FAQ: Who is eligible for a Personal Loan, and who do they suit?

Who is eligible for a Personal Loan for buying a car, and who do they suit?

A Personal Loan is most suited to a person looking to purchase a vehicle that may not be within the normal lending guidelines of most secured Car Loan lenders - e.g. an old or low-value vehicle. A Personal Loan is also suitable where the individual does not wish to have the loan secured against their vehicle.

In general, a secured Car Loan or Novated Lease is typically a cheaper option than a Personal Loan for funding the purchase of a car.