RateCity
Secured Car Loans
Secured car loans are a particular type of loan that allows the borrower to use the car as an asset for security against the loan. Unlike unsecured loans where the car you want to purchase is not used as collateral, secured car loans are deemed as less risk for the lender because they can repossess the car from you if you default on your repayments. However, because secured car loans are potentially a lower risk investment for lenders, they generally offer better interest rates. The age of the car can make a difference to the interest rate you receive whether it is a secured or unsecured car loan.
There are literally hundreds of secured car loans to compare at RateCity so the chances of finding one that suits your needs is high. Secured car loans also come with different structures from fixed or variable interest rates and repayment frequencies of daily, weekly, fortnightly or monthly. They are also available for new and used cars so make sure you check the details of secured car loans before applying.
Refer to the table below to compare secured car loans currently available.
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Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term. Rates shown are minimum available and may vary depending on your individual circumstances and loan amount.
The advertised and comparison rate is based on credit of $10,000 and a term of 3 years. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
