Types of used car finance
Used car finance is used to help purchase a second-hand vehicle. Used car finance comes in two main loan types: secured and unsecured.
With secured car loans, the vehicle you purchase is held as collateral against the finance. As a result, lenders will offer a more competitive interest rate – which can help save you money.
With unsecured car loans, you have more freedom on how you spend the money and no collateral is taken but as there is more risk for the lender, you will get a higher rate.
How to finance a used car?
Financing a used car is just as easy as financing a new one. Let's take a look at the various ways to finance your dream car, from traditional car loans to finance options designed specifically for used cars.
Financing a used car doesn’t have to be complicated. Let us help you get the best financing rates by comparing multiple lenders and lenders that don’t require a credit check.
Features of used car finance?
- Flexible contract terms ranging from 1 to 7 years.
- Choice of fixed or variable interest rates.
- Cash or trade-in may be used as a deposit.
- Tax deduction is available when the vehicle is used for business purposes.
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