Unsecured Car Loans And Greater Flexibility
If you have some money in hand and just want a loan for a portion of the price of your car an unsecured loan may be right for you.
This gives you the ability to sell the car down the track without impacting your finance because your car isn’t tied to the loan.
Unsecured Car Loans Explained
An unsecured car loan is an advance of funds – in effect a Personal Loan.
Unlike a secured loan the finance provider does not take an interest in the car and once you pay for the car you can automatically pass title to yourself.
In the case of you defaulting on the loan repayments the finance company can not repossess the car.
This means rates may be higher than a secured car loan.
What You Need To Know About Your Unsecured Car Loan
Unsecured – in this case your car is not secured to the loan in any way. Similar to a personal loan the provider gives you the loan without the security of any asset.
Ownership of the car is in your name completely.
These loans are also often used to finance holidays, home theatre systems, cosmetic surgery etc.
Term / Length of the loan – the life of the loan or the time you have to pay it off. You will normally be able to choose a shorter or longer term to make your repayments suitable to your needs
Balloon or residual payment – Do not generally apply to these types of loans.
Your Unsecured Car Loan Rundown
- Flexible car loan terms from 12-84 months
- Car Loan residuals ranging from 10-60%
- Fixed payment schedule to suit your budget
- Low loan fees
- No termination fees
- Ability to buy any type age vehicle
- Finance arrangements to suit your needs
- The flexibility to use some of your own cash towards the purchase
- Variable loans available to capitalise on falling interest rates
