What is a personal loan?

Otherwise known as an unsecured loan, the lender will provide you the funds to purchase the car (or any asset) of your choice, but they won’t hold security over the loan (unlike a secured car loan). This can mean a higher interest rate as without security, the lender considers it a bigger risk.

How does a personal loan work?

The lender will advance funds to you to purchase the car or asset of your choice. You’ll take ownership at the time of purchase and repay the loan to the lender over the agreed terms.

What else do I need to know?

  • Flexible contract terms ranging from 12 to 84 months (one to seven years)
  • Fixed interest rates mean you'll always know your repayments
  • A tax deduction may be available when the vehicle is used for business purposes*
  • A good option if you're looking to purchase a vehicle that may not meet the criteria for a secured car loan, such as an older or lower value vehicle

* Please refer to your accountant for eligibility

Common questions about your car loan

A personal loan (also known as an unsecured car loan) involves a finance company lending you the money to purchase a vehicle for personal use. Although you’ll make regular loan and interest repayments over a period agreed with your finance company, you will own the vehicle from the time of purchase, due to the fact that the loan is not secured against the vehicle.

Benefits include:

  • Flexible loan repayment periods, ranging from one to seven years
  • Fixed interest rates mean you'll always know your repayments=
  • The potential to claim tax deductions if the car is being used for business purposes*

*Please check with your accountant for eligibility

Please visit the ATO website or speak to your accountant to find out about claiming vehicle-related tax deductions.

A personal loan is a good option for those looking to purchase a vehicle that may not meet the criteria outlined for a secured car loan, for example, an old or low value vehicle. However, a car loan or novated lease is generally a cheaper finance option to consider.

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Meet our network partners

As part of the carsales network, we have an exclusive panel of specialist lenders and industry partners that will protect and treat you right every step of the way.

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