Personal and car loan products are there to help you finance those things that can’t be covered by your regular savings. Depending on your borrowing capacity, a lender can loan a certain amount of money to help you achieve your goals faster.

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As these types of loans are for smaller amounts of money, they generally have shorter terms than larger mortgage loans.

Personal loans generally fall into two categories: secured personal loan and unsecured personal loan. Let’s take a look at what the differences are.

Car Loans

Car loans are a form of a secured personal loan that are specifically available for buying either new or used vehicles. Particularly in the new car market, many car dealers may offer you loan products but these are not always the most competitive products on the market. By discussing your needs with one of our financial services brokers, we can provide you with a range of options, whether that’s a stand-alone car loan or packaging your car loan into an existing home loan.

Shore Financial can provide you with car loan quotes from over six lenders. Thanks to our preferential rates with many lenders, we can often secure you a car loan at a lower interest rate than loans offered through car dealerships. We can work with you to quickly get your loan approved so you can drive away in your dream car sooner.

Unsecured personal loan

An unsecured personal loan is used for funding something that the bank could not repossess if you fail to meet the loan conditions. As a result, an unsecured loan usually has a higher interest rate and stricter borrowing criteria. Examples of things you may use an unsecured loan for include:

  • Refinancing credit card debt at a lower interest rate
  • Funding emergency repairs to your home or car
  • Financing a holiday
  • Small home renovation projects, especially if you no longer have a home loan

Secured personal loan

A secured personal loan means that the loan money is for a physical item that the lender can repossess if required. Or alternatively, even if the loan is for something intangible, you own an asset that you can offer to the bank as security should you not meet your loan obligations. Typical examples include:

  • A car or motorbike
  • A boat
  • Other vehicles

Ready to find the right car or personal loan?

Our team of experienced brokers can help you to determine the right personal loan product to suit your needs and financial goals. To get started, call Shore Financial on 1300 416 700.

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