Guide to Buying and Financing a New or Used Car
Confused about purchasing a new car? Our guide will make everything clear
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Rapid Finance could help you get your used car loan approved, quickly and easily - with no extra marks on your credit file!
Used car finance is simply a loan to help you buy a used vehicle without paying the full amount upfront. The loan is secured against the vehicle you are buying, which makes the loan less risky for the lender. The benefit for you, is that the loan rates may be lower, due to the security on the vehicle. While the rates and terms might be a bit different from loans for brand-new cars, used car finance could help you drive away with a car that fits your budget and needs.
All vehicle types including cars, caravans, motorbikes, vans or boats are considered with our used 'car' finance service.
There are several advantages of choosing a used car loan over a new car loan - and it's not just about the costs:
Lower Vehicle Depreciation: New cars typically depreciate in value faster in the first few years after purchase. By buying a used car, you avoid this steep initial depreciation curve, allowing your vehicle to retain its value for a longer period relative to its purchase price.
More Car for Your Money: Used cars generally cost less than their new counterparts. This means, you can potentially afford a nicer or more feature-rich car for the same amount of money when choosing used.
Reduced Insurance Costs: Insurance premiums tend to be lower for used cars compared to new ones. This is because the value of the car, which the insurance is based upon, is lower.
Certified Pre-Owned Options: Many used cars come with certified pre-owned programs, offering benefits like extended warranties, making them a safer bet and offering peace of mind similar to buying new.
History Reports: With modern vehicle history reporting services, you can easily check the background of a used car. This means you can be informed about any past accidents, repairs, or any potential issues, helping you make a more informed decision.
Lower Loan Amount: Since used cars are generally cheaper, the loan amount you'll need will often be lower. This can result in a smaller financial burden, lower monthly payments, or a shorter loan term.
Flexibility: With a used car market that's larger and more diverse than the new car market, you have a wider range of models, years, and features to choose from.
No Instant Depreciation: When you drive a new car off the lot, it loses a significant portion of its value immediately. With a used car, this instant depreciation hit has already been taken by the first owner.
Environmentally Friendly: Buying used can be seen as a form of recycling. By giving a second life to an existing car, you are potentially reducing the environmental impact associated with the production of new cars.
Fewer Hidden Costs: New cars often come with hidden costs like shipping charges, destination fees, and dealer preparation. With used cars, many of these fees don't apply.
While there are advantages to opting for a used car loan, it's essential to consider your personal needs, preferences, and financial situation. Both new and used cars come with their own set of benefits, so it's about finding the right fit for your circumstances. Also check out our new car finance page when considering your best options.
Learn your chances of loan success with a free Rapid Finance credit check. It’s fast and easy, and it won’t affect your credit rating. Request your score today – it only takes a few minutes!
Confused about purchasing a new car? Our guide will make everything clear
Read moreBuying a used car? Everything you need to know to get the lowest interest rate possible.
Read moreItching to get your hands on a new set of wheels? Unless you’ve saved up enough cash to purchase a car outright, buying a vehicle can involve endless searching for a car loan that will suit your situation now and for years to come.
Read moreRapid Finance Used Car Finance service specialises in assisting individuals secure loans for used cars. With over 20 years of experience, we tailor our services to cater to individuals, especially those who might find it challenging to obtain loans from mainstream lenders.
Yes, it is absolutely possible! Rapid Finance has expertise in helping individuals with past or current bad credit obtain used car loans. We could also assist in improving your credit score over time.
If you are concerned about enquiries on your credit report; see our car loans with no credit check page.
We generally assist with car loans over $10K. However, each situation is unique, so we recommend discussing your specific needs with one of our finance professionals.
Yes, we cater to all employment situations including self-employed, part-time workers, and even those receiving Centrelink payments. Our goal is to provide tailored solutions to meet your needs. An important factor to determine how much you could borrow, is the loan affordability, rather than your employment type. See our car loan calculator to check how much you could borrow based on the loan rate, and your estimated repayments.
Rapid Finance offers a free credit check report without leaving a mark on your credit file. This can be an initial step to understand your financial standing before diving into the used car finance process.
Approval times can vary based on individual circumstances and the details of your application. However, with our vast experience and dedicated finance professionals, we aim to streamline the process for a swift response.
While we work with a wide range of vehicles, certain lenders might have specific criteria regarding the age or mileage of the car. We recommend discussing the details of the vehicle you have in mind with our team to get accurate information.
With Rapid Finance, you could gain access to our Wholesale Car Network Option, which helps you find the right vehicle nationwide. Plus, with our vast experience, large lending panel, and personalised service, we ensure you get the best possible finance solution for your situation, that we can find.
Simply start by completing the Free Financial Assessment form at the top of this page, Apply Now, contact us at 1300 467 274 or email rapid@gorapid.com.au. A dedicated finance professional will guide you through the process, ensuring a smooth experience from start to finish.