Used car loans
First cars, upgrades, and everything in between. A used car loan will get you on the road fast.
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.
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:
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:
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!
Calculate your repayments and compare car loans today.
At Great Southern Bank, you can take your pick from:
For loans from $5,000 – $100,000
Loan term: 1-7 years
A secured fixed car loan is a loan that is “secured” against your car. If you are unable to repay the loan, the lender can sell the car to cover their costs. The upside is that with an asset attached as security, the interest rate is usually lower than an unsecured loan. Plus, the interest rate is fixed, so you’ll know exactly how much your repayments will be each month.
Secured Fixed Car Loans are available for used cars under seven years old.
For loans from $5,000 - $65,000
Loan term: 1-7 years
An unsecured personal loan doesn’t require your car as security. Your income and ability to repay the loan is still assessed, but you don't need an asset to be approved for a loan. The fixed interest rate means you’ll have the added benefit of having the same regular repayment amount each month.
Unsecured Fixed Personal Loans are available for used cars of any age
For loans from $5,000 - $75,000
Loan term: 1-7 years
An Unsecured Variable Personal Loan charges an interest rate that is subject to change. This means you could enjoy a lower rate, should the lending rates change. However, you could incur a higher interest rate if the lending rates increase.
Unsecured Variable Personal Loans are available for used cars of any age.
From competitive interest rates to no monthly fees, you’ll be saving smarter, not harder.
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Find the answers to frequently asked questions here.
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.
No. There is no requirement to find a car before you get loan approval.
You can also apply for pre-approval while you’re looking for your perfect vehicle.
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:
When you’ve found a car:
Read our Buying a Car Guide for more tips.
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 22 June 2022 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 accurate for $30,000 secured loan over 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 accurate for $30,000 unsecured loan over 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. $3,000 minimum loan amount in branch, $5,000 minimum loan amount online. Available loan term is 1 to 7 years.
4. $3,000 minimum loan amount and $100,000 maximum loan amount available in branch. $5,000 minimum loan amount and $75,000 maximum loan amount available online. Available loan term is 1 to 7 years.
5. 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.
To be eligible for same day funding, submit your application online before 11am AEST Monday to Friday (excluding public holidays), provide all required information and documents upfront, and accept the loan contract by 2pm. Payment of funds same day is unavailable if your application is referred for more detailed assessment. Subject to system availability. Time to receive funds may be affected by your bank’s clearance times. Lending criteria applies.
To be eligible for same day funding, accept your loan contract by 2pm AEST Monday to Friday (excluding public holidays) and we'll issue your funds the same day (subject to system availability). The time it takes to receive your funds may be affected by your bank clearance times.