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This means you could put some of your loaned money towards other car-related costs, like modifications to the vehicle or ongoing costs.
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Personal loansĪn unsecured personal loan works in a very similar way to an unsecured car loan, except you won’t have the same restrictions on how you must spend your loaned money. It also means that if you can’t meet your repayments, your lender won’t be able to immediately repossess your car - however, you’ll likely face legal action (which would be a messy process!). An unsecured loan won’t require you to use your vehicle, or any other asset, as security against the loan, but this normally means you’ll end up paying a higher rate. If you’re looking to finance an older vehicle, an unsecured consumer loan could be your best Tesla financing option. Your lender will have the security that if you were to default on your loan they’d be able to repossess your vehicle to recover their funds. A secured loan will use your Tesla as collateral against the loan, meaning you’ll be able to access lower rates. Secured car loanĪ secured consumer loan is a great option for individuals who are looking to finance a new or used car. There are a number of financing options available for your Tesla purchase, so it’s important to take the time to understand the difference between these loans and decide which works best for you. Get started by accessing your personalised EV loan rates here. Whether you’ve got your eye on the affordable Model 3 or the spacious Model X, Driva can help you find the most competitive rates on your dream car! We have a range of Tesla financing options available, from our popular secured consumer loan product to a range of commercial finance options. In some cases, your lender will require more information - so we’ll let you know immediately if (and why) you need to provide additional documents. We’ll also need to see a bank statement, but can help you retrieve this easily online (without needing to contact your bank). The only documents you’ll need to have on hand are your driver's licence and two recent payslips. We’ll then submit it to the lender who will run a full credit assessment. Once you’ve decided which lender you’d like to proceed with, we’ll do all the necessary checks to make sure your application is likely to be approved.
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You’ll be able to see all of your best finance options in one place from more than 30 lenders. Getting your personalised quotes takes less than 60 seconds and won’t impact your credit score. Depending on the lender, there might be some additional eligibility requirements you’ll need to meet. All of our lenders will require you to be at least 18 years old, hold a valid driver’s licence and be either an Australian citizen or a permanent resident.