Loans as they should be
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Borrow up to $50,000 for a new or used vehicle
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Simple online application
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Loan terms from 1.5 to 5 years
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No early repayment fees
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Two weeks conditional pre-approval
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Fast finance – funds typically disbursed within 24 hours of approval
Learn more about our used car loans
Affordable Loans for Quality Used Cars
Apply for a used car loan that puts you in the drivers seat with Rapid.Â
Finance your ‘new to you’ car with one of our personalised secure auto loans. Whether you’re working with a private seller, purchasing off a website or considering a dealership, you could be approved for a quick loan with us.Â
Flexible Finance Options for Second-Hand Vehicles
Our loan amount ranges from $5000 to $50,000, with terms running from 1.5 to 5 years to help cover your costs. As a secured lender, Rapid uses the car you’re purchasing as the collateral for your used car loan. This helps us offer you the most ideal rate, and gives you the confidence of knowing your loan is tailored to the vehicle you’re purchasing. Whether it’s your first car or a family upgrade, Rapid can ensure our streamlined processes have you behind the wheel in no time!
How to Apply for a Used Car Auto Loan
Get started with Rapid right now, our process is quick and easy:Â
Apply Online
Kick things off by completing our simple online application form. We’ve made it straightforward, so you’ll only need to provide the essentials. To help us assess your loan, it’s best to have your government approved ID, payslips and online banking details to ensure we can tailor your loan to you. You will also need to share information about the car you plan on purchasing, or the estimate of how much you expect to spend if you need a pre-approval for your used car loan.
We’ll Get In TouchÂ
Once your application is thoroughly reviewed by our dedicated in-house loan consultants, we will give you a quick call or email to go over a few details. This might include clarifying certain aspects of your application or documentation to help us find the best loan solution for you.Â
Receive Your Funds
Once approved, you can expect to receive your funds the same day or the next business day. The used car loan is transferred directly to the dealer or private seller, finalising your vehicle purchase!Â
How It Works
1. Apply Online
Get started with our simple online application and be on your way in just a few clicks! Our secure online platform keeps your information safe.
2. We’ll Get In Touch
Your application will be reviewed and one of our friendly loan consultants will be in touch soon! We’re here to help.
3. Receive Funds
We take our commitment to being fast seriously! If you applied in the morning and were approved, your funds could be available the very same day.
Why go with Rapid for your loan?
Loans Tailored to You
Our auto and personal loan products were created with our customers in mind. We live in the real world too, so we created flexible loan solutions to suit most circumstances.
Quick and Easy Process
Our online application takes just minutes and our secure online portal allows you to upload your essential documents quickly and conveniently.
Personalised Service
Like everything at Rapid, we make sure dealing with our professional customer service representatives is straightforward and simple. We’re here for you!
Trusted Lender
We’ve funded loans for over 50,000 happy customers to make life happen. Our people are experienced, professional and understand that life isn’t always straightforward.
Explore Our Other Loan Types
Car Loans
For your new or used car purchase
Motorcycle Loans
For the times you want to rev your engine
Boat Loans
For feeling the wind in your hair
Motorhome Loans
For when it’s time to hit the open road
Auto loan questions
What is a p.a. comparison rate?
The comparison rate gives you a true understanding of the cost of the loan per year. In addition to interest rate charged, it adds the cost of fees and charges, repayment frequency, loan term and loan amount.
What loan terms do you offer?
Our loan terms vary from 24 to 60 months with loans ranging from $2,001 up to $50,000. This will depend on the product, loan amount and other factors.
What is a balloon payment?
A balloon payment is a significant extra payment made on your loan that is greater than your normal repayment. A balloon payment can be made at any time of the loan term and will reduce the loan term and interest charges for that loan. We do not require balloon payments at Rapid Loans, however the option is available to you to make extra repayments without incurring any fees.
What does pre-approval mean?
Applicants are able to apply for pre-approval for finance before making an offer for a car. Pre-approval means that the applicant has already gone through the application process and has been found that they satisfy the criteria to get a loan of a specific loan amount. This gives the applicant to the reassurance that they can afford a car within a specific budget. When the applicant has found a car to purchase, the loan application can be finalised with any conditions being met to receive final approval, contracts signed and funds disbursed.
Do you charge early repayment fees?
No, Rapid Loans does not charge any fees for early payouts or additional repayments on top of the normal repayment schedule.
Do you offer fixed interest rates?
What documents are needed for a used car loan?
You will need current government identification, recent payslips and proof of general lifestyle expenses to ensure we can accurately assess your application.
How old can the car be for a used car loan?
There is no limit on how old the car can be. So if you’re picking up a classic car, don’t worry – you can still apply with Rapid Loans.
Can I get a used car loan for a private sale vehicle?
Yes, you can. Simply give us all the details of the seller, make and model of the car along with the price. Also, for your own safety, ensure that the car comes with all the necessary paperwork and pre-purchase checks before you lock in with a private seller.Â
How do I buy a car that is under finance?
When you are buying a second-hand car privately, it is essential to check whether a finance institution holds any security against it. We can find out this information by running a PPSR check on the vehicle you want to purchase. As the car you are purchasing acts as security for your loan, the seller will need to repay their original finance company before the sale can go ahead. There are two ways to do this.
The first is that the seller can obtain a payout quote from their financier, repay the outstanding amount and provide proof that the final payment has been made. The second way is that if they are relying on the sale of the car to repay the financier, then they can provide the official payout document to Rapid Loans and we will disburse funds straight to their financier as part of the new car loan. If there are additional funds from the sale leftover after the original loan is paid out, those will then be disbursed to the seller.