Unsecured personal loan
A loan that is not tied to your car or any other asset. Nothing gets repossessed if you miss payments, but rates are usually higher.
An unsecured personal loan is money you borrow without putting up the car, or anything else, as security. The lender has no asset to take back if you stop paying, so they rely on your credit history and income to decide.
Because there is more risk for the lender, the interest rate is usually higher than a secured car loan. Approval can also be harder if your credit is not strong.
Some people still choose unsecured finance, for example when buying a very cheap car that a lender will not secure against, or when they do not want the car registered on the PPSR. For most car purchases though, a secured loan gives a better rate.
We compare both types across our lender panel. Get your fair rate to see what fits.
See your repayments, then get a fair rate.
One application, one soft credit check, no obligation. We match you to the lender most likely to give you a fair go.