New vehicles usually attract the sharpest rates, but used vehicle finance can still be very competitive — here’s how the two compare.
Why new vehicles get sharper rates
New vehicles are the assets lenders like most: predictable value, longer usable life, and lower risk. That means the lowest rates, longer available terms, and the easiest approvals — often with a balloon to lower repayments if you refresh regularly.
Where used vehicle finance stands
Used shouldn’t mean a much higher rate. Lenders assess a used vehicle on its age at the end of the term, condition and value, so newer, well-kept vehicles finance close to new-vehicle pricing. Older or higher-kilometre vehicles may carry a slightly higher rate or a shorter term.
Either way, comparison decides the rate. Get an obligation-free quote on the exact new or used vehicle you’re buying and we’ll find the sharpest option across 80+ lenders.
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