Secured Car Loans Explained

Getting a secured car loan with Positive Lending Solutions will ensure that you receive a fast and convenient car loan that's perfect for you right now.

A secured car loan will cost you less over the lifetime of your loan than the same unsecured loan. This is because by taking a security over the vehcile, the lender reduces their risk, and they're happy to charge you less to borrow the money for your new car.

A secured car loan is where the lender takes 'security' by registering your car loan on the Personal Property Security Register (PPSR), a national online noticeboard that shows who has an interest in valuable personal property items.

The key advantage to getting a secured car loan is that you'll get a lower interest rate. This is because the lender has a registered right to reclaim the car if you don't make your loan payments at any point, and sell it to recover the outstanding amount. You can read more about how car loan interest rates are determined.

What type of secured car loan do I need?

This really depends on what you'll use your secured car loan for. For example, if you're a business owner, you'll be looking for a chattel mortgage to get the vehicle you need to keep your business running.

When you're self-employed or don't have a consistent income, a secured low doc car loan will get you out on the road fast, using alternative methods such as your tax return to prove your income to the lender.

If you're an employee and you just need car finance for yourself and your family, there's several options that you can choose between to find the right financial fit for yourself.

Choose from a novated lease where you can buy the car you need using pre-tax income, regular secured car finance where you make the loan payments yourself with your take-home pay, or choose to refinance the car loan you already have to lower your repayments, or even upgrade yourself to a newer car if your needs have changed.

Can I buy an older car with a car loan?

Most car loans are secured car loans. An unsecured car loan is generally used in the situation where you want to buy an older car, and it's harder for the lender to determine an exact resale value for the car.

Most car loans are secured car loans, but you can get an unsecured loan too.

You can ask your car loan broker about the options for the car that you're considering buying, and they'll be able to give you the best recommendations.

Remember, any time you have any questions about the car loan process, don't hesitate to ask!

Our lending team are here to answer all your questions. Just call 1300 722 210 to speak to an expert secured loan broker and have all of your questions answered.

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