Secured Loans Against Your Car or Property
Borrow from £10,000 to £250,000 secured against your home or car. Get a free quote when you apply today with Forces Compare.
Borrow money secured against
your car, home or asset.
Borrow from £10,000 to £250,000.
Get a free personalised quote.
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What is a Secured Loan?
A secured loan allows you to borrow money that is “secured” against a valuable asset or product such as cars, homes, jewellery or art.
The amount you can borrow is based on the value of the item or collateral and during the loan term, the lender takes part-ownership of this item until the loan has been paid off.
The most common types of secured loans are mortgages, car loans and home improvement loans.
Your collateral is at risk and failing to pay on time can lead to the repossession of your vehicle, property or valuable good.
You can check rates and get a free quote when you apply with Forces Compare.
- Borrow £10,000 to £250,000.
- Secured against something valuable.
- 12 month loans – 15 year loans available.
- Monthly repayments.
- Cars, homes, jewellery, art considered.
- Bad credit considered.
Types of Secured Loans
- Car loans.
- Collateral loans.
- Debt consolidation loans.
- Home improvement loans.
- Logbook loans.
- Second charge mortgages.
What Are the Eligibility Criteria for a Secured Loan?
- Over 18 years of age.
- Full-time UK resident.
- Employed and able to afford monthly repayments.
- Sole owner of the property, vehicle or asset.
- Not many other credit commitments or loans outstanding.
Secured Loans Against Cars & Vehicles
You can borrow up to £50,000 upfront against your car, bike or van. Most secured lenders will offer up to 50% of the value of the car and typically the car needs to be less than 7 years old to be eligible.
For a secured car loan, you will need to be the registered keeper of the vehicle and show proof of ownership with a V5 logbook which is a document typically found inside the car’s glove compartment. When you apply, you are effectively handing over your logbook to the lender and once the loan is fully repaid, it is returned to you.
Failing to make repayment on time for your car loan can result in the repossession of your vehicle.
Secured Loans Against Property
Borrow against your home is very popular and is commonly known as a mortgage. If you would like an additional loan secured against your home, it is known as a second mortgage or ‘second charge mortgage.’
You can borrow against any property, both residential or commercial, whether it is your home, flat, business premises, caravan or motorhome.
The more equity that you have in the property and the more it is worth, the more you can borrow – and this can be much higher amounts ranging from £50,000 to £250,000.
You can get an indicative quote through Forces Compare by simply providing your property’s value and current equity. To proceed further, the lender will usually send a chartered surveyor to value your property and you will need to show proof of ownership and recent bills. Most secured property loans can be completed and funded in a matter of weeks.
Will My Home or Car Be Repossessed?
If you do not keep up with your repayments when you have a secured loan against your car or home, the lender has the right to repossess the asset in question.
This is because your loan is usually funded upfront and you will be able to receive the money and start using it immediately.
However, if the lender is not repaid, they will have to recover their costs and they will be able to do so by repossessing your item and then re-selling it on the open market.
Do Forces Compare Run a Credit Check?
When you apply with Forces Compare, we will run a soft credit search to confirm your basic details and make us aware of any key information. This will not have any impact to your credit rating or affect your chances of being approved for other financial products.
Can I Apply With Bad Credit?
Yes, secured loans are often used for people with bad credit. While the success of a mortgage application will usually require you to have a good credit score, there are many secured loans that are designed for adverse credit histories.
Rather than relying on a good credit score, you are able to leverage the value of your item or asset in order to borrow the money you need.
Hence, secured car loans and property loans are often used for people with less than perfect credit scores.
Find The Best Secured Loan Deals With Forces Compare
At Forces Compare, we are the best financial comparison site for people in the armed forces – but our products are available for everyone in the UK and the entire nation. Find out more on our loan comparison service by following the link.
We have access to a number of personalised rates and can help you find the best deal across the whole secured lending market.
We do not charge any fees for applying and will help you find the right product for you and at the best price.
To check your eligibility today, simply click on the button below.