used car loan

Looking to snag a used car loan? The deal usually depends on your credit score, the lender, and the car's age. Interest rates in Australia for used car loans typically hover around 6% to 12% APR, but can be higher if your credit is less than stellar. Loan terms often range from 1 to 7 years, with shorter terms meaning more bite on your monthly budget but less interest paid overall.

New car loans tend to be cheaper, so expect used car loans to come with slightly higher rates. Prices for used cars vary wildly, so check out Tradingpost or CarShowroom for current market values before you commit. Also, watch out for hidden fees and always read the fine print.

• Check your credit score before applying.
• Compare offers from banks, credit unions, and online lenders.
• Beware of balloon payments and early repayment penalties.