Used Car Loans

Found a good used vehicle and need a loan? We've compared a range of used car loans.


Fact checked

IMB Secured Personal Loan

IMB Secured Personal Loan

6.45 % p.a.

fixed rate

6.80 % p.a.

comparison rate

  • No monthly account fees
  • Extra repayments OK
  • Borrow up to $60,000
Security Logo

100% confidential application

IMB Secured Personal Loan

A competitive fixed rate loan available from $2,000 that you can use for any worthwile purpose.

  • Interest rate: 6.45% p.a.
  • Comparison rate: 6.8% p.a.
  • Interest rate type: Fixed
  • Application fee: $275.12
  • Minimum loan amount: $2,000
  • Maximum loan amount: $60,000
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Compare used car loans available in Australia

Data indicated here is updated regularly
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
IMB Secured Personal Loan
6.45% (fixed)
1 to 5 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
You'll receive a fixed rate of 6.45% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
Beyond Bank Low Rate Car Loan
4.89% (fixed)
1 to 7 years
You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
CUA Secured Fixed Car Loan
6.79% (fixed)
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Greater Bank Secured Personal Loan
From 6.49% (fixed)
1 to 7 years
You’ll receive a comparison rate of 6.88% p.a. on funding from $5,000 - $100,000.
Loans are available on terms of up to 7 years and asset security is required. Get approved in as little as 24 hours.
NRMA Used Car Loan
From 6.99% (fixed)
1 to 7 years
You'll receive a fixed rate from 6.99% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Credit Concierge Car Loan
From 4.45% (fixed)
1 to 7 years
You'll receive a fixed rate of 4.45% p.a. with a comparison rate of 5% p.a.
Get access to over 20 providers to fund a new or used car.

Jump Payments Car Loans
From 4.47% (fixed)
1 to 7 years
$295 (Varies by lender, starting from $295)
You'll receive a fixed rate from 4.47% p.a. and comparison rate from 5.28% p.a.
Borrow between $5,000 and $250,000. Get access to customised finance options.
RateSetter Car Loan
From 4.89% (fixed)
3 to 7 years
$399 (from $249 to $799)
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a RateSetter Car Loan and benefit from no early repayment or exit fees.

Compare up to 4 providers

A pre-owned vehicle can make a good choice if you need a first or next car. You can get a good deal because you're not buying it brand new and there are can be more room to negotiate if it's a private sale. If you don't have the full amount ready to make your purchase, you have a range of financing options available to consider.

What is a used car loan?

A used car loan is a secured loan product that uses the vehicle you're purchasing as security and in return, you get a competitive interest rate. These loans operate in much the same was as a secured car loan.

Read our used car loans guide below and find out all the options available to you.

How does a used car loan work?

With a used car loan you can either apply for your loan first and get pre-approval so you know how much money you have to spend on a vehicle, or you can find the vehicle you want to purchase and then apply for your loan. Either way, the lender will need all the vehicle's details before you can be fully approved.

You can usually apply for a loan of between $2,000 and $70,000 and will have between one and seven years to repay. Lenders will have restrictions on the type of car you can finance, for example, you may not be able to finance a vehicle which will be over 12 years old at the end of the loan term.

Repayment flexibility differs between lenders but you are normally able to select weekly, fortnightly or monthly repayments. You may be able to pay off your car loan early without penalty or make additional payments without additional fees.

If you are approved for the loan the lender may prefer to pay the car seller directly or may send the funds to you to pay the seller. Discuss this with your lender before you apply.

List of used car loans available in Australia

  • IMB Secured Personal Loan: 6.8% p.a. comparison rate. A car loan with a competitive rate that allows you to finance a used vehicle up to 5 years old.
  • RACV Personal Loan: 7.19% p.a. comparison rate. A personal loan that allows you to finance a used vehicle up to 7 years old.
  • NRMA Used Car Loan: 7.7% p.a. comparison rate. A used car loan with no monthly fees.
  • Bank Australia Car Loan: 6.66% p.a. comparison rate. A car loan suitable for used vehicles that also offsets your carbon emissions.

Watch: Should you get a loan for a used car?

How old a car can I finance with a used car loan?

If you want to use your used car as security for the loan, each brand has different criteria. Here are the age limits for some of the lenders you can compare in the table above:

LenderProduct nameMaximum age of carLoan amountFind out more
ANZANZ Online Secured Car Loan7 yearsFrom $7,500Details
Beyond BankBeyond Bank Low Rate Car Loan6 yearsFrom $5,000Details
Beyond BankBeyond Bank Flexi Car LoanOver 6 yearsFrom $5,000Details
CUACUA Secured Fixed Car Loan7 yearsFrom $5,000Details
IMBIMB Secured Personal Loan6 years$2,000 to $60,000Details
NRMANRMA Used Car Loan10 years$5,000 to $130,000Details
RACVRACV Used Car Loans10 yearsFrom $5,000Details
St.George BankSt.George Secured Personal Loan - Fixed Rate12 years at loan expiry$3,000 to $80,000Details
Suncorp BankSuncorp Bank Secured Car Loan7 years$5,000 to $80,000Details
WestpacWestpac Car Loan7 years$10,000 to $100,000Details

What types of used car loans are available?

There are usually two types of used car loans, a secured loan and an unsecured used car loan.

  • Secured car loan. These loans offer the most competitive rates as you are required to offer your car as security for the loan. Check that your used car will be eligible to be used as security and remember that it's likely you'll only be able to borrow as much as the value of the vehicle.
  • Unsecured car loan. If your vehicle doesn't qualify as security for a lender or you want to borrow additional funds for something else, you might want to consider an unsecured car loan is a loan. These loans come with slightly higher rates but also more flexibility in how you use the loan.
  • Dealership finance. When you're shopping for a car you will see a lot of dealership financed deals advertised and they are another option to consider. This financing works by you paying low interest and repayments for the majority of your term and then a balloon payment, usually a few thousand dollars, at the end of the term. Make sure you find out all the details of the finance before you apply.

How do I compare used car loans?

Securing the right finance is as important as finding the right car. Some car loan terms extend up to seven years, so it can be with you a long time. Here's what to look at to find the right finance:

  1. Interest rate. The interest rate should be the first thing you should consider when you are comparing used car loans. Compare loans with similar features to ensure you get a competitive rate and make sure you look at the comparison rate as well as it includes fees as well as interest.
  2. Fees. Lenders can charge a range of fees on used car loans. These can include upfront fees such as application fees, ongoing fees such as monthly and annual fees and penalties such as early repayment fees.
  3. Flexibility. Find out how flexible your loan can be. Can you make additional and lump-sum payments during your loan term? Are you able to repay your loan early without penalty? If you do make additional repayments, can you get these back using a redraw facility, and are there any restrictions regarding this facility?

Frequently asked questions about used car loans

Should I buy a car that's under finance?

You can read our guide on whether buying a car under finance is a good option or not. Generally, there is nothing wrong in buying a financed car but you'll need to be cautious and do a bit of due diligence before committing.

Can I check the safety ratings of a used car?

Yes, you can. The Australasian New Car Assessment Program (ANCAP) rates cars from 1 to 5 in terms of safety. Read our comprehensive guide, check your car's safety rating and learn what it means.

How do I inspect a used car?

When you inspect a used car or go for a test drive, an exhaustive used car buyer's checklist will help you decide. Some of the things that you'll need to check are the car's interiors, exteriors as well as how smoothly it drives.

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 5.45% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 5.69% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for Stratton Finance New Car Loan
Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

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40 Responses

  1. Default Gravatar
    steveSeptember 28, 2018

    I am looking to secure a $50,000 car loan. I have been told that you can pay off lump sums without penalties with some finance companies, but I am a little skeptical of this. Please clarify.



    • Avatarfinder Customer Care
      JeniOctober 1, 2018Staff

      Hi Steve,

      Thank you for getting in touch with finder.

      Repaying a car loan early without penalty is another common feature of variable rate car loans, however it is still best to check if you are able to make extra or lump sum repayments as well as if an early prepayment or early termination fee applies.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


  2. Default Gravatar
    JadeMarch 30, 2018

    I’m currently bankrupt and have gained casual employment and need a car am I able to apply for a loan somehow

    • Default Gravatar
      JoelMarch 30, 2018

      Hi Jade,

      Thanks for leaving a question on finder.

      You can get a loan if you are a discharged bankrupt or even if you are currently bankrupt. You will be more limited in terms of the lenders you have to choose from, and the fees and rates will also be higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. Find out about your loan options HERE and see what you might be eligible for.


  3. Default Gravatar
    jj93February 7, 2018

    I am a PhD student and am struggling to find a car loan as most places aren’t accepting of the scholarship as a wage – is there any places I should try applying for?

    • Avatarfinder Customer Care
      MayMarch 1, 2018Staff

      Hi jj93,

      Thanks for your inquiry.

      When getting a car loan and you’re a student, it be work doing your home work on which lender would accept your form of income whether it be from casual work, permanent part-time work or Centrelink payments. Not sure though for scholarship wages. Also when getting a student car loan, you may need to have a guarantor or co-borrower who can take on the legal and financial responsibility for the debt incurred with your car loan if you default or fail to make the repayments.

      While we can’t recommend a specific lender to you and are not sure of your approval, you may like to check the guide on student car loans on this page.


  4. Default Gravatar
    MichaelFebruary 7, 2018

    Hi Im looking at purchasing a 1986 Van for work, I have owned and operated a company since 2012.

    What is my most affordable options

    • Default Gravatar
      Ash MunozFebruary 17, 2018

      Hi Michael,

      Thank you for reaching out to us.

      If you are looking for a used Van, you may refer to the above list of lenders that offer used car loans. If you’ve chosen a brand and you think you are eligible, please click on the ‘Go to site’ button to be redirected to the lender’s official site and apply from there. Otherwise, some other car loans you may consider and compare are on these pages:

      “Best Car Loans”
      New Car Loans
      Car Loans
      Low-Interest Car Loans

      I would suggest that you review the features and details of the loan and the eligibility requirements and consider whether the loan is right for you. You can also contact the lender to discuss your options.

      I hope this helps.

      Please do not hesitate to reach out to us again if you have additional questions.


  5. Default Gravatar
    nurse31August 2, 2017

    i want to borrow enough to paid off my existing car loan and buy two more cars one for me and one for my fiance . The two of us will be making the repayments

    • Avatarfinder Customer Care
      DeeAugust 3, 2017Staff

      Hi there,

      Thanks for your question.

      If you are looking to borrow jointly to pay for your existing car loan and to have extra money, you may compare joint account personal loans here.


  6. Default Gravatar
    PiousMay 2, 2017


    i would like to buy a used car and my budget is two lakhs.
    so please advise me about the loan and how much i can get and what will be the interest.

    Anticipating your replay,

    • Avatarfinder Customer Care
      DeeMay 2, 2017Staff

      HI Pious,

      Thanks for your question.

      Unfortunately, the loan products we have listed on our page are only available to Australian residents.

      You may have to directly contact a local lender for your borrowing needs.


  7. Default Gravatar
    PatriciaMarch 26, 2017

    Can a 457 visa holder who just arrived in Australia get a second hand car financing? If yes, what should be the requirements?

    • Avatarfinder Customer Care
      MayMarch 27, 2017Staff

      Hi Patricia,

      Thank you for your inquiry.

      On this page, you would find our guide on getting a personal loan if you are on a visa. Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.


  8. Default Gravatar
    DraganFebruary 6, 2017

    Any recommendations for a car load for some on centrelink benefits? Credit rating is good and there are no defaults or similar. Never been bankrupt or anything like that

    • Avatarfinder Customer Care
      DeeFebruary 6, 2017Staff

      Hi Dragan,

      Thanks for your question.

      Kindly note that we are a financial comparison and information website and we are unable to recommend specific products or services to our users.

      In the page above, you can take advantage of the loan calculator to see which loan product can give you low monthly repayments. Before clicking the ‘go to site’ button to submit an application, be sure to read the eligibility criteria and requirements needed by clicking the name of the loan on the table.


  9. Default Gravatar
    TeresaAugust 18, 2016

    Hi my name is Teresa I’m trying to get another car or ford wheels I’m on a pension I have now $700 put away for a car can anyone help me

    • Avatarfinder Customer Care
      ElizabethAugust 18, 2016Staff

      Hi Teresa,

      You can find a full list of loans available to those on the pension on this page.

      I hope this will help,


  10. Default Gravatar
    RodrigoAugust 10, 2016


    Currently I have on going loan with Macquarie finance and interest rate is around 12% p.a with 3 years remaining. Balance amount is $26k.
    My monthly payment is $780.
    I want to change for lower interest so I’m planning to refinance. To do that I was asked to pay a cancellation fee.
    Would you know what is the average penalty fee in the market for comparison?

    • Avatarfinder Customer Care
      ElizabethAugust 10, 2016Staff

      Hi Rodrigo,

      You can check a list of early repayment fees for lenders on this page.

      Hope this helps,


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