Years back, a car was an item of luxury and only the rich could afford it. Nowadays, it has become a very common phenomenon and every other person owns a car. However there are a few who do not have sufficient funds at their disposal to buy the car of their dreams. Car Loans have been designed to help such people.
Car Loans are finances which can be availed by anyone. There are two ways in which a person can avail this loan- Secured and unsecured. In the secured form of the finance, the lender requires the borrower to place some of his property or any security as collateral against the finance to avail it. This serves as an assurance for the lender that his money will be returned to him. Due to this, the lender charges the borrower with comparatively lower rates of interest. However, the borrower stands a chance of losing his property if he is unable to pay the amount back on time.
In the unsecured type, the candidate does not have to rest any property or security as collateral against the advance to avail it. There is no need of providing any assurance. However, due to this lack of assurance, the lender will charge the borrower with a high interest rate. The borrower does also benefit. He does not stand a risk of losing his property if he is unable to pay the amount back on time due to any reason.
The lending institutions can approve any amount lying in the range of £2000 to £50,000 and the borrower is provided a stipulated time period of 1 to 5 years to pay this amount back. The borrower can pay back in monthly installments.
If a person wants to apply for car loans he has to meet certain eligibility criteria. The applicant should be a lasting inhabitant of UK and should also have concluded the age of 18 years or above. The applicant should be employed in any company and should be earning a regular and stable monthly wage. Lastly, the applicant should also have an active bank account.
Citizens who have got hold of an appalling credit narration due to past defaults like late payments, bankruptcy and arrears and so on find it very difficult to apply for a loan. However, they can apply for this advance without any hesitation.
The borrower can make his work easier by applying online. All he has to do is fill out the online application form on the given website, provide a few necessary details like name, age, address proof and so on, and submit it with the click of a button. Once this is done, the lender will then go through the information for verification, and if he approves, then the money is electronically transferred to the borrowers account.
Car Loans help make peoples dreams a reality. They can be availed in secured or unsecured forms. Online application is convenient and is hassle-free.
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