Apply for Secured Car Finance
Secured Car Finance
Have you spotted the car of your dreams and are looking for a financing option that will help you secure the vehicle? A Secured Car Loan could be the right option for you.
Apply for a secured car loan through Braid Finance today. With a quick application and approval for finance process. You will have the money for a new car in potentially 24 hours. We have the best customer service team available monday to friday to help you with your finance application.
Finding a lender for a secured car loan can take a long time to get a good interest rate. So save time and apply today. The team will go above and beyond to ensure your application is well positioned for approval.
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Secured Car Finance Overview
When comparing your options, be on the lookout for the following.
- Interest rates. The interest rate charged on your loan determines how much you will end up paying at the end of the loan term. Always be aware of the rate you are being offered.
- Loan term. Car loan terms can be set for short periods of time such as 6 months to a year or longer periods such as 5 years and above. Going for a shorter term means your interest rate will be lower but monthly repayments will be higher whereas for longer terms, your interest rate will be more but less monthly repayments.
- Minimum repayments. It is important for you to be aware of what your minimum repayments are for your loan and whether it fits well with your income and budget.
- Fees you will be charged. There are lenders who charge a monthly account fee on top of your loan or early repayment fee. Make sure you are aware of any fees that are applicable to avoid having to pay more money than you had expected.
Before settling for a secured car loan, it is important to consider what the pros and cons are.
Pros of Secured Car Finance;
- Secured car loans may come with lower interest rates hence making your repayments more manageable
- If you don’t want to purchase a brand new car, you have the option of going for a used or second hand car as some lenders will prefer that.
- You may have the option of borrowing more money for your car purchase.
Disadvantages of a Secured Car Loan;
- As much as using your car as security lowers your interest rates, it also means that if you don’t pay off your loan you will be risking losing your car. Therefore, take out a loan that you know you can afford.
- You can only use the loan to finance your vehicle and no other unrelated costs.
At Braid Finance we have helped hundreds of Australian’s get approved for a secured car loan hence saving them time, money and the hassle of applying for a loan. We have partnered with some of the best financial institutions all in one place so you are guaranteed to get some of the best deals in the market. Get in touch with us if you have any more questions or if you need help choosing the right loan for you.
What is a Secured Car Loan?
A secured car loan is a type of loan where the car you bought using the funds provided act as collateral/security for the loan. This means that if you don’t make the agreed repayments, the lender may take possession of the car and sell it to cover the cost of the loan. Lenders may prefer that the vehicle you purchase should be in good condition hence prefer if the vehicle is new but that doesn’t mean you can’t find a secured car loan for used cars.
Car Loan Refinance
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How does a Secured Car Loan Work?
With this loan, if you fail to repay the loan, the lender has the right to repossess the car. Since the loan is less risky for the lender due to the car acting like collateral, they may offer you a low interest rate that can be fixed or variable. Fixed interest rates don’t change over the period of the loan term while for variable interest rates, they tend to fluctuate with the market interest rates meaning that your repayments might increase when they go up.
For a secured car loan, it is possible for you to borrow more money for your car purchase. So if you want to buy a slightly larger car or a fancier car, you have the chance to do so.
If you haven’t yet found a car that you want, the bank or lender may offer you finance pre-approval for a certain amount of money which will help you know how much you can spend on a vehicle. Also with a secured car loan, you may be able to get longer loan terms hence putting you under less financial strain. Though you still need to be keen to check that you won’t end up paying more for the car.
When comparing the different secured car loan options, keep an eye out for fees, loan terms, minimum and maximum loan amount, whether you can give additional repayments, interest rate and other features as they may differ with different lenders. For example, some lenders may let you make additional payments without charging an early repayment fee. Also other lenders might not have a maximum borrowing limit.
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Braid Finance is always more than happy to answer any questions you may have. All of our customers applications are individually assessed. If you have any urgent questions while we get back to you. Get in touch with us today.