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Loan secured by a vehicle
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What is a vehicle-secured loan?
A vehicle-secured loan is simply a refinancing. It's a type of credit where you use your car as collateral, as the name suggests.
One of the best parts of applying for a secured loan is that you have access to the most competitive interest rates on the market. The interest rate for a vehicle-secured loan is around 1.49% per month, depending on the financial institution you choose. And, of course, on your credit profile, your credit score, among other factors.
With this type of loan, it's possible to obtain a total credit amount equivalent to up to 90% of the value of your vehicle. In other words, it gives you a good breathing room, helps you get your bills up to date, and pay off your debts.
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