BEST SECURED CAR LOANS

Unlike an unsecured loan like a personal loan your used car loan is a secured loan that uses the car you are purchasing as collateral. Used car loans vs.

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Collateral could be a savings account your home your car or other valuable financial assets.

. Higher interest rates than secured loans. Our customers take out secured loans for cars caravans motorbikes boats and more. Typically lower interest rates because youre guaranteeing your payment with collateral.

This means that if you fail to keep up with your payments the lender can take back the car instead. With a secured loan you can borrow up to 100 of the purchase price of almost any asset whether youre buying through a dealer or privately. Secured car loans are where the vehicle that is being purchased is used as collateral in the event of loan default.

The important thing to remember with secured loans is that. Secured loans arent limited to car purchases though. It gives lenders additional comfort that they will be able to recoup the money lent and as a result generally will be accompanied by a lower interest rate and cost savings vs unsecured loans.

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