Short answer: yes, often. But the older the car, the fewer secured car loan options there are and the shorter the term tends to be. Past a certain age, the realistic option becomes an unsecured personal loan.
Why a car's age matters to lenders
With a secured car loan, the car is the lender's security. Older cars are worth less, depreciate unpredictably and are more likely to need major repairs. So most lenders set a limit on how old the car can be, and it's often measured at the end of the loan, not at purchase.
Example: if a lender's rule is "no older than 15 years at the end of the term", a 10-year-old car could only be financed over five years at most. The exact limits vary a lot between lenders.
Your options for an older car
- Secured car loan with a shorter term. Often available for cars roughly 10 to 12 years old, depending on the lender and the car's value.
- Unsecured personal loan. The car isn't security, so its age matters less. Rates are usually higher than for a secured loan, and approval depends more heavily on your income and credit.
- Classic or collectable cars. Some specialist lenders finance genuinely collectable older cars based on their value. That's a different market to an everyday older runabout.
Before you buy an older car
- Run a PPSR search to check it isn't under finance or recorded as written off or stolen.
- Get a pre-purchase inspection. Repair bills on an older car can quickly outweigh a low purchase price.
- Check insurance. Your lender may require comprehensive cover, and older or modified cars can be harder to insure. See do you need comprehensive insurance on a financed car?
- Think about total cost. A slightly newer car on a secured loan can sometimes cost less overall than an older one on an unsecured loan.
Visa holders and first-time buyers
Older, cheaper cars are popular with newer arrivals and first-time buyers because the loan is smaller. Lenders will still look at your visa's remaining time, your employment and your credit history. A broker can find lenders whose vehicle-age rules and applicant criteria both fit.
Looking at an older car? Tell us the year, price and your situation in about 60 seconds and a licensed broker will call you about options. No credit check to enquire.
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General information only. This isn't financial advice and doesn't take your personal circumstances into account. Vehicle age limits vary by lender and change over time. Finance the Ride is a referral service and doesn't hold an Australian Credit Licence. Last reviewed September 2026.
