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Buying a used car

Even in the age of working from home, most people still need a car. Whether you're an essential worker, running errands, or getting out of town, a personal loan for a used car can get you there.

Buying an electric or hybrid vehicle? We offer competitive rates for Green Car Loans.

Can I get a personal loan to buy a used car?

Absolutely. A used car loan is simply a personal loan that’s used to buy a second hand car. It’s as simple as that.

Plus, with a personal loan from Great Southern Bank you’ll get:

  • Competitive low interest rates.
  • No monthly account fee.
  • Fee-free extra repayments.
  • No penalties for early payout.
  • Free redraw – in case you need your additional repayments.3

Why get a personal loan for a used car?

A personal loan gives you more choice. You can use a personal loan to buy a used car from a dealer or a private seller. When compared to dealer finance, you may find personal loans have lower fees - and a competitive interest rate to boot!

Our customers have many more reasons for getting a used car loan, some popular reasons include:

  • New cars smell nice, but not if they send you broke in the process.
  • If your current car is held together with duct tape and dreams, a used car loan gives you the funds for a reliable car in a flash!
  • Teens learning to drive? A used car loan can buy you a safe and dependable learner vehicle – and keep your shiny new SUV scratch free!

You’ll also avoid the big drop in deprecation that comes with buying a new car. Leaving you with more money in your pocket.
Ultimately, a used car loan is another clever way to get on the road faster. You may even want to celebrate with a cheeky drive through meal after you’ve picked up your new set of wheels!

Estimate your personalised rate* and repayments

An ideal loan for a range of purposes. Learn about personal loan types
Available for new or used cars and motorbikes up to seven years old. Learn about personal loan types
Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,000 and $100,000.
Loan term (years)
Repayment frequency
Estimate your credit rating
Tell us what you think your credit rating may be and we can estimate your interest rate. What’s a credit score?
Estimated
repayments
$45
week
Estimated repayments
$45
week
Interest rate for good credit
X.XX
p.a.
Comparison rate1
X.XX
p.a.
This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply now
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.

The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.

Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.

Eligibility checklist

You must be

  • At least 18 years of age
  • A permanent resident of Australia
  • Receive a regular income
  • Have not been bankrupt or insolvent in the last five years

You’ll need

  • An email address and contact number
  • Existing Great Southern Bank customer number (if you're already a customer)
  • Australian driver's licence, Medicare or passport details
  • Employment and income details
  • Details of any existing loans and expenses.
How to apply for a used car loan
1. Apply online
It should take 10 minutes. You’ll need proof of ID and your current financial information.
2. Approvals
If approved, you will receive your loan contract to accept online.
3. Access your money
The funds are used to buy your car and you can view your repayment details in online and mobile banking.4
WHY CHOOSE US
We've been putting customers first for more than 75 years.
Flexible loan options
Pay it off your way.
Clever features to help you save money
From personalised interest rates to no monthly fees, you’ll be saving smarter, not harder.
We’re customer owned
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

Finding your car loan made easy

CAR LOAN
Secured Fixed Car Loan
Loans from $5,000 to $100,000 for cars up to 7 years old.
Interest rate from
6.49
%
p.a.
to
15.04
%
p.a.
Comparison rate from1
6.86
%
p.a.
to
15.44
%
p.a.
Used for
Vehicles up to 7 years old
MULTIPURPOSE
Unsecured Fixed Personal Loan
Loans from $5,000 to $75,000 for cars over 7 years old.
Interest rate from
7.49
%
p.a.
to
19.99
%
p.a.
Comparison rate from2
7.74
%
p.a.
to
20.27
%
p.a.
Used for
GREEN LOAN
Green Car Loan
Loans from $5,000 to $100,000 for cars up to 7 years old.
Interest rate from
5.99
%
p.a.
to
14.29
%
p.a.
Comparison rate from1
6.36
%
p.a.
to
14.69
%
p.a.
Used for
Green cars up to 7 years old
What's the difference between secured and unsecured loan?
What is a comparison rate?
What is a green loan for?

Comparing used car loans?

Find the answers to frequently asked questions here.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan, your individual situation and credit score will be considered when calculating your personalised interest rate.

What is a comparison rate?

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

What is the difference between a secured vs unsecured personal loan?

A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.

An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.

If you’re buying a green vehicle under seven years old, a Great Southern Bank Green Car Loan may be right for you.

If a vehicle does not meet the green car eligibility criteria, you may be interested in a Secured Fixed Car Loan or an Unsecured Fixed Personal Loan if you’re buying a car older than seven years.

What’s the difference between an Unsecured Fixed Personal Loan, Secured Car Loan and a Green Car Loan? 

The main difference between each of our car loans is the type of vehicle you’re looking for.

All our car loans come with a fixed interest rate, so you’ll have the same regular repayment each month and won’t have to worry about interest rate rises.

Personal loans vs dealer finance?

If you're wondering what the difference is between a personal loan from a bank and dealer finance, you're not alone. The main difference is that with dealer finance, the salesperson arranges the loan for you via their preferred lender. With a loan from a bank you often have a choice from a few different loans with flexible features.

While dealer finance may seem like an easier option, comparing personal loans before you commit gives you a better chance of finding the loan that best suits your needs. If you're considering 0% finance, don't forget to check for a balloon payment at the end and administration fees or commissions for the dealer.

If you have any questions about our personal loans we’re here to help. Call us on 133 282 for a chat.

Do I need to find a car before I apply for a loan?

No, there is no requirement to find a car before you get loan approval. You can get conditional approval on your loan before buying a vehicle. This means we have agreed to lend you money for your car, but the final amount hasn’t been approved.

Our loans are conditionally approved until you can provide the certification of registration or vehicle registration notice. When the loan is conditionally approved, the personalised rate is confirmed – but there is not agreement to lend funds.

Our conditionally approved secured car loans are valid for 90 days, while our unsecured personal loans are valid for 30 days. This gives you time to find a car you want to buy.

What to look for when buying a used car?

Buying a used car is a great way to save money on depreciation and stamp duty - but there are a few things you need to consider to ensure you’re getting a great deal.

Our top tips for getting started are:

  • Make a list of the types of cars and features you’re looking for. For example, if a reversing camera, fuel efficiency, and Bluetooth is important, narrow your search to newer cars.
  • Set your budget.
  • Use the car loan calculator to make sure you can afford any loan repayments.

When you’ve found a car:

  • Take it for a test drive! Check how smoothly it accelerates, brakes, changes gears and handles corners.
  • Ask to see the logbook, it will tell you how often the car has been serviced.
  • Get an independent mechanic to inspect the car for hidden problems or potential repairs in the near future.
  • Get a vehicle history check. It will tell you if the car has any outstanding finance, the rego status, details of any insurance claims or if the car is stolen.

Read our Buying a Car Guide for more tips.

Ready to apply?
Apply online and get set to hit the open road today.
Apply now

More tips for buying a used car

Useful articles to help you decide.
How to pay off a car loan faster

Not only can paying off your car loan faster help cut down on your expenses, but you can also end up paying less interest too. Here’s how.

Read more
Tips for buying a private sale car

Are you looking at buying a car through a private sale? Have you done this before? It's quite different than going to a yard. Make sure you're fully informed.

Read more
Buying a car guide

There are plenty of options to consider when buying a car, from the engine size, a new or second hand model and the colour! Read more here.

Read more
Get in touch
We're here to help.
Call 133 282

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Sat: 8:00am - 4:00pm (AEST)

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Speak to one of our friendly staff at a branch near you.
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Important Information

Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.

Rates current as at 8 May 2024 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.

4. You will need to hold a Great Southern Bank everyday account when the loan is funded.

*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:

  • Your credit score.
  • Information provided in your application.
  • Existing loans.
  • The loan amount and your perceived ability to repay the loan.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.