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What does it mean to have an unsecured car loan?
I applied for numerous car loans for a retitled car, but I can't get approved. Someone told me I should try an unsecured car loan. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Lenders aren’t huge fans of retitled or
salvage cars
because they come with a high degree of risk. In most cases, this isn’t a measure of you—or your character, credit score, or income. It’s simply the lender’s policy.However, you can still buy the car! You just have to do it with an unsecured
car loan
. An unsecured car loan, also known as a personal loan or *signature loan**, is one that doesn’t require collateral. Instead, you simply apply for approval, and if accepted, you get the amount agreed upon.This type of financing does come with one downside: high interest rates. Because you have no collateral, your interest rate will likely be two to three times higher than a traditional car loan.
That said, you can offset the high interest by paying more toward the principal of the loan each month or doubling up on payments whenever you can afford it.
To save money on other car expenses and put more toward your car loan, download Jerry for free. The
Jerry
app is a car insurance comparison tool that will gather competitive rates from over 50 top providers and deliver the best deals straight to you. The average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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