An unsecured car loan is a type of vehicle financing that doesn’t require you to put your car or any other asset up as collateral. Instead, the lender relies on your creditworthiness and income to approve the loan. Interest rates for unsecured car loans tend to be higher, often ranging from 8% to 15% per annum, reflecting the increased risk for the lender. Loan amounts and terms vary, but expect shorter repayment periods compared to secured loans. Used car prices in Australia typically range from a few thousand to tens of thousands of dollars, so unsecured loans can be handy if you lack a deposit or don’t want to tie your vehicle as security. Always check your credit score and compare offers on sites like Tradingpost and CarShowroom before committing.
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