How secured auto loans work
Secured auto loans are the most common type available.
Kellye Guinan is a Bankrate editor. She joined the team in 2024 with seven years of experience already under her belt covering everything from auto loans to debt consolidation. Her journey started the same as most people, with little knowledge of the finance world outside budgeting basics.
Kellye helps others navigate auto and personal loans. At her core, she believes people deserve to make the most of their money and feel confident managing their finances, so she strives to write about personal finance in ways everyone can understand. Her goal is to break down the most complex aspects of personal finance into manageable tips paired with expert advice.
In her free time, she loves studying languages and reading an absurd amount of books. You can often find her around Chattanooga drinking bubble tea and lounging by the river. And yes, she will talk your ear off about the importance of smart budgeting — even when she’s not working.
No one is born with an innate knowledge of finance, but everyone can learn it if they have access to the right tools. She wants to ensure the advice, articles and comparisons she works on are factual without being bogged down by jargon. When we approach difficult topics with empathy and understanding, we succeed.
Leasing vs. buying an EV comes down to the type of freedom you want.
Personal loans are a quick source of cash, but be careful how you use them.
You can still get a decent rate without perfect credit.
There is no minimum credit score, but lenders have varying minimum requirements.
Second-chance car loans come at a high price.
Pick the shortest term length you can comfortably afford.
Before shopping, do your research to make sure you get the best car for your budget.
If you have bad credit and need to borrow money, don’t get a no-credit-check loan.