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Secured Personal Loans

What is a Secured Personal Loan?
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Secured Personal Loans Definition

What is a Secured Personal Loan?

Secured lending is where the financier agrees to advance the money to the customer for the purchase but takes a “goods mortgage” ( Bill of Sale ) or security over the item.

Vehicles are the most common item that is “secured against”; and is often referred to as “car loans” other than property financing, which is a good comparison.

As the vehicle in this case is going to be “used” as security, there needs to be a way of ascertaining its value.

A dealer will have a price on the car, it will be advertised, for a different price, and after negotiation with the customer, a third price will be agreed upon. This final agreed price; is also called, its “TRUE MARKET VALUE”.

However there is a standard that is adopted by financiers; and in typical tradition, there is more than one standard; but mostly the value that a financier will put on a vehicle ( used ) is found in “GLASSES GUIDE”, available on-line and in book form. The other main guide is the “RED BOOK”.

The term used is “booking the car”.

Both these guides represent a nation wide average of sales on different vehicles, gained from gathered data, from government motor vehicle agencies, auction houses, etc.

It represents a national guide as to what the vehicles are being bought, traded in for, and sold for in retail, trade and wholesale situations.

Financiers generally take the “middle value” / trade value, as the value they will lend against.

Secured Personal Loans Uses

Secured Personal Loans generally need the Item Financed to be registered

Secured Personal Loans are secured against the item financed, or an item is taken as security if the loan purpose can not be secured, such as taking out a loan for a holiday.
Below is a List of purposes most people have Secured Loans for:

Secured Loans for a Car; which is often called a Car Loan
Secured Loan for a Motorbike; which is referred to as a Bike Loan
Secured Loan for a Boat; often called a Boat or Marine Loan
Secured Loan for a Caravan, and is called a Caravan Loan

Pensioners should NOT apply for a Secured Personal Loan, as affordability will not be met, but can still get a pensioner loan.

Take a look at the lenders below, the adverts on this page, or make an application online using the Secured Loan Application form below.

Editor's Choice of the Best 'Secured Personal Loans' in the Market

Compare Secured Personal Loan Lenders Below

and compare the adverts for Secured Personal Loans Online on this page.
Lending criteria applies. To Approved Applicants. Detalis correct on 12/01/2009.
(Subject to Change without notice, details confirmed on application.)

Lender	Product	Rate	Min / Max	Enquire
	Personal Loan Fixed	13.59%	$10k / $50K
	Personal Loan Fixed	10.99%	$2k / $50k
	Personal Loan Variable	11.45%	$3k / $80k
	Personal Loan Fixed	11.30%	$10k / No Max
	Personal Loan Variable	12.94%	$5k / No Max
	Discounted Personal Loan Fixed	7.96%	$20k / No Max

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Secured Loans Application

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Secured Bad Credit Loans

Secured Bad Credit Loans from Lenders

Some Lenders will not put as much 'weight' on the fact that you have had some credit defaults in the past. If you have a paid default, or several paid defaults on your credit file, there are lenders who will approve a secured personal loan for you, and take the item you are purchasing as security. Interest rates will be higher, as will the fees for opening the loan once approved, but they do give many people a second chance that the mainstream lenders do not, and this will assist you in repairing your credit worthiness. Affordability will still need to be met, so you will need to be employed.

If you are wanting to borrow money for an item that can not be secured, then you must be able to put up the security on something that can, for example a car, where the value of it is greater than the amount you are wishing to borrow, and it can not already be secured under finance with another lender.

If the amount you are seeking is less than $5,000 then the loan maybe Unsecured.

Some examples of Bad Credit History Secured Personal Loans are:

Bad Credit Secured Personal Loan for a Car
Bad Credit Secured Personal Loan for Stereo and Hi Fi equipment
Bad Credit Secured Personal Loan for a Motorbike
Bad Credit Secured Personal Loan for Cosmetic Surgery.

It is important that you know exactly what is on your Credit File BEFORE you apply, so you are supplying the proposed lender the correct information. If they find out... and they will that you have defaults you have not disclosed, they will assume you are hiding something else, and decline your loan. You can get a copy of your credit file and a detailed report, with your credit score at My Credit File Report.

Secured Bad Credit Loans