Used Car Loans

Buying a used car is one of the smartest financial moves you can make. You skip the steep first-year depreciation that hits new vehicles the moment they leave the dealership, and you get more car for your money. The challenge is finding used car finance that’s structured around what you actually need, not a one-size-fits-all bank product.

Yes Loans is a Perth-based finance broker with access to a specialist lender panel covering new and used vehicles across Australia. We compare used car loan rates from multiple lenders, match you to the right one for your situation, and handle the paperwork from application to settlement. We work harder to say yes more often.

Get a free quote today. Apply online in minutes.

Why Choose Yes Loans

What Is a Used Car Loan?

A used car loan is a secured loan used to purchase a second-hand vehicle. The car acts as security for the loan, which typically means lower interest rates compared to an unsecured personal loan. You borrow a fixed amount, agree on a loan term (usually between one and seven years), and repay in weekly, fortnightly, or monthly instalments, plus interest and fees.

Most lenders set an age limit on the vehicles they’ll finance. As a general rule, the car must be under 12 years old at the end of the loan term, though some specialist lenders on our panel are more flexible. Our brokers will tell you upfront what’s possible for the specific vehicle you’re considering.

New Car vs Used Car Loan: What's the Difference?

Used car loan rates are typically a little higher than new car rates. The reason is simple: a newer vehicle holds its value better. If a borrower defaults, a lender can recover more of the debt from a three-year-old car than from a ten-year-old one. That said, the rate difference is often modest, and the overall cost of buying used still comes out well ahead for most buyers.

New Car Loan
Used Car Loan
Vehicle age
Brand new or under 2-3 years
Typically under 12 years at loan end
Interest rates
Generally lower
Slightly higher, reflects vehicle age
Loan amounts
Up to purchase price
Up to vehicle value, assessed by lender
Depreciation risk
High in first year
Slower, vehicle already depreciated
Overall value
Higher purchase priceUp to 7 years
More car for your money

Why Use a Broker for Used Car Finance?

Going direct to a single bank or lender means you see one rate, one set of terms, and one approval decision. If that lender doesn’t like the vehicle’s age, your credit profile, or the loan structure you need, you’re back to square one, with a hard enquiry already on your credit file.

Yes Loans works differently. One application reaches our full lender panel, which includes Angle Finance, Latitude Financial, Sovereign Credit, Pepper Money, Money3, and Allied Credit. Our brokers compare what each lender will offer for your specific vehicle and situation, then present your options clearly before you commit to anything.

Pre-Approval Before You Shop

Not sure which car you want yet? That’s fine. Yes Loans can arrange pre-approval so you know your budget before you walk onto a dealership forecourt or bid at auction. We can arrange pre-approvals for auction purchases including Pickles Car Auctions and Manheim, giving you the confidence to move fast when the right car comes up.

We Check the Car Too

As part of our service, we check whether the vehicle has been written off, stolen, or has existing finance owing against it. It’s one less thing to worry about and a genuine safety net when buying privately.

Talk to a broker today. Call (08) 9472 3000 or apply online.

What Affects Your Used Car Loan Rate?

Used car loan rates in Australia vary considerably. The rate you’re offered depends on several factors working together.

  • Vehicle age: Older vehicles carry more lender risk. A five-year-old car will attract a better rate than a ten-year-old one.
  • Loan amount and term: Shorter terms typically mean lower rates but higher monthly repayments. Longer terms reduce repayments but increase total interest paid.
  • Your credit profile: A strong credit history and stable income means lenders compete harder for your business.
  • Secured vs unsecured: Secured loans, where the car is used as collateral, consistently attract lower rates than unsecured personal loans.
  • Deposit: Putting money in upfront reduces the loan-to-value ratio and can improve your rate.

Our brokers look at all of these factors when matching you to a lender. The goal is the right rate for your situation, not just the lowest headline number that may come with conditions you don’t meet.

Use our car loan calculator to estimate repayments before you apply.

Comparison rate disclosure

All comparison rates are calculated on a $30,000 secured loan over 5 years.
Warning: comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.

What You Need to Apply

Applying for a used car loan through Yes Loans is straightforward. You’ll generally need:

Soft check first. Always.

Getting a quote here won’t affect your credit score. We do a soft assessment so you can see real options before anything is formally submitted.

6+

Specialist lenders

24hr

Typical turnaround

$0

To get a quote

ACL 392426

Licensed broker

01
Age Risitriction

Be 18 years or older and an Australian citizen or permanent resident

02
Proof of income
recent payslips or bank statements (last three months)
03
Photo ID /ID Proof
Valid photo ID such as a driver’s licence or passport
04
Details of the vehicle
make, model, year, and purchase price
05
Bank Account
An active Australian bank account
If you’re self-employed, we work with lenders who offer low-doc options for ABN holders. If your credit history isn’t perfect, several lenders on our panel assess applications from borrowers with defaults or prior rejections. Tell your broker your situation upfront and we’ll point you to the right lender from the start.
Process

How to Apply for a Used Car Loan

The whole process starts with a 10-minute online application.
Apply online

Fill out the form with your details, the loan amount you need, and information about the vehicle if you've already found one.

A broker reviews your profile

Your broker assesses your situation and identifies the lenders on our panel best suited to your application.

We present your options

You'll receive a clear breakdown of available rates, fees, and repayment amounts before you agree to anything.

Approval and settlement

Once you're happy, we handle the lender paperwork and get your finance settled so you can pick up the car.

We help buyers across Australia, not just Perth. The entire process runs online and over the phone.

Frequently Asked Questions About Used Car Loans

Can I get a used car loan for any second-hand vehicle?
Most lenders set an upper age limit on the vehicles they’ll finance, typically requiring the car to be under 12 years old at the end of the loan term. Some lenders on our panel are more flexible, particularly for vehicles in good condition or with low kilometres. Our brokers can advise whether the specific vehicle you’re looking at will be accepted as security.
Used car loan rates vary based on your credit profile, the vehicle’s age, and the lender. For borrowers accessing Yes Loans’ panel, rates for second hand car finance generally range from the mid-single digits for strong credit profiles up to higher rates for older vehicles or non-prime borrowers. Our brokers will give you a personalised rate based on your actual situation, not a generic range.
Most used car loans are secured, meaning the vehicle acts as collateral. This typically gives you access to lower rates than an unsecured personal loan. If the vehicle is older or doesn’t meet a lender’s security requirements, an unsecured personal loan may be an option. Our brokers will walk you through both and recommend what makes sense for your purchase.
Yes. Pre-approval lets you know your borrowing capacity before you start shopping, which is useful when dealing with private sellers or buying at auction. Yes Loans arranges pre-approvals subject to credit criteria. Once you find the right vehicle, we move quickly to full approval and settlement.
Yes, in many cases. Several lenders on our panel work with borrowers who have defaults or a limited credit history. Approval will depend on your current income and overall financial position. For a detailed look at your options, visit our bad credit car loans page or speak directly with a broker.
For straightforward applications, conditional approval can come through within 24 hours on business days. Complex applications or older vehicles may take a little longer. Your broker will give you a realistic timeline once they’ve reviewed your application.
Yes. Used car loans through Yes Loans aren’t limited to dealership purchases. You can finance a vehicle purchased privately, at auction, or through a dealership. Your broker will confirm the process for your specific purchase type.

Apply for a Used Car Loan Today

Whether you’ve already found the car or you’re still shopping, Yes Loans takes the hard work out of getting second hand car finance. Our brokers access lenders across our specialist panel, compare rates on your behalf, and work to get your application over the line. We work harder to say yes more often.

You can also explore our full car loans page for an overview of all vehicle finance options, or check the car loan options page if you’re weighing up loan types.

Call us on (08) 9472 3000 or apply online today.

Yes Loans (Rohanna Pty Ltd as trustee for The Skippers Unit Trust) | Australian Credit Licence 392426 | 263 Albany Highway, Victoria Park WA 6100

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