of the car at the end of the loan term, so if you're buying an older car, you may only be able to apply for a short loan term.

Yes, there are other used car financing options available, such as:

    circle-green-tick
  • Novated lease: This is a popular option for employees, where the car lease payments are deducted from your pre-tax salary. A novated lease can offer tax benefits, but it's important to check if your employer offers this arrangement and if it suits your needs.
  • circle-green-tick
  • Mortgage refinance: If you own a property, refinancing your mortgage to include the cost of a used car is another option. This can potentially offer a lower interest rate compared to standard car loans, but you'll likely be paying a significant amount of interest as it's over a longer term.

Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.

Jared Mullane is a finance writer with more than eight years of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).

Important information

Unless otherwise stated, car loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan 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. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.

General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any car loan product is suitable for you and seek independent financial advice if necessary.

We are not providing you with a recommendation or suggestion about a particular car loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.

What products, features and information are shown While we make every effort to ensure all car loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.

Our product comparisons may not compare all car loan features and attributes relevant to you. Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.

Used car loans in our comparison table are sorted by:

    circle-green-tick
  • Lowest starting comparison rate, then;
  • circle-green-tick
  • Lowest starting interest rate, then;
  • circle-green-tick
  • Provider name (A-Z)

Some car loan products listed in our tables are available through a broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances.

Brokers are not authorised by Money's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Brokers can make recommendations about loan products that may suit your objectives, financial situation and needs.

Our tables feature all car loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.

If you get a car loan as a result of visiting this page, we may earn a commission.

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Our Money Promise

Money Pty Ltd (trading as Money) (ABN 42 626 094 773) Australian Credit Licence 528698 provides information about credit products. Money does not compare all products or issuers available in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. We may receive a commission when you apply for a home loan as a result of outbound links on this website.

This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). The material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. To the maximum extent possible, 62C, Money, their related body corporates or any other person do not accept any liability for any statement in this material.

The information on this website is intended to be general in nature and has been prepared without considering your objectives, financial situation or needs. You should read the relevant disclosure statements or other offer documents prior to making a decision about a credit product and seek independent financial advice. Whilst Money.com.au endeavours to ensure the accuracy of the information provided on this website, no responsibility is accepted by us for any errors, omissions or any inaccurate information on this website.

Interest rates, fees and charges are subject to change without notice. Before acting on any information, you should confirm the interest rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best” these relate solely to the rates of interest offered by the provider and not on any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

The calculator provided on money.com.au is intended for informational and illustrative purposes only. The results generated by this calculator are based on the inputs you provide and the assumptions set by us. These results should not be considered as financial advice or a recommendation to buy or sell any financial product. By using this calculator, you acknowledge and agree to the terms set out in this disclaimer. For more detailed information, please review our full terms and conditions on the website.

Assumptions:

  • The calculations do not account for changes in interest rates or other market conditions that may occur.
  • Results are approximations and may differ from actual payment schedules or amounts.
  • The calculator does not include all fees and charges that you may incur in relation to a financial product.

Limitation

  • This calculator does not guarantee the availability of any financial product or the accuracy of the calculations. Please consult a financial advisor or the relevant product provider to obtain specific advice tailored to your circumstances.
  • money.com.au does not accept any liability for errors or omissions, or for any loss you may suffer as a result of relying on these calculations.
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ABN: 42 626 094 773 / ACL: 528698 / AFCA: 83955
Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C)
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