Published 16 June 2026. Figures and market conditions described here were current at that time and may have changed since.
EOFY is one of the busiest times of year for car sales, and dealers are motivated to clear used stock before 30 June.
That can mean genuine discounts for buyers who are ready to move. But financing a used car works differently from financing a new one, and knowing the key differences before you start shopping can save you time and prevent some costly surprises.
Lenders have stricter criteria for older vehicles
Most lenders place limits on the age and kilometre reading of vehicles they will finance. A common requirement is that the car must fall within a certain age at the end of the loan term, not just at the time of purchase. High-kilometre vehicles can also face restrictions. Knowing these limits before you find a car you like avoids the frustration of discovering finance is unavailable or significantly more expensive.
Buying privately is treated differently from buying from a dealer
Dealer purchases generally come with consumer protections and a cleaner paper trail, which lenders view more favourably. Private sales are financeable, but some lenders require an independent inspection or valuation, and the interest rate offered may be higher. If you are considering a private purchase, understand how your lender treats those transactions before committing to a price.
Used car loan rates are often higher than for new vehicles
Lenders price used car loans to reflect a depreciating asset with less security over the loan term. Rates also vary more widely between lenders for used vehicles than for new ones, so comparing options before you commit can make a meaningful difference to the total cost.
Check the vehicle history before you apply
A PPSR check confirms whether a vehicle has money owing on it, has been written off or reported stolen. Some lenders require this as part of their assessment, but running one yourself early means you have the information before investing time in an application. It takes minutes and costs a small fee.
Sort finance before you start shopping
EOFY creates urgency that dealers use to their advantage. Having finance pre-approved before you walk in means you know your budget, you are not relying on dealer finance, and you can move quickly when the right vehicle comes up. At this time of year, being finance-ready is often the difference between securing a vehicle and missing out.
A finance broker can help you compare your options across a range of used car loan products before you start shopping, so you are ready to move when the right vehicle comes up.
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