Used Car Loans
Used cars fall into two categories: cars that are able to be secured by their value (usually because of how young’ they are) and those that are not assessed to be a security (older cars).
Secured Used Car Loan
At IMB, cars that are between 2 and 6 years old may qualify for a Secured Personal Loan. This is similar to a new car loan in that the asset or car secures the loan. The interest rate is usually lower than an unsecured personal loan.
Unsecured Used Car Loan
For vehicles that are over 6 years old, IMB’s Unsecured Personal Loan offers competitive rates without using the car as security. One advantage of an Unsecured Personal Loan is that, depending on your circumstances and what you want to spend, you may be able to borrow enough to buy the car and add some personal touches, like a new paint job, seat covers, engine modifications and so on. Speak with one of our team about the options on 133 462.
How long are car loan terms?
Depending on whether the loan is secured or unsecured, the amount of the loan, and the level of repayments you are comfortable with, New Car Loans terms are easy payday loans Lexington generally from 1 to 7 years. Used Car Loans and Unsecured Personal Loans are typically for a term of 1 to 5 years.
Are car loan rates fixed or variable?
Some lenders do offer variable rates for their car loans, which are subject to interest rate changes and policy decisions by the lender. Læs mere How do I apply for a Car Loan?