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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Unsecured car finance

Hello Edwin, are your car loans unsecured or secured on the car? I'd like to know before i apply for car finance.

Posted by Malcolm on


Hi Malcolm, all of the car loans we provide are secured on the vehicle only but, they are not classed as secured on your home for example. So, the finance advance itself is funded to the supplying company (not you personally) who is providing the car and then you start repaying your monthly payments each month to the finance company. So it's an unsecured loan from your point of view but the finance company has the asset in the vehicle. So, if you stop paying the loan they could potentially come and take the car back from you and sell it at auction. The reason this could happen is because the finance company will own the car until you've made your last payment. If you don't keep the car for the entirity of the agreement you could still sell it privately or part exchange it to settle the existing finance. Hope that helps. Kind Regards, Edwin

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Hi Edwin, please can you clarify. Are car loans secured or unsecured? Thanks

Posted by Richard F on


Hi Richard, All our car loans are classed as unsecured loans. However, if you don't keep up the repayments the lender has the right to reposses your car. I hope i've clarified for you. Kind Regards, Edwin

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