What is an unsecured car loan?
An unsecured car loan (also known as a personal loan) involves the lender providing the funds to purchase your new car without holding security on the vehicle. As the lender does not hold security over your new car, this translates into a higher risk to your new car lender. You can expect lenders to charge a higher interest rate on this type of loan due to the risk involved
How does an unsecured car loan work?
The lender will advance you the funds to purchase your new car. You take complete ownership at the time your new car is purchased and repay the lender over the agreed term of the loan.
Who should choose an unsecured car loan?
If you or the vehicle you are purchasing doesn’t meet the criteria for a secured car loan or a novated lease, then an unsecured car loan may be a good option.
Some of the benefits of using Yellow Loans for your best car finance deals.
Fast and Easy Approvals
Access to the best car loan interest rates
Flexibility loan repayment periods from 1-7 years.
The option of a balloon payment which is a lump some payment at the end of the loan, to reduce your monthly repayments.
Access to fleet discounts on new car purchases using our new car buying service.
Over 20 years experience in finding our clients the best car loan options.
What's the Yellow Line?
If you or the vehicle you are purchasing doesn’t meet the criteria for a secured car loan or a novated lease, then an unsecured car loan may be a good option.
Behind buying a new home, a new car is likely to be the next largest financial decision you will make. There are a vast range of products and banks are extremely competitive. It is best to seek professional financial advise to ensure you obtain the most appropriate home loan product for your needs.
Yellow loans has a vast range of lenders with a range of products to achieve the best results on obtaining the best car loan deals for you. You can contact us here and we can get your future looking bright.
Buying a new car? Save thousands using our in house car buying service
If you are buying a new car, Yellow Loans has an in house car buying service, that will save you time and money by using our buying power and car buying expertise.
Contactless Car Buying
Free service to buyers
Better than fleet discounts on all makes and models, Australia wide.
Save up to 22% on new cars makes and models
Straight from the manufacturer
Priority vehicle allocation
Delivered to your door with a full tank of fuel