Unsecured Car Loans
While most borrowers who purchase a new car choose a secured car loan to get a lower interest rate, some drivers prefer not to and opt for unsecured car loans. Unlike secured loans, unsecured car loans are not used as security against the loan. This means that the equity from your assets – namely the car – stays out of the loan contract. With so many loans to choose from on RateCity you are bound to find one that is great value and suits your requirements.
Unsecured car loans can be perceived like a personal loan for renovations on your home because the renovations you make are not an asset you can put on the loan as security. Credit cards are also unsecuritised which is why they comprise higher interest rates than loans.
If you are in the market, one of the best places to start is online at RateCity. Do your research and compare unsecured car loans by lowest rates and features from the table below.
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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 comparison rate is based on credit of $30,000 and a term of 5 years. WARNING: 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.
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