Rapid Finance on 29 September 2022

For many people wanting to buy a new, used or demo vehicle, obtaining a car loan is necessary. Rather than spending years saving up for your perfect set of wheels, a loan can help you effectively manage your finances and obtain the car you need without having to wait around. 

Although the ins and outs of car financing can be intimidating, Rapid Finance are experts and can often help customers find the right finance option in just a few easy steps – even with cars that are over fifteen years old (and sometimes older).

Used car demand is soaring

One reason that older cars are now in higher demand is that they are being produced to a higher quality than ever before – meaning the average lifespan of used vehicles is increasing, along with their appeal. 

The impact of Covid 19 meant that the auto industry took a big hit during the pandemic and there has been a significant lag in the number of cars being produced worldwide. With fewer new cars being produced, the demand for cars has increased – skyrocketing the price of used cars and making them less affordable for consumers. 

Why do lenders have restrictions on how old a car can be?

When lenders decide to loan you money for anything – whether it's a car, a home or a holiday – they have to weigh up the risk involved. When it comes to approving finance for a vehicle, they have to assess whether, in a worst case scenario, they would easily be able to sell the car if you defaulted on your payments and they had to repossess it.

For that reason, restrictions that lenders sometimes place on car loans can include:

  • Age of the vehicle

  • Type of vehicle

  • Imported vehicles

  • Repairable write-off

  • Kilometers the vehicle has done

While most standard car loans include limitations on how old your dream car can be, at Rapid Finance, we have a network of trusted lenders and know which of them to approach for your unique car-buying situation. Although finance on an older vehicle is never guaranteed, our expertise means that we can often help you and even negotiate with lenders on your behalf. 

Is it possible to get finance on an older car?

Even though finding car finance for an older vehicle may be challenging for some, there are still lenders who could be willing to provide you with finance, depending on your unique circumstances. 

We have experience finding customers finance on cars up to 15 years old - even when their credit score has been less than perfect. We do this by looking at your complete set of circumstances (not just your credit score) and matching you with the lenders we believe will give you the best chances of securing finance. 

Car finance with bad credit

If you need a loan for a newer or an older car but have bad credit, Rapid Finance may be able to help you. In fact, we have over  20 years of experience helping those with poor credit obtain car loans. 

A lot of clients believe that if they have been declined for a new or used car loan elsewhere, that it is not possible to get a car loan. In a high percentage of cases, this is not the case – you just need to know where to look. As car loan experts, we offer a range of car financing solutions, including new, demo and used car loans, novated lease, and commercial hire purchases

If you’re just in the research stage for the purchase of a secondhand car, it’s important to not apply for credit, as each application for car finance will be recorded on your credit history. The biggest mistake our team at Rapid Finance sees is a customer applying for the same loan with multiple lenders in a short amount of time. From a lender's perspective, this looks like the applicant is desperate, and it lessens your chance of securing a loan. 

Got more questions? Ready to take the next step? Start your application online or call 1300 467 274 today.


*Every application is different – assessment criteria is based on the applicant's overall profile or circumstances and subject to verification checks and supporting documents. Rapid Finance will do everything it can to assist in finding a suitable loan product based on the application's requirements. Interest rates and fees vary depending on the individual applicant's circumstances and overall profile. Conditions apply.