Secured Car Loans
Find a competitive secured car loan with Savvy. Car loans starting from as little 5.79% p.a. (6.16% comparison rate)
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Savvy Editorial TeamFact checked
Low rate secured car loans
If you’ve been looking for a car loan, you may have read about secured or unsecured loans. In finance, a security is an item or asset that is tied to the loan. This is the “security” for the bank or lender in case the loan does not get repaid.
For over ten years, Savvy has scoured the car loan market for the most competitive loans for families, individuals, and businesses in Australia. Secured car loans are the premium choice for car loans, saving you significant amounts in interest when you tie the loan to your vehicle.
Our loan consultants are with you every step of the way, explaining the finer details of a secured car loan and all the documents you need for a smooth, hassle-free process. We use the best in technology, so your car loan is processed faster – which means you’re behind the wheels of your new car before you know it.
Features and benefits
Competitive interest rates
Secured car loan uses the car as collateral – this means you have “skin in the game” and a lender will reward you with a lower interest rate as a result.
12 months to seven-year loan terms
Pay off your loan in as little as 12 months to seven years. Longer term means more interest – but also gives you more flexibility to buy larger cars to accommodate a growing family.
Flexible repayments
Payments in intervals that suit you. Choose from monthly, fortnightly, or weekly repayment cycles that sync up with your pay so you can budget more effectively.
No early termination fees
Making more repayments? Select products don’t carry discharge or termination fees. Some of our lenders may charge discharge fees; ask your loan consultant for more information.
Fixed interest rates
Worried about interest rates going up or down? Our secured car finance has extra security in fixing your interest rate through the term of your loan. That means equal repayments every time and zero guesswork.
New and used cars approved
Whether you’re looking for a new or used car, we can help you find a loan that suits your budget and needs.
No deposit required
Don’t have a deposit? Don’t worry – we can find loans for you that don’t require a deposit, subject to approval.
Balloon payment options
Reserve some of the principal for payment due at the end of the term, reducing your regular repayments – for business customers only.
Why Australians trust Savvy ?
10 years of experience
25+ lenders
More lenders on our panel means more choice – and more competition for your dollar.
4.5/5 customer satisfaction
Savvy has one of the highest customer satisfaction rates – because we give all our customers the Savvy silver service.
Fast approvals
Streamlined online applications means your loan can be approved in as little as 24 hours.
Dedicated consultants
Want your question answered? We have dedicated loan consultants to help you from start to finish.
No obligation quotes
Want to know how much you could save with Savvy? Get a quote – there’s no obligation to apply.
Calculate your car loan repayments
Your estimated repayments
$98.62
Total interest paid: | $1233.43 |
Total amount to pay: | $5,143.99 |
Disclaimer: The results provided is an estimate only. Please read our Calculator Assumptions and Disclaimer for more information
How to prepare yourself for your car loan application
Meeting the eligibility criteria
You will need to be at least 18 years of age, earning an income, and be a resident of Australia.
Checking your financials
Before applying for any type of loan or credit, you should check your credit history. You can obtain your credit report from a credit reporting bureau once per year for free. You should also have a firm budget in mind. You should also ask yourself if you have ample money left over after usual bills and expenses to accommodate a car loan.
Calculating your repayments
To understand how much you’ll be paying each month in repayments, use our car loan calculator. Using your free interest rate quote, your preferred loan term, and the amount you need to borrow, you can get an estimate in seconds.
Gathering your documents
To verify your identity and ability to take out a loan, we’ll need 100 points of ID, payslips, bank records, and other supporting documents. Having these handy when you apply speeds up the process. Once you’re ready, you can apply online here.
Don’t apply more than once
You may be tempted to apply for car loans at multiple lenders or brokers to ensure you’re accepted. This can have a negative impact on your credit score, as credit bureaus may see this as a sign of financial trouble.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 5008 customers.
The most common secured car loan questions answered
Yes, you can buy used cars with secured car finance. Some conditions may apply depending on lender, such as age of the car.
In most cases, no. We can process your documents electronically using our secure portal.
A comparison rate is an interest rate that includes most fees and charges expressed as a percentage per annum. You can compare similar loans using a comparison rate table. This allows you to make an “apples for apples” comparison between two loan products.
Yes, you can make extra repayments without penalty to help you pay off your loan earlier. Switching to weekly or fortnightly payments can help achieve that goal easily.
Pre-approval or “in principle” approval gives you an opportunity spend up to a pre-determined limit when looking for vehicle. This has its advantage as you have a “price ceiling” that others will need to negotiate under in order for you to buy.
You may be liable for repossession of the vehicle and be in default of your loan. Your loan will have to be over 60 days in arrears or non-payment before this process begins. Defaults and repossessions are rare – according to the Automotive Asset Backed Securities Index, the rate is 0.44% (2017.) There are many hardship variations and financial assistance options available before this is necessary – talk to your loan consultant for more information.