Used Car Loans
If a pre-owned vehicle is more your style, we offer used car finance solutions designed to make your purchase simple and affordable.
Used Car Finance
Our used car finance options include:
- Competitive interest rates Secure a loan with rates that keep your payments manageable.
we understand the importance of affordability when financing a pre-owned vehicle. Our used car finance options include competitive interest rates that help keep your loan payments manageable. By offering attractive rates, we ensure that even though you are purchasing a pre-owned vehicle, you are not compromising on financial efficiency. These competitive rates are designed to fit within your budget, reducing the overall cost of the loan and making your monthly repayments more affordable. This allows you to enjoy your new-to-you car without the burden of excessive financial strain.
- Flexible loan terms Tailor your loan duration to fit your financial plans.
Flexibility is key when it comes to financing a used car and it’s important to understand your options when considering loan terms. Whether you prefer a shorter loan term with higher monthly payments to pay off your vehicle quickly, or a longer term with lower payments for better cash flow management, we provide you with options that can be tailored to your needs. This flexibility ensures that your loan is structured in a way that aligns with your personal financial situation, making the repayment process smoother and less stressful. Our goal is to provide you with a financing solution that fits seamlessly into your life.
- Pre-approval options Know your budget before you start shopping.
Knowing your budget before you start shopping for a used car can make the purchasing process much simpler and more efficient. By getting pre-approved, you can determine how much you can afford to spend, which helps narrow down your choices and strengthens your negotiating position with sellers. Pre-approval gives you the confidence to shop with a clear understanding of your financial limits, speeding up the buying process and reducing the uncertainty often associated with car purchases. With pre-approval, you can focus on finding the perfect pre-owned vehicle that meets your needs and budget.
Fees to Keep in Mind When
Buying a Second-Hand Car
Purchasing a second-hand car can be a cost-effective way to own a vehicle, but it’s important to be aware of the various fees and expenses that can arise during the buying process. At Madd Loans, we want to ensure you’re fully informed about all potential costs so you can budget effectively and avoid any surprises. Here are the key fees to keep in mind when buying a second-hand car.
1. Purchase Price
The most obvious cost is the purchase price of the car itself. This is the amount you agree to pay the seller for the vehicle. It’s crucial to negotiate and ensure you’re paying a fair price based on the car’s market value, age, condition, history and mileage.
2. Stamp Duty
Stamp duty is a government tax that you must pay when transferring ownership of a vehicle. The amount varies by state and territory and is usually a percentage of the car’s purchase price. It’s essential to factor this into your budget when calculating the total cost of buying the car. With dealer sales you will see the ‘Drive Away’ price advertised, which generally means that the price included on-road costs including stamp duty and usually registration of 6 months or 12 months. For private sales they generally expect you to pay these fees.
3. Registration & Registration Transfer Fee
When you buy a second-hand car, the registration needs to be transferred into your name. This involves paying a registration transfer fee, which also varies depending on your location. The vehicle may have existing registration which can be transferred to the new owner without having to pay for a fresh 6 months or years registration until it nears expiry and the bill gets sent to the new owner. When a vehicle is from a dealership, they will organise this for you and make the payment for you whether paid separately or they include it in the drive-away price.
4. Roadworthy Certificate (RWC)
In all states and territories, a second-hand car must have a current roadworthy certificate (RWC) before it can be transferred to the next owner. The cost of obtaining a RWC typically falls on the seller, but if you need to get one yourself, this can be an additional expense usually around $100. The RWC ensures that the car is safe to drive and meets minimum safety standards.
5. Vehicle Inspection
While not mandatory, it’s highly recommended to get a pre-purchase vehicle inspection by a qualified mechanic. This inspection can reveal any hidden issues with the car that might not be immediately apparent. The cost of an inspection varies whether a mobile inspection (such as RACQ or Redbook) or at a local mechanic workshop but is a worthwhile investment to avoid potential costly repairs in the future.
6. Insurance
Before driving your newly purchased second-hand car, you’ll need to arrange insurance. The cost of insurance can vary significantly based on factors such as your age, driving history, the car’s make and model, and the type of coverage you choose. It’s important to shop around and find the best insurance policy that offers the coverage you need at a price you can afford.
7. Dealer Fees
If you’re buying from a dealership, there may be additional dealer fees to consider. These can include documentation fees, processing fees, and other administrative costs. Make sure to ask the dealer for a detailed breakdown of any additional fees so you understand the total cost.
8. Loan Fees
If you’re financing your second-hand car purchase, be aware of any loan fees that may apply. These can include loan application fees, origination fees, and ongoing account fees. Madd Loans can help you understand these costs and find the best financing options that minimize these fees.
9. Ongoing Maintenance and Repairs
While not an immediate fee, it’s important to consider the ongoing maintenance and repair costs associated with owning a second-hand car. Older vehicles may require more frequent servicing and part replacements. Budgeting for regular maintenance can help you avoid unexpected expenses and keep your car in good condition.
10. Fuel Costs
Lastly, don’t forget to factor in the cost of fuel. Depending on the car’s fuel efficiency and your driving habits, fuel can be a significant ongoing expense. Consider the car’s fuel type and average consumption when planning your budget.
Buying a second-hand car involves several fees and expenses beyond the purchase price. Being aware of these costs helps you budget effectively and ensures a smooth buying process. At Madd Loans, we’re here to assist you with financing options and provide guidance throughout your car-buying journey. Contact us today to learn more about how we can help you secure the best loan terms and make an informed purchase.
Benefits of Used Car Finance
Cost-Effective: Used cars are generally more affordable than new ones, reducing the overall loan amount.
One of the most compelling benefits of financing a used car through Madd is its cost-effectiveness. Used cars typically come with a lower price tag compared to new ones, which means that the overall loan amount you need is reduced. We work diligently to find you the most competitive lending options available, ensuring that your monthly payments remain affordable. This financial efficiency allows you to allocate your funds more effectively, making it easier to manage your budget and avoid overextending yourself financially. By choosing a used car, you can drive away with a reliable vehicle while keeping your finances in check.
Lower Depreciation: Pre-owned vehicles have already undergone initial depreciation.
Another significant advantage of opting for used car finance is the lower depreciation rate associated with pre-owned vehicles. New cars tend to depreciate rapidly, losing a considerable portion of their value within the first few years of ownership. However, used cars have already experienced this initial depreciation, which means their value stabilises more quickly. At Madd, we help you find financing options that take this lower depreciation into account, providing you with a more stable investment. This reduced depreciation rate ensures that your car retains its value better over time, which can be particularly beneficial if you decide to sell or trade in the vehicle in the future.
Wide Selection: Access to a vast range of makes and models to suit your needs.
When you choose used car finance, you gain access to a vast and diverse selection of makes and models. This variety allows you to find a vehicle that perfectly matches your needs and preferences. Whether you’re looking for a compact car for city driving, a spacious SUV for family trips, a luxury sedan for comfort, or a reliable utility vehicle for work, the used car market offers endless options. At Madd Vehicle and Asset, we leverage our extensive network of lenders to secure the best financing deals for a wide range of vehicles. This broad selection ensures that you can compare different brands and models, select the features you desire, and ultimately drive away in a car that fits your lifestyle and budget.
Our Partners
We’re proud to work alongside a range of major banks and lending institutions, including but not limited to:
Partnering With The
Asset Finance Professionals
At Madd Vehicle and Asset, our priority is building strong relationships with our clients. We’re dedicated to understanding your vision, operations and financial objectives to source the perfect funding solution for your needs. Let us be your partner in asset growth. Reach out today to discover your options and secure the financing you need.
Partnering With The
Asset Finance Professionals
At Madd Vehicle and Asset, our priority is building strong relationships with our clients. We’re dedicated to understanding your vision, operations and financial objectives to source the perfect funding solution for your needs. Let us be your partner in asset growth. Reach out today to discover your options and secure the financing you need.
Our mortgage services and brokers have earned the reputation as one of Australia’s leading mortgage brokerages and we are proud to extend that same level of excellence to Madd Vehicle & Asset Finance. Whether you’re looking to safeguard your future, attain financial stability, or live according to your preferences, we’re here to help. We’d love to hear from you.
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