Used Car Finance

Used Car Finance

If your dream car is not a brand new model, but a classic secondhand ride, then used car finance is the ideal loan for buying a car for you. Many people prefer old cars to brand new ones since they can be more affordable and easier to customise, plus the bulk of the depreciation has likely already occurred before they bought it.

People who prefer used cars either buy them for cost savings or add them to their collection of classic models no longer available from car manufacturers. If you keep searching online ‘how to get a loan for a used car’, know that you can seek funding from either traditional lenders or online lenders. Traditional lenders, like most banks, typically have higher interest rates, and their process may take longer as well. As for online loaning, you can apply for used car finance from anywhere and potentially get approved faster.

SocietyOne is a digital loaning platform that offers a multitude of low-interest personal loans, including used car finance options. Our application process takes no more than five minutes, and you can complete it online, so you can apply from anywhere you are in Australia. You can also track the status of your loan application and manage your loan repayments on our platform. If you want a seamless experience when getting a loan for a used car, SocietyOne is definitely the top choice for you.

Can you get finance for second-hand cars?

Many people wonder if they can get a loan for an old car and the short answer is yes, it’s possible to acquire second-hand cars on finance. In fact, more and more lenders in Australia are now offering used car finance because it is the more affordable option for many people looking to get a car. There are considerations, however, such as the age of the car you want to buy and its mileage. Although there are lenders who don’t have restrictions as to what kind of used car you can get, there are some who only allow financing for used cars that are no more than ten years old or at least have decent mileage. Make sure to ask your lender first if they are willing to finance the used car you plan to get.

SocietyOne offers two loan options for financing a used car – a secured car loan and an unsecured car loan. Secured loans are a type of car loan where the car you are buying is used as collateral for the loan. You can borrow a minimum of $5,000 and a maximum of $70,000 with a SocietyOne secured car loan. Meanwhile, an unsecured car loan doesn’t need an asset as a guarantee, and you can borrow up to $50,000 for this type of loan. If you need more information about secured and unsecured car loans, this guide might help you.

Is it better to finance a used car?

You can either get used car finance to buy a secondhand car or pay for its full amount in cash. While paying upfront in cash means you don’t have to deal with monthly repayments and interest rates, it can disrupt your cash flow and deplete your savings if you don’t have enough emergency funds. The advantage of using a car loan for used cars is that you can spread out the cost of the car you want to buy over a few months or even years, so you can get the car you want while still having enough money to pay for your basic needs and prepare for unexpected expenses. If you don’t want your cash flow to be affected, then financing a used car is the better option than paying for it in full.

SocietyOne provides you with the flexibility to choose your repayment frequency – monthly or fortnightly – and the loan term that suits your situation best. You can choose loan terms of two, three, or five years with an unsecured loan and up to seven years for a secured loan. We won’t charge you with monthly fees and early exit fees, and there are absolutely no hidden fees here at SocietyOne.

What is a good interest rate for a used car? When it comes to choosing among lenders to provide used car finance, it’s important to conduct a comparison of their interest rates as this can significantly affect your overall expenses.

At SocietyOne, you’re sure to get a fair deal because we will offer you a personalised rate that is based on your unique credit profile. In fact, you can request a personalised rate within two minutes on our platform, and you can also check your credit score and track its progress while you’re at it too. In addition, we offer fixed interest rates, so you always know how much each loan repayment will cost.

SocietyOne offers more than just exceptional deals for used car finance; we also have other great loan options like a renovation loan, debt consolidation loan, and travel loan. If you’re looking for a student loan in Australia, you have the best chance of getting a competitive offer on our platform.

Get your rate now, complete your online application, and once you’re approved, you can get the funds in your account in as little as one business day.