Updated: Mar 25
Can you get a secured loan for a car older than 10 years?
Most traditional Australian lenders say no. Standard bank policies often restrict secured car loans to vehicles under 7 years old, forcing buyers of older cars into high-interest unsecured personal loans. However, in 2026, Harmoney has removed these "age walls”, allowing you to secure finance against "loved-up" older vehicles to access lower interest rates.
The "Vehicle Age" Trap in Car Finance
If you are eyeing a 2012 Toyota LandCruiser, a mid-2000s sports car, or a well-maintained "future classic," you’ve likely hit a roadblock with big-bank car finance.
Most lenders view older cars as high-risk collateral. Lenders assess risk based on three main "danger zones" associated with older vehicles: Depreciation, Mechanical Reliability, and Liquidation Value. Their systems are built for new-car depreciation cycles, not for the enduring value of reliable older models. This leaves buyers needing to pay in cash, draining your savings entirely.
How Harmoney Solves the Older Car Problem
Harmoney’s approach is different. By focusing on the borrower’s credit health rather than just the car’s manufacture date, we offer a more inclusive way to fund your purchase.
1. "Any Vehicle, Any Age"
Whether it’s a brand-new EV or a 15-year-old reliable sedan, Harmoney allows you to use the vehicle as security. This is a game-changer for private sales, where the median age of a car sold is often over 10 years. By using the car as security, you can often unlock a lower interest rate compared to a standard personal loan.
2. No Deposit Required
Buying an older car often means budgeting for immediate maintenance or upgrades (like a new head unit or a mechanical refresh). Harmoney allows you to finance 100% of the purchase price, so you can keep your cash in the bank for those first-month "peace of mind" repairs.
3. Shop Like a Cash Buyer
Because you get the funds in your account before you provide the vehicle details, you can jump on a rare find the moment it hits Marketplace. You have 60 days to buy the car and meet the security conditions to maintain your lower secured car loan rate.
Quick Checklist: Securing a Loan Against an Older Car
To ensure your "loved-up" vehicle qualifies to be used as security and keeps your rate low, ensure the following:
- Comprehensive Insurance: The car must be covered for its full value or at least $10,000.
- Clear Title: Ensure the seller has paid off any existing finance (always run an official PPSR check before handing over any money!).
- Reputable Insurer: The policy must be with a recognised Australian insurer and list Harmoney as an interested party.
Stop Waiting, Start Driving
Don't let a "car age limit" stop you from buying the vehicle you actually want. Whether it's a practical daily driver or a weekend passion project, you can check your eligibility for a car loan in under 9 minutes with no impact on your credit score.
Check Your Rate in 9 Minutes – No Credit Score Impact
