March 2020 experienced a 17.9% drop in new car sales, based on the same time in 2019, and represents the 24th consecutive month of declines.

Yet car auction site Pickles has experienced a doubling in used car sales since the start of the year, and a 91.6% jump in purchases in the last two weeks of March.

In the market for a used car? The table below features car loans with some of the lowest fixed interest rates on the market for used car buyers.

Lender

FixedNew99 yearsMore details
Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Loan amounts from $2k to $75k

New Car Loan

  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
FixedUsed99 yearsMore details
Credit Score +832
  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
Credit Score +832

Used Vehicle Fast Loan Low Rate

  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
FixedUsed5 yearsMore details
  • Required: Good credit history, stable employment history. Aus citizenship or PR.

Used Car Loan (up to 5 years) (Fixed)

  • Required: Good credit history, stable employment history. Aus citizenship or PR.
FixedUsed12 yearsMore details
  • Required: Good credit history, stable employment history. Aus citizenship or PR.

Used Car Loan (Fixed) (8+ years)

  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 28, 2024. View disclaimer.

A large reason for this is because of the discounts on offer, according to Pickles' general manager of motor vehicles Brendon Green.

“We’ve seen trends within the business that show significant savings for our buyers," he said.

"Currently, used cars are being sold at a discounted rate of approximately 10% to 20% across well-known brands such as Toyota, Subaru, Mazda, Nissan, Kia, and Ford.

“This is an opportune time for those who have been thinking of purchasing a used car to make the jump to secure some significant savings."

This discounted rate falls in line with what Auto Expert's John Cadogan says buyers should demand off the top of new cars when negotiating with a dealership.

Despite closing on-site inspections to the public, Pickles is still conducting virtual auctions and supplying detailed vehicle condition reports, and suggests motorists can save between 10% and 30% by buying at auction.

Editor of PerformanceDrive Brett Davis told Savings.com.au that used cars are an increasingly attractive proposition for buyers.

"While the local new car market is down by 13.1% in the first three months of this year, showing more consumers are reluctant to make a new purchase, now could be a good time to buy a used vehicle," he said.

"Used vehicles don't require such a big outlay, even in the premium and performance sectors, yet the product can be quite similar to a new product if the year model is recent 

"It's quite a nervous market as well and there will be some owners interested in a quick sale."

Davis' PerformanceDrive YouTube channel, which reviews luxury and performance cars, has more than 100,000 subscribers.