Unsecured Loan If you have an unsecured loan, your vehicle is not tied to the loan agreement. This means you can sell your vehicle at any time without needing to notify us or gaining our permission. The loan remains in place as a personal loan, and your repayment schedule continues as originally planned.
Secured Loan A secured loan uses your vehicle as collateral. This means the loan is secured against the vehicle, and we have a financial interest in it until the loan is fully repaid. If you want to sell the vehicle, you have two options:
Pay off the loan: You can pay the remaining balance of your loan in full. Once the loan is paid off, the security registration over your vehicle is released, and you are free to sell it. We do not charge any fees for an early repayment
Remove the vehicle from the loan: If you’d like to sell your vehicle but keep your loan, you can apply to have the security registration over your vehicle released early. Once approved, we’ll remove the vehicle as security within 1–2 business days. After 20 days, your loan will automatically switch to an unsecured loan with a higher interest rate.