Secured Personal Loans
Get a lower interest rate by offering your purchase as security.
NOW Finance offers the choice of secured personal loan or unsecured loans. A secured loan means putting up a vehicle, boat or caravan as security. In return, we reduce the interest rate for our secured personal loans by 1% to 2.5% compared to a similar unsecured loan, and offer higher loan amounts for secured loans.
Secured loans can be used to purchase a car, boat, caravan, motorhome, motorbike or for any other worthwhile purpose, like improving your home for example. You can use an eligible asset you already own as security, or, the asset you are purchasing with your loan.
Why Secure a personal loan?
- Borrow up to $100,000
- Unlimited extra repayments at no cost and flexible repayment frequency options
- A lower interest rate reduces the total cost of your loan, saving you money
- No establishment fees, no monthly fees or penalties for paying your loan early
- Freedom to use a car, boat, motorcycle, or caravan as a security
- Loan terms available between 1.5 and 7 years
- Our customers have rated us 4.8 out of 5 in 1,500 reviews
Loan repayment terms range between 18 months to 7 years with interest rates ranging from 4.45% p.a. (4.45% p.a. comparison rate*) to 15.45% p.a. (15.45% p.a. comparison rate*).
Cost of the loan
Your interest rate is based on several factors including your credit score. Interest rates for secured loans range from 4.45% to 14.45%. Due to the fact NOW Finance does not charge any establishment, account keeping or early repayment fees, the true cost of the loan, or Comparison Rate, will always equal the interest rate quoted. Click here to get your own personalized interest rate without any credit checks.
We have made it easy to work out your repayment amount. You can use the calculator below by entering the desired amount, total loan term and your approximate credit rating along with your preferred repayment frequency and we will work out your repayments for you.
Higher credit scores show lenders you are a lower risk compared to people with lower credit scores. Borrowers with higher credit scores may be eligible for lower interest rates.
If you have your credit score, you could get a more accurate picture of what interest rates are available to you. Please click here to read more about credit scores.
For secured personal loans less than $50,000 our usual lending and eligibility criteria applies – you can find our more here. For secured personal loans between $50,001 and $100,000 additional eligibility requirements apply. Secured loans may require additional documentation, your personal loan advisor will help you through the process.