Whats the difference between a secured loan and an unsecured loan?
Secured loans are only available for the purchase of new cars or used cars less than five years old, from a dealership. For this type of loan, Suncorp registers a chattel mortgage over the vehicle being purchased. This means that Suncorp has a registered interest in the vehicle purchased and uses this as security for the loan, therefore we can offer you a lower interest rate. Unsecured loans are available for all cars, regardless of age or purchase terms. Most of our used car loans will be in the form of an unsecured Car Loan.
