Estimates only. Excludes lender fees & charges. Not financial or credit advice.
Repayments for used car loans work the same way as new, the difference is the rate. The calculator above is pre-set with a typical used-car rate; adjust it to your quote.
Lenders price risk, and an older car is riskier security: worth less, depreciating unpredictably, and harder to recover value from. That's why the same borrower who'd be quoted around 7-8% on a new car commonly sees 9-13% on a five-year-old one, and why very old cars may only qualify for higher unsecured-style rates. The good news is that used car buyers borrow less, so total interest often ends up lower than a new-car loan despite the higher rate.
Match the term to the car. A seven-year loan on a nine-year-old car means repayments outliving the vehicle's best years. Shorter terms hurt monthly but save substantially, our repayment tables show exactly how much.
Get the rate in writing before the yard. Pre-approval from a lender or broker gives you a benchmark; dealer finance then has to beat a real number instead of a vibe.
Watch the age caps. Most lenders require the car to be under roughly 10-15 years old at the end of the loan, which quietly shortens the maximum term on older cars, and that changes the repayment. Model it above with your actual numbers.
Are used rates higher? Typically 2-4% above new-car rates for the same borrower.
How old is too old? Most lenders want the car under 10-15 years at loan end.
Shorter term? Usually wise on older cars, match the debt to the car's life.
Can I finance rego and extras? Often yes, but every rolled-in dollar accrues interest for the whole term.