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When Middletown drivers are exploring their auto financing options, they often ask us, “What is an unsecured car loan?” The quick answer is that an unsecured car loan is a loan where the car isn’t considered collateral. Want to know more about the difference between secured and unsecured car loans, or are you wondering, is a car loan unsecured or secured? The finance team at Old Saybrook Chrysler Dodge Jeep RAM is here to help!
Generally, it’s rare to find unsecured auto loans. Most car loans in New London are secured. Some places will provide unsecured auto loans, so make sure you know which type of loan you’re getting before you sign.
The car-as-collateral is the main difference between secured and unsecured car loans. When your car is collateral, the bank can repossess it if you fail to make your loan payments. For an unsecured auto loan, most lenders will require a co-signer. That person will be responsible for the loan if you fail to pay. Other differences include the loan terms, which are typically shorter for an unsecured auto loan, and it’s harder to qualify for one. Interest rates can also be different. While a secured auto loan has a fixed interest rate, an unsecured auto loan can have variable rates. If you don’t want to risk losing your vehicle to repossession, an unsecured auto loan can provide more confidence, but a secured auto loan is easier to get if you’ve had credit issues.
Secured auto loans are usually easier for Madison drivers to acquire since they have the security of using the car as collateral. The interest rates tend to be lower, but you run the risk of repossession if you stop making payments for any reason. Losing your vehicle won’t happen with an unsecured auto loan, although you might be paying higher monthly payments due to the shorter loan term, and higher interest rates. Which is best? That depends on your situation. Our finance can help you determine which is right for you.
No matter where you are in the financing process, Old Saybrook Chrysler Dodge Jeep RAM can help! Turn to us for assistance in getting a car loan and more!
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