Reported about 7 hours ago
Unsecured auto loans are personal loans without collateral, typically requiring good credit to qualify. Unlike secured loans where the vehicle acts as collateral, unsecured loans come with higher interest rates and shorter terms due to increased risk for the lender. If you default, the lender can report it to credit bureaus and take legal action. These loans offer flexibility for buyers, allowing them to decide on a vehicle without additional paperwork, but they also pose risks if payments are missed.
Source: YAHOO