What is an unsecured loan?
An unsecured loan is a short-term loan that you can use for almost any purpose, including buying a car, boat, caravan, or motorcycle.
The lender gives you the funds and you agree to make regular repayments over the life of the loan. An unsecured loan doesn’t use your vehicle as collateral, so you own it outright from the beginning.
What are the benefits?
An unsecured loan puts no restriction on how you use the funds. That makes it a good option if you’re looking to purchase an older or vintage vehicle that doesn’t meet normal lending criteria. An unsecured loan can also help pay for your registration, insurance, or that fancy after-market stereo system.
Features of an unsecured loan
- New or used vehicles
- Flexible loan terms, from 1-7 years
- No security required
- Fixed or variable interest rates
- Weekly, fortnightly, or monthly repayments.