Consumer Secured Loans
If you’d like to buy a car and it’s not going to be used for business purposes then a Consumer Loan is for you. Our secured loans mean you can make extra payments when you want and, the interest is calculated daily.
If you’d like to own and use your financed goods immediately, a Consumer Loan is the best option for you. It can be used to finance the purchase of goods that are used 50% or more for personal purposes. Items such as car, motor cycles, boats and caravans.
Who can benefit from consumer secured loans
- Anyone wishing to purchase goods, for mainly non-business purposes.
Consumer secured loan key features
- You will own the financed goods from the outset, however, the goods are mortgaged to us as security.
- A deposit may be required.
- Extra repayments can be made at any time.
- Balloon payments are available if you are asset-backed.
- You can payout the secured loan prior to the end of the term.
- If the goods are used for business purposes, you may be able to claim some depreciation and the interest component against your taxable income.
Consumer secured loan benefits
- You own the goods from the beginning of the contract.
- You can obtain the use of goods with a minimum outlay of cash.
- You can save on interest charges if you make extra repayments or pay off the loan early.
- You don’t have to pay any fees up-front, they can be spread over the term of the loan.
- Tax benefits may apply, depending on the percentage of business use of the goods.
Consumer secured loan interest rates
- Interest is calculated daily and charged monthly.
- Interest rate is fixed throughout the term of the loan.
Consumer secured loan fees and charges
- There’s an establishment fee and a small charge if you want a cash booklet.
- There may also be an early termination charge.
Consumer secured loan repayment schedules
Repayments can be made
- Fortnightly
- Monthly
- Yearly
- Quarterly
- Semi Annually
- Seasonal
- Irregular
Click here to review our Comparison table of Loan Products
