Buying a car is every man dream but it’s not easy to buy a car because it is too expensive and everyone doesn’t have cash up front to buy a car. UK lender have now introduce Car loan especially for those who dream of buying a car and are not able to arrange cash for buying it.
Car loan are basically of two types secured and unsecured you can keep car you purchased as a security against loan in secured form and in unsecured form you don’t have to keep anything against security but in unsecured form the rate of interest is higher than in secured form as the lender are at risk if the borrower do not pay the installment.
The amount you can acquire from this loan is avail 80-90% of the total valuation of the car and the rest you have to pay as down payment the more you pay down payment the less you have pay as installment and the repayment time is of 5 – 7 year which is quiet lot.
Borrower with bad credit like arrears, defaults, CCJ, IVA, bankruptcy, late payments find it very difficult to get a loan but in this loan process there no credit credit check involved applicants can improve his credit scores by ensuring timely repayment of the loan installments. Time repayment is important to avoid pently charge.
Online Car Loan method is best as you can do proper research of the market because there are many lender in the market providing online services and different lender have different rates of interest so the proper research you can choose the best which is suitable for you .You just have to fill an online application form with a few detail of yourself and the amount get approved and get directly deposited in your checking account within 24hrs time.
Steve Matthew has been in the auto finance business for more than 20 years and has assisted thousands of consumers with their car loan needs. He is an expert on getting used car loan,refinance car loan and car financing.