If you have some money in hand and just want a loan for a portion of the price of your car an unsecured loan may be right for you.
This gives you the ability to sell the car down the track without impacting your finance because your car isn’t tied to the loan.
An unsecured car loan is an advance of funds – in effect a Personal Loan.
Unlike a secured loan the finance provider does not take an interest in the car and once you pay for the car you can automatically pass title to yourself.
In the case of you defaulting on the loan repayments the finance company can not repossess the car.
This means rates may be higher than a secured car loan.
Unsecured – in this case your car is not secured to the loan in any way. Similar to a personal loan the provider gives you the loan without the security of any asset.
Ownership of the car is in your name completely.
These loans are also often used to finance holidays, home theatre systems, cosmetic surgery etc.
Term / Length of the loan – the life of the loan or the time you have to pay it off. You will normally be able to choose a shorter or longer term to make your repayments suitable to your needs
Balloon or residual payment – Do not generally apply to these types of loans.
We are happy to answer any of your questions and, with our easy & affordable payments plans, getting you the money for your holiday, new vehicle or whatever you need it for may much easier than you might think.
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