Personal Loans For Cars, Boats, Motorcycles & Caravans.
Secured personal loans Adelaide residents apply for are personal loans whereby the lender takes security over the item financed; whether it be a car, boat, motorcycle or caravan.
Secured Personal Loan Interest Rates
Interest rates for secured personal loans will typically be lower than for unsecured personal loans; due to the added security the lender has.
While the finance brokers at Houston Finance try to get the best outcome for you, Houston Finance does not determine the interest rate, the lender does.
Interest rates are set based on the strength of the secured personal loan application and only once approved, will Houston Finance and then the customer be aware of what terms will be offered in the secured personal loan contract; such as interest rate, duration of the loan and therefore monthly payments.
The most popular examples of secured personal loans Adelaide people apply for are listed below.
Car Loans
Secured car loans are applied for by people looking at purchasing a car; whether new or used car. Car loans will typically be secured against the car under finance and the loan is often set up with monthly payments over a 5 year term.
Comprehensive car insurance is required by law while the car is under finance.
Motorcycle Loans
Secured motorcycle loans Adelaide residents apply for are for purchasing a motor bike; whether new or used bike. Motorcycle loans will typically be secured against the motorcycle under finance and the loan is often set up with monthly repayments over a 5 year term.
Boat Loans
Secured boat loans are applied for by people looking at purchasing a boat; whether new or used boat. Boat loans; sometimes referred to as marine loans will typically be secured against the boat or marine craft under finance and the loan is often set up with monthly repayments over a 5 year term.
Caravan Loans
Secured caravan loans are applied for by people looking at purchasing a caravan; whether new or used caravan. Caravan loans will typically be secured against the caravan under finance and the loan is often set up with monthly repayments over a 5 year term.
Comprehensive Insurance Is Required
While under finance with a secured personal loan, the car, boat, motorcycle or caravan must be ‘comprehensively insured’.
Read more about comprehensive insurance and the methods of payment; including having the first years premium included in your secured personal loan.
Secured Personal Loan Features
below is a list of features ‘typical’ to secured personal loans.
- Secured personal loans get their name from the fact that the lender will take a ‘mortgage’ over the item under finance as security. In other words the lender can legally reposes the goods and sell them to recoup and money owing under the personal loan contract.
- Secured personal loans are generally structured with repayments over a 60 month (5 year) term.
- Repayments are set up monthly, but can be paid fortnightly or even weekly with direct debit from a nominated bank account.
- It will be a condition of the secured personal loan that the goods must be covered with comprehensive insurance while under finance.
- Interest rates on secured personal loans are set by the lender once approved and because of the security the lender has, interest rates are generally lower than if the personal loan was unsecured; all other factors being equal.
- Other insurance products can be included in the financed amount of a secured personal loan, such as loan protection (cci), ‘GAP’ insurance and a warranty.