Compare unsecured car loans
The table below shows unsecured personal loans from our Online Partners. As the loans do not require security as a condition of approval, they could be considered for financing a range of purchases, such as a car. Check the terms and conditions with the lender.
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2023 Outstanding Value Personal Loans Award Winner
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $300 up to $1200
- Annualised fee: $0
- Loan terms available: 1 year to 7 years
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No monthly account keeping or early repayment fees
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $575
- Annualised fee: $0
- Loan terms available: 3 years to 7 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $0 up to $600
- Annualised fee: $0
- Loan terms available: 3 years to 7 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $300 up to $1200
- Annualised fee: $0
- Loan terms available: 1 year to 7 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $300 up to $1200
- Annualised fee: $0
- Loan terms available: 1 year to 10 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $300 up to $1200
- Annualised fee: $0
- Loan terms available: 1 year to 7 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $175
- Annualised fee: $60
- Loan terms available: 0 to 7 years
- Additional repayments
- Redraw facility
- Top-up facility
- Application fee: $575
- Annualised fee: $0
- Loan terms available: 3 years to 7 years
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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.
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About unsecured car loans
If you are considering borrowing money to fund the purchase of a vehicle, you may be wondering what an unsecured car loan is and how it works.
What is an unsecured car loan?
In the strictest sense, there is no such thing as an ‘unsecured car loan’ – the phrase actually refers to an unsecured personal loan that you might take out for the purpose of buying a car. Personal loans can be used for a variety of purposes, including holidays, home renovations, and even debt consolidation, and purchasing a vehicle is just one of these.
The most important thing to understand about unsecured personal loans is that there is no collateral attached, meaning there is no specific thing that a lender can repossess to recoup their costs if you are unable to make your repayments. Instead of this, you will personally be responsible for repaying the debt, and may be taken to court if you are unable to do so.
For this reason, lenders may consider unsecured loans riskier than secured ones, and may charge higher interest rates.
What is the difference between secured and unsecured car loans?
The key difference between a secured car loan and an unsecured car loan is that with the former type of loan, the car itself is used as security against the purchase. This means that if you are unable to make your repayments, your lender has the right to repossess the car in order to recoup any losses from the outstanding balance of the loan. An unsecured car loan is an unsecured personal loan, which does not hold the car (or anything else) as security for the amount borrowed.
It is important to understand that you may not be able to take out a secured car loan for the purchase of any vehicle. Lenders tend to offer them for new or near-new cars, and if you are purchasing an older second-hand car, your lender may not use it as security. This is one circumstance in which you may consider an unsecured personal loan to purchase the car instead.
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Canstar Personal Loans Star Ratings and Awards
Looking for an award-winning personal loan or to switch lenders? Canstar rates products based on price and features in our Personal Loans Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall.
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About the authors
Alasdair Duncan, Senior Finance Journalist
Joshua Sale, Group Manager, Research & Ratings
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.