All lenders determine their interest rates differently.
At MoneyPlace we take into consideration a number of different factors to determine an individual interest rate for each borrower. It takes just two minutes to complete our rate estimate form and receive your tailored interest rate. Not all loans are eligible to be secured. If you are offered a secured loan, the interest rate will be determined by your individual situation, which includes the age of the asset you use to secure the loan.
Depending on the age of the asset and your individual situation, you may be offered both a lower interest rate and be able to borrow a higher amount than if you chose to not provide any collateral to secure the loan.