Quickly Compare Unsecured Personal Loan Rates and Options for Car Purchases
In situations where a car being purchased for personal use is not accepted as suitable security or is available as security, buyers may consider an Unsecured Personal Loan as finance. This is a very general type of loan, offered by many banks and lenders but with varying loan features, conditions and interest rates. As an initial guide, buyers can use our comparison table to compare rates and loan types across a selection of lenders.
An Unsecured Personal Loan is often used to purchase cars when lenders do not accept the car as suitable collateral. This may be due to the age and condition of a used car, it may be a restoration project, it may be a collectible vehicle which is not deemed suitable security or which the buyer does not choose to offer as security, and other reasons.
The criteria can vary across the market as can the individual features and rates of this type of finance. Highlighting the benefit of drawing on the services of Easy Car Finance to source the cheapest and most appropriate loan option.
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Unsecured Personal Loan: Specifics and Features
- May be used for the purchase of motor vehicles for private use.
- The vehicle is not used as security, but some form of other security or guarantee may be requested by lenders.
- Interest rate will be higher than for a secured car loan.
- Interest rate may be at a fixed or at a variable rate. This varies across the market.
- Fixed rate loans stay at the same interest rate for the full loan term.
- Variable rate loans are subject to market fluctuations and movements. The rate may increase or decrease over the loan term.
- Fixed loan term usually applies. A 7 year loan term is typically the maximum approved for this type of loan.
- Depending on the type of interest rate, fixed monthly repayments may apply.
- The loan amount is subject to lender approval. Some lenders have a $50,000 loan limit on this type of finance. We may be able to source other options where required.
- Additional payments are permitted with minimal or no break fees applicable, depending on the type of interest rate.
- Credit profile of the applicant is a key determinant for interest rate offered and if any special conditions are attached to the loan offer.
Applying for an Unsecured Personal Loan for a Motor Vehicle
Due to the broad nature and potential for this type of finance, applicants may find significant benefits in using Easy Car Finance to source quotes. We have the capabilities, resources and the expertise to match applicants with the most suitable loan at the cheapest interest rate.
Fast track your way to a cheaper Unsecured Personal Loan to buy a car by requesting a quote from Easy Car Finance.