A Secured Car Loan is typically used by individuals to purchase a car where it is predominantly for personal or private use and it does not form part of any salary packaging arrangement. With secured car loans, the car is used as the security against the funds borrowed to acquire the car. As the financier holds the car as security, their risk of loss is reduced and as such, a more competitive interest rate can be offered compared to standard unsecured personal loans.
The benefits of a Secured Car Loan are:
- Low interest rates
- Repayments are fixed for the period of the loan
- Flexible terms from 1-7 years
- No deposit, you can finance the total purchase price of the car with or without a residual
- Same-day approvals
- In general, the interest rate on a secured car loan is less than standard unsecured personal loans
Use our quote tool to find out how we can help you. Enter your loan amount on the right or give us a call on 1300 889 669.