Used Car Loans

Drive away with a competitive personalised interest rate on your next used car with Savvy.

No obligation. It won't affect your credit score.

Last updated on April 19th, 2022 at 03:32 pm by Thomas Perrotta

Compare used car loans

Many Australians prefer to buy used instead of new for a variety of reasons. After all, the average age of cars across Australia is 10.1 years old, as per the ABS’ data. They’re generally a fair bit cheaper and have less depreciation left in their lifetime than a new car. 

That’s why Savvy is here to help you find the perfect car loan to suit your needs, with our diverse panel of lenders who can finance vehicles without any age restrictions. We take you all the way through the application process to help you find the right loan to finance your second-hand car. 

Get in contact with us today with a quick quote to get your application up and running and find the best used car loans with Savvy.

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Our used car loan features and benefit

Cars up to 20 years of age

We can help you find secured financing for cars from a range of makes and models up to 20 years of age at the time of purchase.

Buy private or from a dealer

You can choose whether to buy your car from a private seller or head to a used car dealership and we can help you find financing.

Competitive interest rates

With interest rates from just 3.99% p.a. (4.36% p.a. comparison rate), you can save hundreds on your car finance with our panel of lenders.

Borrow anything upwards of $5,000

With financing available up to the maximum value of your car, you can buy vehicles of all different types with a car loan.

Repay your loan over one to seven years

Shape your repayments by deciding how to service your loan; you can choose a short term or smaller repayments over a longer period.

Car requirements

Your used car can be Australian-made or manufacturer-imported and not have been written off in the past.

Available to different types of borrowers

We accept all employment and credit history types, with loans available to full-time, part-time, casual and self-employed workers.

Low fees

Pay up to $600 for your application fee and up to $20 monthly, as well as up to $600 to $900 for early repayment, although these vary in cost and can be waived altogether by lenders.

Why so many Australians come to Savvy for used car finance

How to apply for financing for a used car

Frequently asked second-hand car finance questions

How old can my used car be?

We can help you access financing for second-hand cars up to 20 to 25 years old, with some of our lenders offering finance for older cars that reach this age or beyond. Similarly, not all lenders offer this, but our flexible partners are here to work with you to help you buy the car you’re looking for.

Alternatively, you can also look to an unsecured personal loan with one of our lending partners, which enables you to purchase any car you’d like without worrying about its age.

Can I get a used car loan with a bad credit score?

Yes – at Savvy, we can help you buy your new car even if you’re struggling with your credit score with a bad credit car loan. While not all lenders are willing to work with customers who have imperfect credit ratings, we partner with a range of lenders of different types to ensure we can cater to your needs.

Can I borrow to cover my insurance policy?

Yes – all cars bought under finance must have a comprehensive policy taken out to cover them and you can arrange for this cost to be included in your loan. You can also borrow to cover further costly vehicle-related expenses, such as registration and stamp duty.

 

How do I reduce my interest rate to find the best finance deals?

There are several key ways that you can reduce your credit score, even if you’re buying a second-hand vehicle.

Your credit score plays a major role in determining your used car loan rate, so the better your rating, the better your interest. Also, owning a significant asset such as property and having verifiable existing credit will help reduce your rate on your loan.

Can I access finance if I want to buy a used car for commercial purposes?

Yes – if you’re looking at financing a car for your business, we can help you access loan products such as a chattel mortgage or car lease to help you purchase used vehicles.

Can I buy a used car if I’m on government benefits?

Yes – we work with lenders who accept a diverse range of income streams as part of their car financing, including Centrelink payments, with used cars often being a preferred option due to their cheaper cost. Some of these include Age and Disability Pension, family tax benefits and Veterans’ Service Pension.

However, it’s important to note that not all income sources are eligible, such as Youth Allowance, JobSeeker and Austudy.  

Am I able to repay my car loan early?

Yes – our lending partners offer free additional repayments on car loans, meaning you can contribute more to your loan and pay it off ahead of schedule. For example, if you contributed an extra $100 per instalment on your five-year, $50,000 car loan at a 5% rate, you can save over $700 in interest and cut down your loan term by six months.

Do demo cars count as used?

Yes – ex-demonstrator cars do count as used and come with a variety of benefits for buyers. These cars often come with little kilometrage, meaning that you’re purchasing a near-new vehicle for a used vehicle price.

Speak with your Savvy consultant about purchasing a demo car.