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A secured car loan is a fixed-term, fixed-rate, secured personal loan used to purchase a vehicle.
Security on a car loan should mean lower interest rates than a typical loan..
Secured car loans can be arranged through a bank, car dealership, finance broker or online.
A car loan is essentially a secured personal loan.
You borrow an amount of money to finance the purchase of a vehicle
You repay the loan amount - plus interest - over a fixed term to the lender.
Repayments can often be negotiated to be either weekly, fortnightly or monthly.
If you’re buying a car, you’ll either get a secured car loan or an unsecured personal loan.
Secured car loans are generally considered better because:
Generally, you can finance new and used cars up to 7 years old with a secured car loan. Some lenders will work with older cars, but you may be asked to pay substantially higher rates.
Here are three common restrictions on secured car loans:
Qualifying depends on a few things:
If you want to get the best deal, lenders consider the ‘ideal’ person to:
Other factors like the interest rate and fees applied to your car loan will vary, depending on the lender, the age of the vehicle, and your personal credit profile.
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