Car Loans

A secured car loan is similar to other personal loans; the lender has an item of security, which they can repossess if you are unable to repay the loan. In the case of secured car loans, typically this item is the car itself. Some lenders will require your item of collateral to be your house instead.

Secured car loans typically have lower interest rates than loans that are unsecured. It is also usually easier to obtain a secured car loan than an unsecured loan because you are offering an item as collateral so the risk for the lender is much lower.

Typically, you may borrow up to £25,000+ with a secured car loan, depending on your financial situation and the lender that you deal with. At SecuredLoans.com we compare the entire UK market to find you a policy that suits your specific needs.

Most lenders will allow you to choose the length of repayment for the loan; this period is usually referred to as the loan “term.” There is usually a maximum term, but this could be a long as 15 years with a secured car loan. It is important to note that the longer you take to repay the debt, the more the loan will cost you as interest is charged each year.

If you start missing repayments on a secured car loan, you will be putting the car (or other collateral) at risk for repossession. Your lender will have the legal right to repossess your asset and sell it to recover the debt that you owe them. Repossession will not occur if you miss one repayment, but it is always important to inform your lender as soon as possible if you think you may start falling behind on your payments. Usually vehicle repossession is a last resort for the lender. They would much prefer that you pay your loan repayments so it’s best to keep an open line of communication with them if you are having financial difficulty.

If you need advice or free quotes regarding secured car loans please don’t hesitate to contact us.


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SecuredLoans.com is a credit broker. In the case of unsecured loans, the REPRESENTATIVE APR is 9.3% variable. 51% of borrowers get this rate or less Representative example: - £10000 over 60 months at an interest rate of 9.3% per annum. Monthly repayment £206.86. Total amount payable £12416.46.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


65% of secured loan borrowers should get rates less than our TYPICAL 13.8% APR including those who have credit problems. APR’s are variable in most cases. In some cases a secured loan processing cost may be charged, which is deducted from the loan on completion and included in the interest rate quoted. This charge covers the cost of property valuation, mortgage references, consent to register a second charge, land registry search’s, credit references, staff costs, marketing and variable costs associated with your loan and is on average 8% of the loan amount. The amount of any fee and the actual rate available will depend on your circumstances and will be discussed with you at an early stage. Extending the loan over a longer period can reduce your monthly payments but may increase the total cost of credit.