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Most lenders in Australia require applicants to:
Some lenders offer low-doc car finance for self-employed borrowers who may not have traditional income documentation.
Interest rates for car loans vary depending on the lender, borrower profile and loan structure. Factors that may influence the rate offered include:
Secured car loans typically offer lower interest rates than unsecured loans due to the reduced risk for the lender.
Used car loans are a type of car finance designed for the purchase of pre-owned vehicles, allowing you to spread the cost over time through regular repayments. Instead of paying the full purchase price upfront, a used car loan lets you secure the vehicle now and repay the balance in structured instalments that suit your budget and financial circumstances.
In Australia, used car loans can be arranged through banks, specialist lenders, dealerships, or a finance broker. The loan structure, interest rate, and approval process will vary depending on factors such as your employment type, credit history, deposit amount, and the age and condition of the vehicle, as well as whether it is being purchased for personal or business use.
While interest rates on used car loans can vary more depending on the vehicle and borrower profile, they remain a flexible and accessible option for many borrowers. Used car finance provides a practical pathway to vehicle ownership, with tailored lending solutions to suit a wide range of financial situations.
Used car loans allow you to borrow a lump sum to purchase a pre-owned vehicle and repay it over an agreed term, typically between one and seven years. Repayments can be structured weekly, fortnightly, or monthly, and include both principal and interest.
Once approved, the lender pays the seller directly, and you begin repayments in line with your loan agreement. The total cost of the loan will depend on factors such as the interest rate, loan term, deposit amount, the age and condition of the vehicle, and any applicable fees.
Used car loans are typically structured as secured loans, with the vehicle used as collateral. However, depending on the lender and the age of the vehicle, unsecured options may also be available, which can offer additional flexibility.
Finance a used car with Avero Finance. We compare used car loan rates across 80+ lenders. Older vehicles and high-kilometre cars considered. Apply today.