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Get the funds for a used car up to seven years old.
If you're looking to buy a used car, the loans.com.au used car loan lets you cover the cost of a car up to seven years old, with flexible repayment options.
See if it's right for you below.
3 things to know about a loans.com.au car loan
- Fixed interest rate. You will receive a fixed rate, meaning your interest payment will remain the same through the loan term.
- Flexible loan amounts. You can borrow from $5,000 to $100,000.
- Early repayment option. You can repay your loan early without penalty if you're in the last 12 months of your loan term.
| Product Name | Loans.com.au - Used Car Loan |
|---|---|
| Interest Rate (p.a.) | 5.44% (fixed) |
| Comparison Rate (p.a.) | 5.99% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $100,000 |
| Loan Security | Unsecured |
Pros
- Competitive fixed rate
- No ongoing fee
- Balloon payment option
Cons
- Limited loan terms
- Upfront fee
Main points to consider with the loans.com.au used car loan
The loans.com.au used car loan lets you borrow up to $100,000 for a used car up to 7 years old. You'll receive a fixed interest rate from 5.44% with a comparison rate of 5.99% and loan terms from 3 years to 5 years.
You can also choose to make a one-off balloon payment at the end of your term to reduce the size of your interest payments.
Features of a loans.com.au used car loan
- Fixed rate. You'll receive a competitive fixed interest rate from 5.44%
- Loan amount. You can borrow from $5,000 to $100,000. If you're looking to purchase a car cheaper than the minimum amount offered, you have the option of adding your on-road costs into the loan amount.
- Loan term. You can choose to repay the loan over 3 years, 4 years or 5 years.
- Used cars up to seven years old. You can get a loan for a used car that is less than seven years old, based on build date.
- Balloon payment option. You can reduce the size of your regular interest repayments by making a one-off lump sum payment at the end of your loan term.
Fees and charges
- Establishment fee. You'll pay an initial $400 establishment fee.
- Early repayment fee. This will apply if you pay off the loan before the last 12 months of the loan term.
You won't need to pay an ongoing monthly fee and won't need to pay the early repayment fee if you pay off the loan within the last 12 months of the agreed term.
How to apply for a loans.com.au used car loan
You can apply for a loans.com.au used car loan by clicking "Go to Site" above. The application process should take approximately 15 minutes to complete.
You'll need to meet the following criteria to be eligible for a loan:
- Be over the age of 18
- Be an Australian citizen or permanent resident
You'll also need to supply the following as part of your application:
- Proof of identity
- Proof of income
- Details of your assets and liabilities
