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If your purchasing a new or used asset such as a car, motorbike, boat, caravan or horse trailer and need to repay the loan back over a specified time, chances are your lender will most likely offer you a secured loan.
A secured loan provides you with the opportunity to gain finance for higher value items where the lender will take security or collateral of your purchase against the loan.
Think of it as similar to a home loan; if you borrow a large sum, for the lender to offer you the funds they want comfort in knowing should the loan dishonour, then they can sell the asset to recoup some on the loan balance. This is done by securing the purchase against the loan.
Although secured loans can provide you with quicker loan approvals and generally better interest rates, there are some factors which must be taken into consideration.
When applying for a secured loan, it is important to take into consideration the asset you are purchasing directly affects the interest rate and loan term. This means for an older model car, motorbike, caravan or boat the interest rate offered will be different to that of a newer model.
SECURED LOANS AVAILABLE FOR
SECURED LOAN FEATURES
The asset is in your name
Unlike a personal loan, you own the asset from the start of the loan, meaning you are not subject to any loan restrictions such as modifications or klm limits.
You don’t need a deposit with a Secured Loan and can borrow 100% of the purchase price plus loan set up costs including insurance if required such as warranty or comprehensive insurance.
The loan term you choose is up to you. These can range from 1 through to 7 years and can be tailored to suit your budget
Optional Balloon / Residual Payment
A secured loan is flexible. It allows you to choose whether to have a residual value or balloon payment on the loan or not.
Our panel of lenders allow you to repay the loan early if choosing a secured loan.
No Financial Option
If the secured loan is being used predominately for business use, we offer lenders where you may not need to provide detailed financial information such as up to date tax returns.
ABOUT SECURED LOANS
A secured loan is essentially a personal loan that is secured by an asset. This means that when you apply for a secured loan, your financier will hold your purchase as security or collateral for the loan. This is held until the loan is repaid in full.
Yes most definately! A secured loan can be used to purchase private sale assets and generally registration papers will be required to be provided secure the asset.
A secured loan is a loan product where generally your purchase is held as collateral against the loan. Typically the most common secured loan type is a car loan, both new and used. Other assets used can be caravans, motorbikes, boats, jetskis, trailers and more.
To apply for a secured loan, follow our easy online application.
The more information you can provide the better result and more options are available to you.
Your loan consultant will be able to assess and deliver a suitable answer for you.
Yes, we offer a wide range of lenders for you to choose from and work hard to find and present your application correctly to ensure we receive the right answer. Secured Loans are generally the preferred option for lenders when assisting second chance or bad credit loans.
Secured Loans are generally structured from 1 to 5 year loan terms, with an option for 6 – 7 years if required. Once you make the final loan repayment the security is released by the lender and the asset is yours.
You can choose from weekly, fortnightly or monthly repayments for secured loans. You also have the option to repay higher repayments or make lump sum payments if required.
Secured Loans are generally offered for higher loan amount purchases. As the lender uses your purchase as security for the loan if you default on your repayments the lender may reposses the asset to sell and recover their funds. With an unsecured personal loan, the lender does not take any security or collateral. The downside is you may have to pay a higher interest rate
CALCULATE YOUR SECURED LOAN REPAYMENTS
Calculate your monthly repayments, loan amount and interest rate
PROS & CONS OF SECURED LOANS
Why Choose Us?
We understand secured loans and our process streamlines your loan to deliver quick answers.
We’re backed by national buying power, meaning we’re in the best position possible to negotiate better, more affordable finance rates for you.
We compare lenders and banks from our panel to find the best available outcome. Our system checks your loan throughout our panel of lenders without negatively affecting your credit rating to provide you transparent results helping you make a confident, informed decision.
At iCREDIT , we process thousands of loans each year, have in-depth knowledge of lender guidelines so we can present your loan correctly, giving you the best opportunity to get the right answer.
We’ve helped thousands of Australians find their loan.
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iCREDIT secured loans are available throughout Australia, Melbourne, Sydney, Adelaide, Hobart, Darwin and Perth, Gold Coast, Palm Beach, Burleigh Heads, Tweed Heads, Brisbane, Ipswich, Sunshine Coast, and Queensland Today!