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Second-Hand Car Loan

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Monthly repayment from


Example interest rate

9.20 %

Comparison rate*

10.58 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

Second-Hand Car Loan

As everyone seeks to secure less risky methods than public transport, the second-hand car loan is now booming. As with any kind of loan, a second-hand car loan has many types that every borrower needs to assess and consider. Basically, unsecured loans and secured loans are the two choices when it comes to car loans. By knowing each of its advantages and disadvantages, you can assess which one is best for you. In addition, you might want to also think about a redraw facility, repayment frequency, and balloon payments associated with a second-hand car loan. 

If in doubt about which kind of second-hand car loan is right for you, come to MONEYME. You can enjoy flexible repayments with no early-exit fees, and the money can get straight to your wallet quickly once your loan is approved. Our car loans are also unsecured, which means you will not lose your asset if you default. With a maximum loan amount of $50,000, MONEYME is now one of Australia’s favourite and fastest online lenders. 

How does a second-hand car loan work?

If you’re one of the Australians who can’t pay for a car in cash, then try considering a second-hand car loan. When you get approved for a car loan for used car, lenders will give you the option to pay for your purchase in affordable monthly instalments instead of a lump sum payment. Typically, a second-hand car loan can be compared to a personal loan or a new car loan in terms of the application process, the fees, the charges, and the inclusion of interest rates. If you’re considering the used car finance option, you’d apply for a loan with a lender. Once approved, you’d pay it off according to your loan terms, including the interest, and it is payable from twelve months to five or up to seven years. 

In most cases, a second-hand car loan is usually secured. Secured loans only imply that the asset being purchased will serve as your collateral for the loan. Additionally, defaulting on the loan means that the lender has the power to repossess the asset and sell it to recover its losses.

If you are looking for unsecured car loans that don’t require a car as collateral for a second-hand car loan, MONEYME is the key. Choosing us means that you can enjoy lower interest rates than any traditional lenders and the top four banks in Australia and loan approval within minutes after applying.

What are the benefits of a second-hand car loan?

Opting for a second-hand car loan rather than a new one can save you a huge amount of money in several ways. Here’s why:

Less vehicle depreciation

A used car is widely known to offer much less depreciation compared to a new vehicle. This is because brand new cars depreciate the moment they leave the lot, but a used vehicle equals slower depreciation, connoting a more stable loan-to-value ratio.

Reduced car insurance costs

The value of the car is the prime factor of consideration in determining the cost of a vehicle. Because a used car has lesser value than a new vehicle, the cost of insurance in a used car loan is also the same.

Lower dealership fees

Used car finance rates associated with a used vehicle are less expensive than the fees that come with a new vehicle. Why? The value of the vehicle speaks for the fees and charges behind it. This only means that if you are lacking in cash to buy a car, choose a used car using a second-hand car loan. 


When your wallet might be too tight to get a new car, a second-hand car loan is there to save you with your aim to secure a second-hand vehicle loan. A used vehicle is way more affordable than a new one in terms of the car value, interest rate, insurance costs, and other fees and charges that are usually associated with a car.

How to apply for a second-hand car loan?

Applying for a second-hand car loan with MONEYME is almost the same as with other auto financing deals. The main difference is that with other lenders, you may be asked to provide additional supporting documentation, such as asset ownership. MONEYME only requires read-only access to your bank statements for the past 90 days.

The first step is to fill out our online application form. You’ll need to provide some personal details, like your name, contact information, and driver’s licence number. You’ll also need to let us know how much you want to borrow and over what period.

Once we have all the necessary information, one of our loan specialists will assess your application and get back to you with a decision within minutes (provided you applied during our business hours). If your loan is approved, we’ll send you a contract to sign electronically. Once that’s done, the money will be transferred to your account within the same day.

MONEYME’s loan offers, whether a personal car loan or credit card, are made to help you get on the road with a new set of wheels faster. To come up with the fairest and most accurate lending decision, we base our second-hand car loan approval on looking at your entire financial situation, including your cash flow, debt obligations, monthly income, and living expenses.

Want to get started? Apply at MONEYME where your convenience is our priority. 

Our customers

Second-Hand Car Loan

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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