Typically, a secure car loan will offer a lower interest rate than a personal loan.

Fixed car loans are popular for repayment certainty, though variable loans can at times have a more attractive interest rate. With fixed rates you will have more certainty around what you need to pay.

Some personal loans are limited to around $10,000 to $50,000, while secured car loans can feature up to $100,000 limits.

Personal loans can have lengths as short as six months, but can be as long as 5-7 years. Most secured car loans have minimum lengths of around three years, and as long as seven years.

When assessing your options, always take into account other fees, such as establishment fees, monthly account-keeping fees and early discharge fees.

Some of the loans with the lowest interest rates might include a balloon payment, which is a lump sum you pay at the end of your loan term. A 10% to 30% balloon payment is not uncommon, so be sure to understand if that will suit your needs.

Some car loans allow the borrower to make extra repayments every week, fortnight, or month. This can help to reduce the overall interest you have to pay.