Unsecured Car Loans

By: Jake Nathan

Previously, lenders were quite apprehensive about offering unsecured loans as a high risk is attached with such loans. A borrower can receive an unsecured loan without the need for submitting any collateral. However, nowadays, lenders are gradually realizing that there are many people who do not own a property to be kept as collateral, yet their prospect as borrowers is quite bright. As a result, more and more lenders are willing to offer unsecured loans.

Unsecured car loans are becoming very popular among the UK residents due to their affordability and accessibility. Unsecured car loans, are basically personal loans offered solely for purchasing vehicles. Any borrower can apply for unsecured car loans provided the borrower fulfils the following criteria:

  • A stable monthly income

  • Repayment capability

  • Perfect credit rating

If you meet the above criteria, you can easily avail a favourable unsecured car loansdeal from a suitable lender. The loans can be tailored to suit your requirements in terms of:
  • Loan amount you need

  • Term of the loan

You can repay the loan amount in easy monthly instalments, usually, through direct debit from your bank account. So, you have to make sure that there is enough bank balance so that you do not default the repayments. The penalty charges are quite high if the amount of repayment is not credited to the lender's account in time. This also affects your financial credibility in the market.

Borrowers suffering from a poor credit history need not feel disheartened. There are a number of lenders who do offer unsecured car loans for bad creditors too, albeit with a considerably higher interest rate.

Unsecured car loans enable you to gain full possession of your car without risking anything.

So, just switch the gears of your life and bring pace and style by steering away in your 'dream' car.

Auto Finance
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