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Used car loans

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Loan Amount

$30,000

Term

5 months

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Featured
OurMoneyMarket

New & Used Car Loan | No Fee, Excellent Credit | No Vehicle Age Limit

EST Monthly Repayment
$583.48 Inclusive of fees
Advertised Rate
6.25%
Advert. Rate (p.a)
Comparison rate
6.88%
Comp. Rate (p.a.)
GO TO SITE
A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.
Featured
MoneyPlace

New Car Loan (Excellent credit)

EST Monthly Repayment
$587.27 Inclusive of fees
Advertised Rate
6.52%
Advert. Rate (p.a)
Comparison rate
6.95%
Comp. Rate (p.a.)
GO TO SITE
Great value finance for new or ex-demo cars. Borrow up to $80,000 to buy your dream car. Check your rate today.
Featured
Now Finance

NOW Finance Secured No Fee Personal Loan - Excellent

EST Monthly Repayment
$590.50 Inclusive of fees
Advertised Rate
6.75%
Advert. Rate (p.a)
Comparison rate
6.75%
Comp. Rate (p.a.)
GO TO SITE
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 21.65% p.a.*
OurMoneyMarket

New & Used Car Loan | No Fee, Excellent Credit | No Vehicle Age Limit

New & Used Car Loan | No Fee, Excellent Credit | No Vehicle Age Limit
EST Monthly Repayment
$583.48 Inclusive of fees
Advertised Rate
6.25%
Advert. Rate (p.a)
Comparison rate
6.88%
Comp. Rate (p.a.)
GO TO SITE
A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.
MoneyPlace

Used Car Loan (Excellent credit)

Used Car Loan (Excellent credit)
EST Monthly Repayment
$589.24 Inclusive of fees
Advertised Rate
6.66%
Advert. Rate (p.a)
Comparison rate
7.09%
Comp. Rate (p.a.)
GO TO SITE
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
Now Finance

NOW Finance Secured No Fee Personal Loan - Excellent

NOW Finance Secured No Fee Personal Loan - Excellent
EST Monthly Repayment
$590.50 Inclusive of fees
Advertised Rate
6.75%
Advert. Rate (p.a)
Comparison rate
6.75%
Comp. Rate (p.a.)
GO TO SITE
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 21.65% p.a.*
Now Finance

NOW Finance Unsecured No Fee Personal Loan - Excellent

NOW Finance Unsecured No Fee Personal Loan - Excellent
EST Monthly Repayment
$590.50 Inclusive of fees
Advertised Rate
6.75%
Advert. Rate (p.a)
Comparison rate
6.75%
Comp. Rate (p.a.)
GO TO SITE
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Driva

Driva - Unsecured Car Loan

Driva - Unsecured Car Loan
EST Monthly Repayment
$603.28 Inclusive of fees
Advertised Rate
7.65%
Advert. Rate (p.a)
Comparison rate
9.53%
Comp. Rate (p.a.)
GO TO SITE
Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.
NRMA

NRMA Used Car Loan (Credit Score +832)

NRMA Used Car Loan (Credit Score +832)
EST Monthly Repayment
$615.35 Inclusive of fees
Advertised Rate
8.49%
Advert. Rate (p.a)
Comparison rate
9.19%
Comp. Rate (p.a.)
GO TO SITE
NRMA used car loans can help you get one step closer to owning your dream pre-loved car.
MoneyPlace

Used Car Loan (Good credit)

Used Car Loan (Good credit)
EST Monthly Repayment
$645.86 Inclusive of fees
Advertised Rate
10.57%
Advert. Rate (p.a)
Comparison rate
11.80%
Comp. Rate (p.a.)
GO TO SITE
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
MoneyPlace

Used Car Loan (Average credit)

Used Car Loan (Average credit)
EST Monthly Repayment
$684.90 Inclusive of fees
Advertised Rate
13.15%
Advert. Rate (p.a)
Comparison rate
14.42%
Comp. Rate (p.a.)
GO TO SITE
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
Arab Bank

Secured Personal Loan

Secured Personal Loan
EST Monthly Repayment
$656.77 Inclusive of fees
Advertised Rate
11.30%
Advert. Rate (p.a)
Comparison rate
12.32%
Comp. Rate (p.a.)
GO TO SITE
An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.
NAB

Variable Rate Personal Loan

Variable Rate Personal Loan
EST Monthly Repayment
$677.84 Inclusive of fees
Advertised Rate
12.69%
Advert. Rate (p.a)
Comparison rate
13.56%
Comp. Rate (p.a.)
GO TO SITE
Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day
Bank of Melbourne

Unsecured Personal Loan

Unsecured Personal Loan
EST Monthly Repayment
$678.61 Inclusive of fees
Advertised Rate
12.74%
Advert. Rate (p.a)
Comparison rate
13.81%
Comp. Rate (p.a.)
GO TO SITE
Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)
Commonwealth Bank

Fixed Rate Personal Loan

Fixed Rate Personal Loan
EST Monthly Repayment
$682.44 Inclusive of fees
Advertised Rate
12.99%
Advert. Rate (p.a)
Comparison rate
13.86%
Comp. Rate (p.a.)
GO TO SITE
We have dropped the rate on our 5 and 6 year loan terms.
Beyond Bank

Flexi Car Loan

Flexi Car Loan
EST Monthly Repayment
$689.52 Inclusive of fees
Advertised Rate
13.45%
Advert. Rate (p.a)
Comparison rate
13.71%
Comp. Rate (p.a.)
GO TO SITE
Make your dreams come true with a car loan that offers maximum flexibility. Our Flexi Car Loan is available for the purchase of new and used cars.
NAB

Fixed Rate Personal Loan

Fixed Rate Personal Loan
EST Monthly Repayment
$690.14 Inclusive of fees
Advertised Rate
13.49%
Advert. Rate (p.a)
Comparison rate
14.36%
Comp. Rate (p.a.)
GO TO SITE
Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day
Credit Union SA

Variable rate car loan

Variable rate car loan
EST Monthly Repayment
$691.84 Inclusive of fees
Advertised Rate
13.60%
Advert. Rate (p.a)
Comparison rate
13.89%
Comp. Rate (p.a.)
GO TO SITE
The variable rate personal loan is unsecured.
Macquarie Credit Union

Used Car Loan 5 years +

Used Car Loan 5 years +
EST Monthly Repayment
$696.49 Inclusive of fees
Advertised Rate
13.90%
Advert. Rate (p.a)
Comparison rate
14.11%
Comp. Rate (p.a.)
GO TO SITE
With all the great features of our new car loan, this loan is designed for used cars over 5 years old.
Arab Bank

Unsecured Personal Loan

Unsecured Personal Loan
EST Monthly Repayment
$698.05 Inclusive of fees
Advertised Rate
14.00%
Advert. Rate (p.a)
Comparison rate
14.99%
Comp. Rate (p.a.)
GO TO SITE
An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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What type of car loan are you looking for?

Tips for comparing used car loans

Overview

A car loan is a specific type of loan used for the purpose of purchasing a vehicle, such as a car, van, truck, motorcycle, or other motorized vehicles. A car loan is typically used when the borrower can not afford to purchase the vehicle with cash, but can afford to pay off a loan in monthly instalments.

Types of car loans

New car loans are for buying brand new cars (lenders will offer new used car loans for cars for up to five years old) where the interest rate is likely to be lower. A new car loan will typically use the car as an asset to secure the loan.

Used car loans are available for cars that are five year old or more. A used car loan is usually a secured loan, with the car as the asset.

Unsecured car loans are available for older cars that banks do not see of value in securing. Unsecured loan interest rates are typically higher than secured used car loans.

Pros of a car loan:

  • Car loan payment terms can be up to 10 years
  • Borrowers can borrow large amounts with most financial institutions
  • The debt is fixed, meaning that repayment made will lower the premium and no more debt can be added
  • The average interest rate for a car loan is usually lower than other loans such as personal loans or credit cards
  • A fixed interest rate loan makes it easy for the borrower to plan repayments and stick to a budget

Cons of a car loan:

  • Some financial institutions will place restrictions upon the makes and models of vehicles it will accept for a car loan
  • Borrowers can not increase the amount of debt to cover operating or maintenance costs
  • The car can be repossessed (in the case of a secured loan) or the borrower taken to court (in the case of an unsecured loan) if the repayments are not met

Who can apply for a loan?

Most permanent residents of Australia are eligible to apply for a car loan if they are 18 years or older and can verify their income. While many financial institutions will turn down the loan application of a prospective buyer with poor credit, there are some institutions willing to lend to someone with a poor credit history if the loan is secured against the value of the car.

What other types of used car loans are available?

In addition to the secured new and used used car loans and the unsecured car loan discussed above, you could compare used car loans based on features such as early repayment fees, repayment schedules and up-front fees.

A car hire purchase is another option for the prospective borrowers. Each payment made towards a car hire purchase reduces the purchase price of the car.

A car lease is yet another option for the borrower to have a vehicle for business use. In this case, the financial institution purchases the car and the borrower makes payments on it for an agreed-upon term in exchange for the use of the car.

A novated lease is the when an employer makes an arrangement to pay a lease out of the borrower’s before-tax salary. At the end of the lease period, the borrower will have the option of purchasing the car or upgrading to a new model. This is a great option to reduce your taxable income at the end of the year.

What else should you consider when you compare used car loans?

  • The interest rate. Ensure that the interest rate you are offered is competitive for your financial situation and the vehicle you are purchasing.
  • The loan term length. The shorter the loan, the less it will cost you in interest.
  • Balloon payment. Some loans will require a larger sum payment at the end of the loan term. This is especially common with dealership lenders.
  • Repayment frequency. Check to see how often you will need to make a payment and if you will be penalized for paying off the loan early.
  • Fees or additional costs. Sometimes a loan with a higher interest rate with fewer hidden fees is more economical in the long run. Monthly account fees and establishment fees are common with used car loans.
  • It is likely your lender will insist upon valid car insurance during the life of the loan as additional protection for the car as the security of the loan.

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Bestfind.com.au provides factual information in relation to financial products. While Bestfind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the produc provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Bestfind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Bestfind.com.au. Bestfind.com.au recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Bestfind.com.au’s Terms of Use and Services Guide.

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