What's the difference between a secured and unsecured loan?
For Suncorp Bank secured loans, we use the vehicle you’re buying as security for the loan. We can also refinance a car loan held with another institution as a secured loan.
An unsecured personal loan is where an asset is not held as security. Such a loan can be used for a variety of purposes, including to purchase a car.
Secured loans usually offer lower interest rates than unsecured loans, as the car acting as security means that the loan represents a lower risk to the lender.