Used Car Loan FAQs

What is a used car loan?

A used car loan is a personal loan that can be used for anything related to cars or vehicles. This includes purchasing a new or second hand vehicle such as a car, caravan, motorbike, boat or trailer, but can also be used for general vehicle expenses such as repairs, insurance, tyres or even hiring a car. Our used car loans can be secured or unsecured, and this will mainly depend on how much you want to borrow, as well as your individual circumstances. Our used car loans are so flexible and easy to apply for, there’s no reason why you wouldn’t come to us!

Can I pay out my used car loan early and not be charged any penalties?

Yes, absolutely! If you take out one of our used car loans you can repay your loan whenever you like! This will save you interest (that you would have normally been charged for the remainder of the loan term) and there are no early repayment penalties on any of these used car loans.

Can I get pre-approval for a used car loan?

Yes, you can! We can assess you for a used car loan and let you know how much you may be eligible to borrow. A pre-approval means you can confidently look for a vehicle with the knowledge that you have a loan waiting for you.

Can I take out a used car loan to purchase a vehicle through a private seller?

Yes, definitely! If you decide to buy a car through private seller rather than a car yard, you will still be eligible to apply for one of our used car loans.

Can I get a used car loan if I have bad credit?

Yes, bad credit used car loans are also available through us. We are able to assist customers who have a certain level of bad credit, such as having “adverse items” (e.g. a credit default or late payment) on their credit file, or having declared bankruptcy (for 12 months or more.)

We will endeavour to understand your current set of circumstances and do what we can to assist you. We hope we will be able to approve a loan for you, but if we are unable to, we will explain why as well as provide you further information on how to develop a positive credit rating. Unfortunately we cannot approve every level of bad credit customer, so if you have a copy of your credit report and would like to you discuss your unique situation with us before applying, we welcome you to contact our friendly customer service team.

Will I pay less interest if I payout my used car loan contract early?

Yes, you will! The amount of interest charged depends on the term of your loan, so the sooner you pay it out, the less interest you will pay. Our used car loans also do not attract any early termination fees.

How can I find out my used car loan payout figure?

You are welcome to contact us if you would like to know your payout figure for your used car loan. We will provide you with a figure that will be valid for a number of days, after which, if you don’t pay it out, you will just need to contact us for an updated payout figure.

Can I get another loan after I have paid this used car loan out?

Yes. After finishing your used car loan and establishing a positive credit history you are welcome to apply for a new personal loan, such as a cash loan, holiday loan, bond loan etc. if you are in need of one. When you take out a second loan, you will also receive an express service, which includes a quick online form as well as receiving great loyalty benefits.

Why have I been declined for a used car loan?

There are various reasons why we may not be able to approve a loan application, and we will always explain why. Generally, we recommend checking your credit file as a first step to identify any problems, which might include:

  1. Excessive adverse items on your credit file such as defaults to other finance companies or too many recent loan application enquiries.
  2. Incorrect information on your file such as a loan or default that is definitely not yours and has been recorded in error by the credit bureau. (You will need to contact the credit bureau directly to resolve this).
  3. Someone has stolen your identity to illegally obtain credit and has defaulted on the payments. (You will need to contact the credit bureau directly to resolve this).

Insufficient affordability is also another potential reason, so we also recommend you do a budget to ensure you can comfortably afford the new loan repayments on top of all your other financial commitments.

What is the total cost of a used car loan?

It’s important to understand the Total Cost of Credit prior to taking any loan. The total cost of credit is the combination of the interest rate, establishment fee and any other “ascertainable fees”. The total cost is not just the stated interest rate, but the stated interest rate plus any compulsory fees. On the range of personal loan sizes we offer, the loan establishment fee and interest rate varies depending on the loan amount you borrow.  When you apply, you will have a dedicated Credit Consultant who will confirm this total cost with you prior to finalising your loan approval.

Why would I pay my used car loan back early?

If you are able to repay your loan early and wish to, there are 3 great benefits of doing so.

  1. Saving on interest – you only have to repay the interest charged to your account up until the day you pay out the loan.
  2. It can help establish a good repayment history with us. If you made consistent repayments throughout your loan and then repay it early, this will be interpreted positively by us and you will have a good repayment record on file with us.
  3. Your ability to access credit again will now be even sooner! By having repaid a loan, you will be in a position sooner to apply for a new loan if you need one.

Online service to supply your bank statements/transaction history

Within our online application we provide a free service called "Bank Statements" so you can provide your bank statements straight away. It means your loan can be processed even more efficiently and you can get a decision quicker than ever. Below are some questions you may have about this secure service.

Why do I input my internet banking details?

By inputting your details we are able to view your bank statements online. This helps us make our lending decision quickly, and assess if the loan is affordable for you. As a responsible lender, it is important for us to verify your incomings and outgoings to make sure you can afford a new loan. We are only permitted a read-only access to your statements, so we will only ever be able to view the recent transactions on your account. Your bank details are encrypted in transit and stored securely by We do not have the ability to change any of your banking details, set up direct debits or to manage your account in any other way. All data is securely handled in accordance with the Privacy Act (1988) (Cth) and our privacy policy and privacy policy which can be accessed here

Who sees my internet banking log-in details?

No person can access your internet banking details. When you enter your banking credentials on our website they are immediately encrypted. The encrypted details are then passed by They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan.

What happens after I have input my information and is it secure?

As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers and are encrypted. and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled.

What happens to the bank statements you obtain?

They will be used to make lending decisions about you and stored by us as long as necessary to assist us in managing your credit and assessing future applications for credit. Your bank statements will be stored by They may use, disclose, sell, license, reproduce or distribute your data and transaction Information in statistical and aggregate form that does not contain any of your personal information.

What will my bank say about me inputting my log-in details into your website?

We would recommend that you review the terms and conditions of your internet banking provider. Before you decide to submit your banking credentials, we would stress that security is of paramount importance, we would especially mention that:

  • Your data is encrypted in transit;
  • We do not have any functionality over your bank account; and
  • We only have access to a read only service

However, you understand that allowing to access your transaction history is at your risk. As a result of you providing your internet banking details to a third party account aggregation service, you may become liable under your bank’s rules for any subsequent unauthorised transaction that occurs to your bank account.

Do I have a choice to not provide my internet banking details?

Yes, you may provide us with a paper copy, or PDF of your bank statements by sending them via email. This will mean it will take longer for us to receive your statements, so we unfortunately cannot process your loan as quickly as those loans that used the online bank statement service.

Who should I speak to if I have questions?

If you have questions or concerns, please call us at Fair Go Finance 1300324746 or send us an email at Alternatively, you may contact on (08) 7122 9452 or via email at

Our used car loans are available to customers with good and bad credit scores – apply with us today!

"Amazing customer service, fast response and no hassle!"