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Used Car Loans
A used car loan is another type of personal loan available that allows you to borrow money to purchase a used car. This type of car loan is similar to a new car loan however it is specifically available for used cars. Depending on the financial institution, there might be age restrictions of the car in order to be eligible for this type of loan, for example some may offer this type of loan to cars that are between two to five years old.
The other main difference between this type of loan and a new car loan is that interest rates may be a little higher for used car loans. Much like a new car loan, there are also a range of secured and unsecured used car loans available to choose from. A secured loan allows you to use the car you wish to purchase as collateral against the loan, so the financial institution has permission to take the car off you if you were to default on your repayments regularly or as stated in your loan agreement. An unsecured loan is a loan where you don’t require any security against your loan, but you will need proof that you can meet the repayments.
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Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term.
The advertised and comparison rate is based on credit of $30,000 and a term of 5 years. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
