Secured Personal Loans
A secured personal loan is where the borrower provides some form of collateral, which is used as security for the debt. Collateral is defined by dictionary.com as 'something pledged as security for repayment of a loan, to be forfeited in the event of a default'. Collateral or security is usually an asset that the lender can assign a value to. This type of personal loan attracts a lower interest rate than that of an unsecured personal loan. This is because there is less risk for the lender. If repayments for the loan are not made than the lender can sell the asset to pay out the loan.
What can be used as security?
There are different items that can be used as security. A secured loan against car is the most common. Caravans, motorbikes and boats can also be used as collateral for a secured personal loan.
If you are considering purchasing a vehicle then a secured car loan will be a more cost effective solution. Call our experienced finance experts to discuss your individual circumstances.
What can you use a secured personal loan for?
A secured personal loan can be used for a variety of purposes including:
- Home renovations.
- Education and school expenses.
- Dream holiday.
- Medical expenses including cosmetic surgery.
- White goods and furniture..
- Car repairs...
- Wedding expenses...
- Debt consolidation...
Secured personal loan terms
There are many advantages to a secured loan against car. These include:
- Competitive low cost interest rates.
- Interest rates are fixed for the term of the loan.
- Option to pay out most personal loans at any time.
- Terms of up to 7 years.
- You can borrow from $5000 to $30 000.
- You will need to provide some type of security or asset against the loan.
Call (07) 5493 1222 or make a Quick Online Loan Enquiry today to discuss your loan using your car as collateral. One of our friendly finance experts will be able to evaluate your individual circumstances. We will get you the best low cost secured personal loan available.
Personal Loan Calculator
Not sure if your loan repayments will fit within your budget? Try out easy to use Personal Loan Calculator. The calculator estimates a fortnightly or monthly loan repayment. The calculation is based on the loan amount, loan duration and interest rate. Loan terms can vary from 1 to 7 years. The interest rate depends on your profile and previous credit history.