A secured car loan is a loan where the funds provided are used to purchase a new or used vehicle and the vehicle, in this case your Mitsubishi, whether used or new acts as security. The advantage of this option is that you tend to benefit from lower interest rates because it's less risky for the lender. The car you plan on purchasing needs to be in good condition so lenders prefer if it's new but it is possible to get a secured car loan for used cars. The used car can be upto six years old but the age restriction tends to vary from lender to lender. For a secured car loan, the interest rates can either be fixed or variable.