Used car loans
First cars, upgrades, and everything in between. A used car loan will get you on the road fast.
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.
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.5
- Get your loan funded on the day you apply.6 See how it works
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!
Personal loan calculator
Calculate your repayments and compare car loans today.
Choosing a used car loan
At Great Southern Bank, you can take your pick from:
Secured Fixed Car Loan
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.
Unsecured Fixed Personal Loan
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
Unsecured Variable Personal Loan
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.
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 less than 20 minutes.
2. Approvals
If approved, you will receive your loan contract to accept online. Get your loan funded on the day you apply.6 See how it works.
3. Access your money
The funds are used to buy your car and you can view your repayment details in online and mobile banking.
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 competitive 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
Secured Fixed Car Loan
Loans from $5,000 to $100,0003 for cars up to 7 years old.
Interest rate
6.79
%
p.a.
Comparison rate
1
7.16
%
p.a.
Used for:
Unsecured Fixed Personal Loan
Loans from $5,000 to $65,000.3
Interest rate
9.39
%
p.a.
Comparison rate
2
9.64
%
p.a.
Used for:
Unsecured Variable Personal Loan
Loans from $5,000 to $75,000.4
Interest rate
11.89
%
p.a.
Comparison rate
2
12.15
%
p.a.
Used for:
CALCULATOR
Calculate your repayments
Comparing used car loans?
Find the answers to frequently asked questions here.
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 also apply for pre-approval while you’re looking for your perfect vehicle.
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.
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 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.
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6 Same day decision & funding: How it works
Unsecured Fixed Personal Loan and Unsecured Variable Personal Loan
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.
Secured Fixed Car Loan
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.