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Consumer Secured Car Loan

A consumer secured car loan is a financing option that allows individuals to purchase a vehicle with the assistance of a loan while using the vehicle itself as collateral. This type of loan provides borrowers with the opportunity to secure favorable interest rates and terms by leveraging the value of the car they intend to purchase.


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Secured Car Loan

New and Used

A secured car loan is a financing option that enables individuals to use the purchased vehicle as collateral for the loan. This type of loan is commonly chosen when the buyer intends to use the vehicle for private purposes. By utilizing the car as security, individuals have the opportunity to secure funding solely in their own name or in partnership with a co-borrower.

With a secured car loan, you can enjoy the flexibility of choosing loan terms that align with your specific situation. Lenders typically offer a range of options, allowing you to select a repayment period that suits your needs, ranging from 1 to 7 years. This flexibility ensures that you can manage your loan comfortably while achieving your goal of vehicle ownership.

By leveraging the value of the new car you’re purchasing as security, you gain access to competitive interest rates and favorable terms. This type of loan provides financial stability and peace of mind, allowing you to confidently finance your car purchase while benefiting from manageable repayment plans.

With a secured car loan we can get you a more competitive interest rate. Talk to us to find out more.

Why Choose a Consumer Secured Car Loan?

Lower interest rates: Securing your loan with the vehicle itself often leads to lower interest rates compared to unsecured loans.

Favorable loan terms: Providing collateral demonstrates lower risk to lenders, resulting in more favorable loan terms for borrowers.

Extended repayment periods: Secured car loans typically offer longer repayment periods, allowing borrowers to spread their payments over a more extended timeframe and reduce monthly financial burden.

Budget management: Longer repayment periods make it easier to manage your budget and maintain financial stability.

Accessible for varying credit profiles: Secured car loans can be a suitable option for individuals with less-than-perfect credit scores or limited credit history, as the collateral mitigates perceived risk for lenders.

By choosing a consumer secured car loan, you can benefit from lower interest rates, favorable loan terms, extended repayment periods, improved budget management, and increased accessibility, making it a practical and advantageous choice for financing your vehicle purchase.

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Find answers to our most frequently asked questions. If you can’t find the information you’re looking for, don’t hesitate to get in touch. We’re here to assist you and provide the support you need.

Also referred to as secured car loans, a finance company lends you the money to purchase your car with no deposit. Cars can be up to 12-15 years of age at the end of the loan term and up to 20 years of age with many lenders.

Generally, secured car loans are easier to get than unsecured car loans. They can also be given for larger amounts than unsecured loans. People with a poor credit history can still be approved for a secured car loan.

It’s not illegal to sell a car that’s still under finance, but it is not advised as the process can be complicated. As the car is under finance, you’ll be selling something you don’t technically own, so you will need to know exactly what you’re doing.

With a secured loan, the car serves as security against the loan, which means the vehicle may be forfeited to the bank if you fail to meet your repayments. An unsecured car loan means that there is no security against the loan.

The biggest advantage of a secured car loan is, because the lender is able to hold the car as security, secured loans have a lower interest rate.

Pay off your loan in as little as 12 months and up to seven years. Longer term means more interest, but also gives you the flexibility to buy larger cars to accommodate a growing family.

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