Personal Finance

Secured Car Loan

What is a secured loan?

A secured loan is the most common form of personal vehicle finance.

The lender gives you the funds to buy a vehicle and holds a mortgage over it as security for the loan. As long as you make regular repayments, you’ll own the vehicle outright at the end of the loan term.

You can use a secured loan to finance a car, caravan, boat, or motorcycle.

Secured Car Loan

What are the benefits?

With a secured loan, you’ll enjoy lower interest rates and fixed repayments for the life of the loan. Even if you’ve got a bad credit record, we can usually find a loan that’s right for you.

Secured Loan
Features of a secured loan
  • New or used vehicles
  • Flexible loan terms, from 1-7 years
  • Fixed interest rate
  • Weekly, fortnightly, or monthly repayments
  • Residual value or “balloon” payment options
  • Cash deposit/trade-in or 100% finance.

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Loan Calculator

Any calculation made using this repayments calculator is intended for illustrative purposes only. The calculator does not take establishment fees, stamp duty, or other government charges into account. Any calculations made should not be relied upon for the purposes of deciding whether to apply for a loan.

Some of the benefits of car finance via Oxcel Auto Loans

Anytime, Anywhere, Anyhow

We’re a real online business. Get an online quote, electronically sign documents and receive / send funds electronically; there’s no need to leave that couch!

Financial Flexibility

Our lenders have a wide range of options that give you flexibility including early termination fees, variable loan terms and the ability to add a residual.

Lifetime Support

Don’t get left alone to figure out how much you owe, changing your details, or assessing your changeover options; we’re here for you over the life of your loan.

Common questions about your secured loan

To qualify for a secured loan, you must be:

  • At least 18 years of age
  • An Australian citizen or permanent resident
  • Receiving a regular income
  • Purchasing a vehicle for personal use.

The vehicle you’re purchasing may also have to meet certain criteria. Depending on the lender, there may be restrictions on:

  • The age of the vehicle
  • The type of vehicle
  • Whether you can purchase the vehicle from a private seller.

Absolutely! Oxcel helps hundreds of Australians to get finance, regardless of their credit history. To increase your chances of approval, you should try to save a deposit and clear up any existing debts.

In Australia, secured loan interest rates currently range from around 4% to 18%. Your interest rate will depend on your choice of lender, as well as:

  • The type and age of the vehicle you are financing
  • The loan amount and term
  • Whether you’re purchasing from a dealership or a private seller
  • Your credit history
  • Your financial position (e.g., savings, outstanding debts).

Some lenders offer reduced interest rates for the purchase of environmentally friendly cars.

The lowest interest rates are offered to borrowers with a clean credit record, stable employment, and a high income, who are purchasing a high-value, brand-new vehicle.

A residual value or “balloon” payment is a lump sum that isn’t included in your regular repayments. Your repayments will be lower during the life of the loan. However, if you wish to keep using the vehicle at the end of the term, you will need to repay the outstanding amount.

Yes. Whether you’re buying a car, caravan, boat, or motorcycle, the lender will require you to take out a comprehensive insurance policy before you receive secured finance.

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