Most borrowers choose to secure their car loan with their new car to get a lower rate. However, if you have a good credit rating, you may qualify for an unsecured loan, thus leaving the equity from your assets out of the loan.
Always make sure you consider your personal circumstances and whether you’d be willing to secure your loan with your new car to take advantage of the cheaper rate. Otherwise, enjoy the freedom of an unsecured loan and start looking for that new ride today.
You can compare car loans and find some great rates to suit your circumstances by visiting our car loan comparison page. Here you can also see the difference between secured car loans and unsecured car loans so you can have all the options at your fingertips.
Please feel free to check out RateCity’s Car Loan Guide which will give you lots of handy hints and help you better understand the car loan market.