Unsecured Car Loan
Imagine a life without having to troll the internet for hours upon hours trying to find a great loan that meets your needs?
Shessh, you could be out enjoying that sunny day! Well Finance Monster might just be able to help in relieving that stress. Finance Monster runs a loan comparison service covering all types of loans including secured and unsecured car loans. Let us do the searching so you’ve got more time on your hands to enjoy the finer things in life!
What is an unsecured car loan?
Unsecured car loans are loans that have no collateral (the car being purchased),attached to the loan as security. With an unsecured car loan you are signing a contract to confirm you will repay the loan, just like having a credit card and agreeing to pay it back, but the vehicle being purchased will not be held as security. This means that the new car can’t be repossessed if the borrower defaults on payments. Usually the amount of an unsecured car loan will be much smaller than a comparable secured loan as the lenders have less protection if the borrower defaults.
What are the advantages of an Unsecured Car Loan?
Certain financial situations of borrowers may mean an unsecured car loan can work well for them:
No Security – borrowers don’t have to supply collateral in order to qualify for a loan so nothing of yours will be taken away should your financial situation change and prevent you from making your payments. No collateral loans are of extra benefit to students or others who do not own an item of enough value to put up as collateral.
Flexible Terms – There are many different finance options for unsecured car loans, including extended loan terms.
Available to everyone – Secured car loans can be available to people in many different situations. Sure, if you have a bad credit record this can be difficult but if you can provide a large up-front sum you may be more attractive to lenders.
You can minimise your monthly payments with a long loan term or pay the loan back quickly for minimum interest rates
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What are the disadvantages of an Unsecured Car Loan?
There are many risks associated with unsecured car loans that borrowers should be aware of:
Higher Interest Rates – Because of the large risk associated with unsecured loans, interests rates tend to be much higher than a secured loan (with rates starting around 10%).
Consequences of Non-payment – Lenders have the option of pursuing borrowers who have defaulted on their loan by going through the court to gain possession of assets which may have been tied to the loan in a secured loan scenario (so, the car!). This can be a messy situation where borrowers can be left in a significantly worse off position for failing to make payments on their loan.
Unsecured Car Loans with Finance Monster
Finance Monster is an online comparative service with an aim of providing borrowers (you) the best tools to make the right financial decisions. Finance Monster is here to help bring you the loan of your dreams in a simple, easy and efficient way. Let us do the searching while you sit back and enjoy the loan process of your dreams: a great loan, to make a great purchase for a great car.
Free Tank of Fuel*
Free Tank of Fuel valued at $75 AUD with every Car loan over $20,000. That should really get the motor going!
Free Finance Monster Tank of Fuel Reward Terms & Conditions
- Free Tank of Fuel is $75 dollars pre loaded onto a Fuel Card.
- Free Tank of Fuel is rewarded on Personal Loans or Car Loans over $20,000
- Fuel Card will be sent to customer after settlement of loan.