Secured Personal Car Loan

A Secured Personal Car Loan is a type of loan where the funder lends you money for the purchase of a vehicle, and then secures the loan against it.

As an individual, a Secured Personal Car Loan enables you to borrow money to purchase a car. When you trade-in or sell your vehicle, you must then payout your Secured Personal Car Loan, and get a new loan if you require money to buy something else.

In general, secured loans have a lower interest rate than unsecured loans.


How does a Secured Personal Car Loan work?

When CM Financial provide a Secured Personal Car Loan, we arrange the funds you need to purchase a car.
You take ownership of the vehicle when you buy it, and as security for the loan, CM Financial takes an interest in the vehicle.
We lift our interest in the vehicle after the contract has been completed, awarding you clear title.

What are the benefits of a Secured Personal Car Loan?

Secured Personal Car Loans offer a number of benefits:

• Flexible contract terms ranging from 12 to 84 months (one to seven years)
• Monthly repayments may be tailored to a budget by applying a balloon value to the contract
• Cash or trade-in deposit may be used
• Fixed rates
• When the vehicle is used for business purposes, a tax deduction may be available
• The loan is secured against the vehicle, lowering interest rates

Who can benefit from a Secured Personal Car Loan?

Secured Personal Car Loans are suitable for anyone wishing to purchase any model car that does not have significant business use of their vehicle or the option of Novated Leasing (salary packaging).

What are the alternatives to a Secured Personal Car Loan?

If you are considering a Secured Personal Car Loan you may also be interested in a Novated Lease (Salary Packaging), Commercial Hire Purchase (CHP) or Personal Loan, depending on your circumstances.

Where can I find out more about Secured Personal Car Loans?

<< Back to finance list