Used Car Loans
Drive away with a competitive personalised interest rate on your next used car with Savvy.
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Savvy Editorial TeamFact checked
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.
Our used car loan features and benefits
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 competitive interest rates on offer through trusted Australian financiers, you can save hundreds on your car finance by applying through us.
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
A trusted brand
Our more than ten years in the industry has given us invaluable knowledge of loans and lenders, which we share with you.
Fast approvals and settlement
From quick quote to settlement, we can process your application in as little as 48 hours with our advanced digital platform.
More choice, better rates
We give our customers more choice when it comes to lenders, with over 25 of Australia’s top financiers on our panel.
How to apply for financing for a used car
Submit your application
The first step to take in this process is to fill out our application form. This lets us know more about you and the type of car you want.
Once you submit this, our advanced system pairs your details with a range of lenders which are the best match for your profile.
Your Savvy consultant then gathers a selection of the best offers and presents them to you to choose from. You can compare these options in areas such as interest rate, repayment flexibility and car age restrictions.
Have your formal approval organised
Once you’ve chosen your loan, we submit your formal application directly to the lender and ensure that it passes their qualification criteria.
Having your application and documents in your consultant’s hands is safer, as they understand the requirements of each of our lending partners inside and out, so they can help prevent your credit score from being affected by a rejection. For instance, you could be rejected for having a car that doesn’t fit with your lender’s age or manufacturing requirements.
Typically, you’ll receive a formal offer with in one business day from your lender.
Select the used car you want to buy
The next step is to find and select the car you want to purchase as part of your financing agreement. You can choose to buy your car from a used car dealership or private seller as part of this arrangement up to the age of 20 (at the time of purchase).
Realistically, you can choose almost any car you like for financing, as we can help you access funding for used cars beyond the upper age limit with an unsecured personal loan. This sidesteps the need for you to ensure your car is suitable as collateral and holds substantial resale value.
Sign your agreement and the car is yours
After everything has been confirmed between the two parties, your lender will send you a digital copy of the final loan agreement to sign.
You can do this via our platform, where we offer the chance for you to sign it electronically and have it sent straight back to the lender.
Once they receive this, your loan funds will be sent through to your seller and the ownership of the used car is transferred to you.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 3340 customers.
Frequently asked second-hand car finance questions
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.
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.
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.
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.
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.
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.
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.
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.