Car Loan for Used Cars

A good second-hand car can be bought with the help of a car loan for used cars or used car finance. Basically, car loans for used cars are offered at highly attractive interest rates and come with a repayment tenure of up to seven years. Most lenders provide these kinds of car loan deals of up to 100% of the car’s value and let you make repayments according to a pre-agreed schedule. After the final used car loan payment clears, the car is 100% yours. Self-employed individuals and salaried employees usually avail of these types of auto repair loans. 

To delve deeper, used car finance comes in two main types: secured and unsecured. With secured car loans, your purchased vehicle serves as collateral for the lender. On the other hand, unsecured loans don’t come with collateral. As there is more risk for the lender, used car finance rates for this type of loan are high, compared with other car loan for used cars. 

To get started with your car loan for used cars, MONEYME has an online payment calculator where you can evaluate your financial capacity to repay and avail of a loan. Using our personal loan calculator widget, you can select the personal loan amount, ranging from $5,000 to $50,000. Once the loan amount you want was clicked, you can choose your preferred loan repayment period, ranging from one to five years.

If you’re planning on purchasing a pre-owned vehicle using a car loan for used cars, you might like to know more about the best car loans offered in the market that guarantee the most competitive interest rates on a used car loan. 

The average interest on a car loan for used cars varies depending on each bank and online lender. Keep in mind too that used car loan interest rates may be a little bit higher than those with a new car loan. The only benefits you can surely get in this type of car loan include the following: 

• Lower monthly payments
• Better vehicle value over time
• Long repayment tenure
• The process to apply for a loan is simple and can be completed online
• Minimum paperwork needs to be submitted

When choosing the best car loan for used cars, there is no better option than MONEYME. As one of the leading online lenders trusted by Australians, you can enjoy competitive interest rates that stand out among other lenders in the market. Using our online repayment calculator and transparent and simple pricing rates available on our website, you can easily make car loan comparisons based on other factors reflected here such as the following: 

• Interest rate
• Comparison rate
• Establishment fee
• Monthly fee
• Loan terms
• Early exit fees

With an average lifespan of a car once produced is revealed to be around eight years, or equivalent to 240,000 km of driving, Australian buyers are continuously getting convinced to resort to car loan for used cars rather than purchasing a new one. 

Although the process is no different from what you would experience with securing a loan for a new vehicle, here are some factors that you need to take a look at before getting a car loan for used cars:

• Set a budget.
• Do some research and comparison to find the most competitive loan terms. 
• Get pre-approval (pre-approved car loan) to increase your chances of getting approved.
• Pick a car that fits your needs and budget.
• Decide on a loan type that will best cater to your needs.
• Seek help from a professional to assess and finalise your car finance options.
• Start your application.

Getting a car loan for used cars doesn’t have to be a tedious process. With MONEYME, we simplified our second-hand car loan process because this is what every customer deserves to experience. By operating 100% online, you can easily submit your application and get an approval within minutes. 

The usual approval time of a car loan for used cars takes about one to three business days, including the time funds will show up in your account. 

Banks and credit unions tend to take longer than online lenders, while dealerships are known to be faster than lenders. Online lenders tend to have a quicker turnaround than banks, especially on pre-approvals because of their availability online. Typically, you may see a response the same day. However, lenders won’t be able to fully approve your application and release funds for your loan without first receiving proof of income, employment, and citizenship. 

In some cases, the application slows down even more when a potential borrower is required to present more supporting documents to validate his or her eligibility to be granted a loan. This happens mostly to borrowers with a less-than-pristine credit score or history. In addition, buying from a private seller rather than a dealership can also take longer.

For faster and more convenient car loan applications, choose MONEYME. As one of Australia’s favourite and fastest online lenders, we back your ambitions with our simplified and hassle-free loan process that you can only find with us. With loan amounts ranging from $5,000 to $50,000 and flexible repayments with no early-exit fees, there’s no denying that we offer only the best. You can apply, get approved, and receive your funds all on the same day!

Check out MONEYME today and let us kick off your car financing journey.