A secured loan is a loan that is secured against your property. These loans can take a number of weeks to arrange and there may be arrangement fees and early repayment fees. Interest rates can be variable which means that the amount you pay could change over the term of the loan. Your home is at risk if you do not keep up with your repayments.
A personal loan does not require any security. The interest rate and monthly payments can be fixed for the term of the loan or variable meaning that they may change during the term of the loan. They are easy to apply for online and in many instances a decision can be given immediately. Generally there are no arrangement fees, but there may be charges for early repayment.
Car Finance Loans are granted specifically for the purchase of cars and vans and are generally dealt with by car finance specialists who work with a panel of lenders to get you the best deals for your circumstances. Some lenders have restrictions on the age of the vehicle being purchased and where the car is purchased from. There can be arrangement fees and there may be charges for early repayment.
A guarantor loan requires another person, who is usually a homeowner, to co-sign the credit agreement. The guarantor agrees to repay the borrowers debt should they default on the agreed repayments. Generally there are no arrangement fees, but there may be charges for early repayment.
The lender has accepted you for this loan, at this rate, as long as you pass their routine ID and fraud checks.