USED CAR LOAN AND LENDER COMPARISON
Compare Used Car Loans Before You Buy
Compare suitable rates, fees, repayments and loan structures for new, used, dealer and private-sale vehicles through one initial enquiry.
Australia wide
Dealer and private-sale options
Personal and business car loans
No lender submission without your approval
Compare Your Loan Options
Enter your loan details, then your contact information, to see any available indicative repayment range and continue to a lender comparison.
The Car Is Used. Your Finance Should Still Fit.
A used car can offer better value than buying new, but finance is not one-size-fits-all. Lenders may assess the vehicle’s age, kilometres, value and sale type as well as your income, expenses and credit history.
That means the first loan offered may not be the most suitable or lowest-cost option available to you.
iCREDIT reviews potentially suitable options from its lender panel before a formal lender application is submitted. This helps you compare the structure and estimated cost of available loans without making several separate applications.
Why Compare Used Car Finance Before Applying?
Different lenders accept different vehicles
Some lenders place limits on vehicle age, kilometres, purchase price or the age of the car at the end of the loan term. A vehicle that falls outside one lender's policy may still be considered by another.
The lowest rate may not produce the lowest total cost
A loan can include establishment fees, ongoing charges or costs for paying it out early. The comparison rate incorporates the interest rate and most fees.
Comparing first can reduce unnecessary applications
Applying separately to several lenders may create multiple credit enquiries. iCREDIT first reviews potentially suitable options and discusses them with you before submitting a chosen lender application, subject to your consent.
Compare More Than the Interest Rate
Interest Rate
Comparison Rate
Lender Fees
Repayments
Total amount repayable
Loan flexibility
How Used Car Loan Comparison Works
1.
Tell us about the vehicle
2.
We assess suitable options
3.
Compare your loan options
4.
Choose whether to proceed
Dealer Used Car Finance vs Private-Sale Car Finance
Buying from a licensed dealer
The dealer supplies a tax invoice or purchase contract.
Registration and vehicle details are usually readily available.
The lender may settle directly with the dealership.
Dealer finance may be convenient, but it may not show you options outside the dealer's available providers.
Optional products and add-ons can increase the amount financed, so request an itemised drive-away price and loan breakdown.
Buying from a private seller
The lender may request the seller's identification, registration papers and banking details.
Vehicle eligibility, valuation and ownership checks may be required.
Any existing finance over the car may need to be discharged as part of settlement.
The lender may pay the seller or existing financier directly rather than releasing the funds to you.
Not every lender finances private sales, particularly for older or unusual vehicles.
Used Car Loan Options
Secured Used Car Loan
The vehicle is used as security for the loan. Secured loans may offer lower rates than unsecured finance, but the car must meet the lender’s security criteria.
Unsecured Used Car Loan
The vehicle is not used as security. This may be an option for some older vehicles or purchases that do not meet secured-loan criteria. Rates and fees may be higher because the lender does not hold security over the car.
Fixed Rate Loan
The interest rate and scheduled repayments are generally fixed for the agreed term, subject to the contract. Some lenders may allow extra repayments. Check whether early payout charges or repayment limits apply.
Variable-rate loan
The rate and repayments may change during the loan term. Variable loans may provide greater repayment flexibility, but the conditions and fees differ between lenders.
Business-use vehicle finance
If the vehicle will be used mainly for business, commercial finance options may be available. The appropriate structure depends on the business, vehicle use and lender requirements.
Second Chance Loan
If previous credit problems make standard car finance difficult, second chance loan options may be available through specialist lenders. These options may suit applicants with defaults, missed repayments, a limited credit history or previous loan declines.
Estimate Your Car Loan Repayments
Loan Calculator
Estimate repayments instantly with adjustable interest rates.
Compare Your Loan Options
See how repayments may vary across different credit profiles. These examples are indicative only.
Excellent Credit
OK Credit
Below Average Credit
Loan Snapshot
CUSTOMER REVIEWS
Trusted by Australians nationwide for car loan comparisons, helping borrowers find competitive rates and suitable finance options
Customer Reviews
Checks to Make Before Buying a Used Car
Finance approval does not confirm that a vehicle is mechanically sound or good value. Before committing to the purchase:
- Complete a PPSR search
- Arrange an independent inspection
- Confirm the seller and vehicle details
- Check the complete purchase cost
Car Loan Frequently Asked Questions
A used car loan is finance used to purchase a second-hand vehicle. It may be secured against the car or structured as an unsecured personal loan. The available rate, term and amount depend on the applicant, vehicle and lender criteria.
Yes, some lenders finance eligible private-sale vehicles. Additional checks may apply to the seller, ownership, vehicle value and any finance already secured against the car. Not all lenders accept private-sale purchases.
There is no universal maximum age. Some lenders assess the vehicle's age when you apply, while others consider how old it will be when the loan ends. Older vehicles may have fewer secured-loan options, but other finance structures may be available.
Conditional pre-approval is usually helpful because it gives you an indicative budget and more negotiating confidence before you commit to a vehicle. It is not a guarantee of finance; final approval depends on lender conditions, verification and the selected car.
Not in every case. A lender may finance the full eligible purchase price, while another may require a deposit because of the vehicle, loan amount or applicant profile. A deposit can reduce the amount borrowed and total interest, but approval and pricing remain subject to assessment.
Requesting an initial comparison through iCREDIT does not automatically submit a formal application to a lender. If you choose to proceed, the lender may complete a credit enquiry with your consent. Avoid making several direct applications in a short period.
Not necessarily. Dealer finance can be convenient, but the offer may be limited to the dealer's available providers or tied to specific vehicles, terms or pricing conditions. Compare the interest rate, comparison rate, fees, add-ons, term and total amount repayable before deciding.
Tell iCREDIT and the proposed lender before settlement. The lender may require the existing finance to be discharged and may pay the secured party directly. Do not pay a private seller until the ownership, PPSR and settlement arrangements are clear.
Some lenders may allow eligible on-road costs to be included, subject to loan-to-value and borrowing limits. Increasing the loan also increases repayments and may increase total interest. Ask for an itemised breakdown before proceeding.
Often, but the conditions vary. Some loans permit extra repayments or early payout without a specific fee, while others may charge an early-termination or break cost. Check the credit contract before accepting the loan.
Ready to Compare Used Car Loan Options?
Whether you are buying from a dealership, negotiating a private sale or still deciding which car fits your budget, compare the finance before you commit.
Review potentially suitable options and indicative repayments, then choose whether you want to proceed with a lender application.
Call: 1300 350 118
Why iCREDIT
Compare First. Apply With More Transparency
Options matched to the purchase
iCREDIT considers the vehicle, seller type and your stated circumstances when reviewing potentially suitable lenders.
Key costs explained before application
Review indicative rates, comparison rates, repayments, fees, loan term and relevant conditions before choosing whether to proceed.
One guided process
Avoid approaching multiple lenders independently. iCREDIT can help you move from comparison to application and settlement with the selected lender.
