Used car loans, Perth Based – Australia wide
Used car loans for the second-hand car you actually want.
Fixed rates from 6.49% p.a. on approved applications.
Get your personalised rate
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The basics, quickly
What is a used car loan?
A used car loan is a secured loan used to buy a second-hand vehicle. The car acts as security for the lender, which is why used car finance is usually cheaper than an unsecured personal loan for the same amount. You borrow a fixed sum, repay it over an agreed term, and the lender’s interest in the vehicle is released when the loan is paid out.
Second hand car finance works the same way whether you buy from a dealership, a private seller or an auction. What changes between lenders is the vehicle they will accept, the rate they will price it at, and how quickly they can settle. That is the part a broker handles for you.
Loan type
Secured
The vehicle is the security, so rates sit below unsecured personal loans.
Typical term
1 to 7 years
Shorter terms cost less in interest, longer terms ease the monthly figure.
Rates from
6.49% p.a.
Fixed, on approved applications. Your profile and the car set the rest.
Buy from
Anywhere
Dealership, private seller or auction, all settled by your broker.
Reviewed on Google
What our customers say
Yes Loans
263 Albany Hwy, Victoria Park
- Thank you to Trent Hilliam who helped me with my bike loan, had an awesome experience. Trent was exceptional, great communication, easy process and overall … More very professional.
Will certainly give Trent a call again for any financing needs I may have in the future 🙂🙂🙂 - Aidan helped me out so much with my first ever loan. Made the experience really easy and got me everything I need easy and professional. Definitely recommend … More
- Stephen was awesome at helping us get our car loan sorted out. We will definatley use again
Happy customers
Cars we helped people drive home
Real Yes Loans customers, photographed at handover.
See what a used car repayment looks like
Move the three sliders, pick the credit profile that sounds most like you, and the panel updates. It is an estimate built on indicative panel rates, not an offer.
Our lender panel
The lenders your one application reaches
Dealer, private seller or auction
Where you buy changes the paperwork, not the rate
Plenty of brokers only handle dealer deals. Private sales and auctions need the money to move differently, so here is exactly what happens in each case.
Buying from a dealer
The simplest path. The dealer supplies the invoice, the lender pays them, and you collect the car. You are still free to use us instead of the finance desk on the floor.
What we need
Dealer invoice, your ID and income documents
How funds move
Lender pays the dealership directly on settlement
Watch for
Add-ons loaded into the loan that you did not ask for
Bring the dealer quote and we will tell you whether the finance on offer is competitive.
Buying privately
The best prices are usually private, and this is where a broker earns their keep. We verify the seller owns the car outright, then pay them on your behalf.
What we need
Rego papers, seller details and a signed sale agreement
How funds move
Lender pays the seller after the vehicle checks clear
Watch for
Existing finance owing against the car, which we check for you
Never hand over a deposit before the encumbrance check comes back clear.
Buying at auction
Auctions expect settlement in days, not weeks. Pre-approval before you register to bid is the difference between winning a car and forfeiting a deposit.
What we need
Pre-approval in place, then the auction invoice on the day
How funds move
Lender pays the auction house inside their settlement window
Watch for
Buyer premiums and transport costs that sit outside the loan
Get pre-approved first so your bidding limit is a real number.
Happy customers
Used car loan or new car loan?
Both are secured against the vehicle. The differences show up in price, depreciation and how much room a lender gives you.
New car loan
Typical rate
Lowest on the panel, the security is easy to value
Vehicle age test
Not applicable
Depreciation
Steepest in the first three years, and you carry it
Deposit pressure
Higher purchase price means a bigger loan for the same car
Best for
Buyers who want a warranty and will keep the car long term
Used car loan
More car for your money
Typical rate
From 6.49% p.a. on approved applications, profile dependent
Vehicle age test
Applies, usually measured at the end of the loan term
Depreciation
The first owner already absorbed the worst of it
Deposit pressure
A smaller loan for the same model and trim
Best for
Buyers who want the most car per dollar borrowed
Still weighing up new against used? Your broker will price both across the panel so you are comparing real numbers, not sticker prices.
Application to keys
What the next few days look like
Straightforward applications move fast. Older vehicles and self-employed income take a little longer, and your broker will tell you which one you are.
Day 0
Apply online
Your details, the amount you need, and the vehicle if you have found one. Two minutes, no credit check yet.
Day 0 to 1
A broker reads it
A real person matches your profile and the car against the lenders most likely to say yes.
Within 24 hours
Options on the table
Rates, fees and repayments side by side, in writing, before anything is submitted for a formal decision.
Day 2 to 3
Approved and settled
We handle the lender paperwork and pay the seller directly, whether that is a dealership, a person or an auction house.
Not sure the car you are looking at will pass? Send us the details and a broker will tell you which lenders can finance it, before you apply anywhere.
One application, a full panel
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 says no, or prices your used car loan badly because of its age, you start again somewhere else and wear another credit enquiry.
Yes Loans works the other way around. One application reaches our full lender panel, and your broker compares what each lender will offer for your specific vehicle and situation before anything is submitted for a formal decision.
✓
One credit enquiry, not five
Shopping lender by lender leaves a trail on your file that makes the next application harder.
✓
Lenders that suit second-hand cars
We know which lenders on the panel are relaxed about vehicle age, kilometres and private sales.
✓
No cost to compare
You see rates, fees and repayments in writing before you commit to anything.
What moves your rate
What affects your used car loan rate?
Used car loan rates in Australia vary considerably, and nobody quotes one off a single number. These four inputs, weighted roughly like this, decide where in the range you land.
Credit profile
Repayment history carries the most weight. Defaults do not end the conversation, they narrow the panel.
Vehicle age
Older cars are harder for a lender to recover value from, so pricing rises with age.
Deposit
Money upfront lowers the loan to value ratio, which is the number lenders actually watch.
Loan term
Longer terms ease the monthly figure and add interest overall. Balance is the point.
These four inputs decide where in the range you land. One application tells you exactly where that is, in writing, with no credit enquiry to get the options.
Shop with a number
Pre-approval before you bid
Auctions and private sellers do not wait while finance gets sorted. Pre-approval gives you a real ceiling and a settlement process ready to go, so you can commit on the day.
Straight answers
Used car loan questions
Still stuck on something? Call (08) 9472 3000 and ask a broker directly.
What is a leisure loan?
What can I purchase with my leisure loan?
What is a secured leisure loan?
Can I get pre-approval on a leisure loan?
I’ve been declined elsewhere, should I try applying with you?
How competitive are your rates?
We have built long-lasting relationships and ties with a panel of lenders that have bank-beating interest rates. Even if you have a less than perfect credit history, we may still be able to help.
We do our best to get you approved.
Can I get a leisure loan if I’ve just started a new job?
If I have bad credit, can I still get a leisure loan?
Used car finance, Australia wide
Apply for a used car loan today
Yes Loans is a Perth based finance broker with a specialist panel covering new and used vehicles across Australia. We work harder to say yes more often.
Send the form, or call and speak to a broker who will tell you where you stand before you spend a weekend at the yards.