Used vehicle finance comes down to one number lenders care about most: the vehicle’s age at the end of the loan term. Here’s how the rules work.
The end-of-term age rule
Most lenders cap the vehicle’s age at the end of the loan, commonly around 12–15 years for many vehicles (heavy prime movers can go older). So a 7-year-old vehicle on a 5-year term is usually straightforward; a 12-year-old vehicle may need a shorter term.
Rates and conditions on older vehicles
Older or higher-kilometre vehicles can attract a slightly higher rate, a shorter term, or a deposit — but they’re very financeable, including private and interstate sales. Specialist and non-bank lenders are often more flexible than the majors here.
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