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Car Finance Products Explained

Car Finance Products Explained

So you’ve found your perfect new vehicle, now it’s time to figure out how to pay for it. When shopping around for low rate car finance there are several products available. In this blog, we’ll go over the most popular options to assist in your decision-making process. 

Secured Personal Loan

For those of you who want to keep your car loan separate from any other personal financial obligations, but still need flexibility on the amount and repayment terms, a secured personal loan is the ideal option. 

Secured personal loans for car finance work like any other personal loan but instead of putting down a deposit or paying fees to a financial institution, the lender will take your vehicle as collateral. This means if you fail to make repayments or default for any other reason, they will repossess your car. As with all loans, you’ll need to pass the lender’s credit rating requirements and prove that you’re earning a steady income. 

Chattel Mortgage

This is a commercial finance product where the credit provider will lend money to your business to purchase the vehicle.  The lender will then take your vehicle as security for the loan and allow you to repay it over a set period. 


As with a secured personal loan, you’ll need to pass credit rating requirements and prove that you have sufficient earnings. A chattel mortgage is usually used when purchasing commercial vehicles such as trucks or vans, but there are some lenders who will help you purchase a private car. 

Finance Lease

A finance lease is similar to a chattel mortgage but instead of the lender taking your vehicle as collateral, the credit provider will take ownership of it and allow you to pay weekly or monthly instalments until your payments are complete. This is ideal for those who don’t have the savings to purchase a car outright, but still want the ability to choose which vehicle you lease. Like with a chattel mortgage, some lenders will provide private finance leases for cars only and others that specialise in commercial vehicles.

What are my best options?

It really depends on your individual circumstances and preferences as there isn’t one product that’s better than the next. The main thing you want to consider is whether you have enough savings to purchase a car outright or if you need help finding low rates for car finance.

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