Key highlights
- New vans often price slightly sharper than used, indicative only
- Well-kept, popular used vans can still finance competitively
- Lower purchase price can make used the better total value
- One application compares 80+ lenders across both choices
New vans typically finance a little sharper than used ones, with strong, asset-backed deals starting from around 6.55% p.a., while older vans carry higher pricing to reflect lender risk, subject to assessment. Even so, a well-kept, in-demand used van can still be competitive, and lower purchase costs often make used the better total-value choice. Overdrive compares 80+ banks and non-bank lenders on a single application so you can weigh a new van against a used one for your own circumstances.
Why new vans usually get the sharper rate
New vans tend to attract the lowest pricing because the lender's security is clear: a known value, full warranty and a predictable resale path. Strong, asset-backed deals on a new van can start from around 6.55% p.a., though that figure is indicative and subject to lender assessment of your trading history, credit and deposit. A new HiAce, Transit or Sprinter also arrives with no unknown maintenance history, which some lenders reward with marginally better rates. The gap over used is generally modest, and a lower rate on a pricier vehicle does not automatically make new the cheaper option once you total everything.
How used vans are assessed
Used vans are financed routinely, and a well-maintained, popular model can price competitively for eligible applicants. Rates sit a little above new to reflect age, kilometres and a less certain resale value, and they rise further for older or high-kilometre vans. Lenders also consider how old the van will be when the loan ends, since many cap the asset's age at term completion. A quality used van from a licensed dealer usually prices better than an equivalent private-sale purchase, because the lender has more comfort around the vehicle's condition, service record and clear title.
Look at total cost, not just the rate
A sharper rate on a new van can still cost more overall than a slightly higher rate on a used one, because you are financing a larger sum. When you compare, add up total repayments plus any balloon rather than judging on the percentage alone. A used van a couple of years old has already taken the biggest depreciation hit, which can mean stronger value even at a marginally higher rate. Whether new or used wins depends on your kilometres, how long you will keep the van, and whether warranty and downtime risk justify paying the new-vehicle premium for your operation.
Structuring the loan for each
New and used van finance both typically run one to seven years, often with a balloon or residual to lower monthly repayments. On a used van, a shorter term can keep the loan finishing before the vehicle ages too far and helps you stay within lender age caps. On a new van, a longer term with a balloon can ease cash flow while the vehicle earns from day one. A deposit or trade-in helps either way and may sharpen the rate offered, subject to lender criteria and the overall strength of your application.
Comparing new and used the smart way
The reliable way to settle new versus used is to compare genuine offers on both. Overdrive's broker, Simon Kendrick, lodges one application across 80+ banks and non-bank lenders, so you can line up pricing, terms and balloons for a new van and a used one side by side, without separate enquiries that mark your credit file. That turns the total-cost question into a clear comparison. For eligible applicants, same-day pre-approval and 24-48 hour settlement may be available, subject to lender criteria and a complete file. Seeing both options costed the same way is the only dependable way to settle new versus used for good.
If you are choosing between a new van and a strong used one, let the figures guide you. Send Overdrive both vehicles and your ABN details, and you will receive a side-by-side comparison across 80+ lenders showing rate, structure and total cost for each option. It is obligation-free and quick, and it replaces guesswork with a clear, tailored picture before you commit to either van.
Frequently Asked Questions
What is the oldest used van I can finance?
It depends on the lender, but many finance vans up to roughly 10-15 years old at the end of the term, with some going further on low-doc or specialist products. Older vans price higher, and age limits vary widely, so comparing lenders is the best way to find one comfortable with your vehicle.
Does a used van need an inspection or valuation?
Sometimes. Lenders may request a valuation or condition check on older or private-sale vans to confirm the security. Dealer purchases usually involve fewer extra steps. Flagging the van's age and sale type early helps set expectations and keeps settlement moving smoothly.
Can I finance a used van with a fit-out included?
Often yes. Some lenders will finance a used van together with reasonable shelving or racking as part of the asset, while others prefer the base vehicle. Mention any existing or planned fit-out up front so the deal is structured correctly and priced appropriately from the outset.
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