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Used Car Finance

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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.

Used Car Finance

It’s safe to say that most people want to own the latest car models but some still prefer second-hand cars; in this case, used car finance will be the perfect vehicle loan for them. Several people think that others buy old cars simply because they couldn’t afford brand-new ones but, there are actually plenty of benefits to buying a used vehicle, especially in Australia. While many car finance companies only offer loans for new automobiles, MONEYME gives its customers plenty of options for used car finance deals. Those who prefer second-hand over brand-new vehicles will surely find the right type of used car financing for them at MONEYME. 

Many car enthusiasts love collecting classic car models because they are considered either vintage, rare, or simply have a cool look that new cars don’t have. Others like that used cars are cheaper and have lesser depreciation left in their lifetime compared to new ones. In fact, the average age of cars in Australia is 10.1 years, according to data from ABS, which means that many people here do like buying second-hand vehicles. If you are among those looking for the right used car finance that fits your budget and needs, read on to find out more about it. 

How does financing a used car work?

A car loan for used cars works the same way as other regular car loans except that the money will be used to fund a second-hand vehicle instead of a brand-new one from a car dealer. Borrowers, or those who are applying for a loan to buy a car, will submit an application which will be subject to approval by the lender. Some of the requirements that used car finance applicants must submit include documents proving their identity, stating their financial information, and containing details of the car that will be financed. Once the lender approves and the loan is released to the borrower, they can then buy the car of their choice. Depending on the deal, the lender may hold a lien over the vehicle until the loan term is over. 

What do you need to finance a used car?

The requirements needed for a car loan for used cars are nearly the same as that of any other car loan for new cars. Most car loan lenders in Australia require their customers to be at least 18 years of age before they can apply for a car loan. Along with their loan application, they must provide proof of identities, such as valid IDs, bank statements and other statements of financial information, and a document detailing important information about the vehicle that will be purchased such as its price, age, car insurance policy, and registration number. 

Those applying for used car finance with strong credit profiles also have a higher chance of getting approved for a loan. If you are looking to apply for used car finance yourself, it would be best to improve your credit score by lowering your credit card limit, limiting your purchases made via credit, and always paying your bills and credit cards on time. It is also important to keep your credit history clean before and during your loan application.

How many years can you finance a used car?

There is no limit to the number of years you can get for used car finance services. The conditions depend on the lender and whether you accept these terms or not, is all up to you. The loan duration varies from one lending company to another. With MONEYME, for example, you can set the term for your used car finance loan from one to five years. The size of the loan also depends on whether you have made a deposit or want the entire car value to be covered by the loan. The bigger the amount of your loan, the longer you may need to settle it with your monthly or fortnightly repayments. Simply put, the years you can finance a used car depends on how long the lender allows you to and how much you can guarantee to pay per month to settle the loan. 

Applying for used car finance can be tricky but it can also be a hassle-free process when you choose the right lender to work with. MONEYME, Australia’s top-trusted online lender, has streamlined loan application processes to make them easier and more convenient for you. Loans from $2,100 to $50,000 are available and can be used to finance vehicles for up to five years. You can apply for a car loan that suits your needs online so it is accessible from anywhere you are too. Our eligible customers get approved as quickly as one day. Tracking your loan status is easy as well since you can do that via our iOS and Android app. You can also request a quote to help you make a decision based on a calculated cost including the loan interest rates, principal amount, and other charges. 

Choose MONEYME to process your second-hand car finance for you and drive your dream car in less than a week. We can help your loan get approved within minutes so you can have the funds in your account the same day. MONEYME works fast and effectively to guarantee a smooth transaction for any used car you want. 

Our customers

Used Car Finance

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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Won’t impact your credit score!
Won't impact your credit score!

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