Until few years ago people without any asset were not eligible to avail car loans. But with growing competition lenders are ready to take risk, offering loans to people who don't have any personal asset. Unsecured personal loans are for everyone be it homeowner or tenant. These loans are offered to people who want to buy a car. Unsecured car loans are hassle free loans and also less time consuming as no collateral is involved.
UNSECURED CAR LOANS: Information
Unsecured car loans are available without any collateral or security. Now people who don't have any asset can also own a car easy and hassle free way. Unsecured car loans can be availed by bad credit holders also. You can apply for an amount up to ?25,000. The repayment period is from 5 - 10 years. As these are unsecured loans the interest rates charged by the lenders is high. But you can avail unsecured car loans at nominal interest if you have good credit score. As these loans are available online also, it consumes less time to apply for unsecured car loans, also minimum paper work is required. To apply for an unsecured car loan you must have full time job and good repayment ability. Lender will require your bank statement and income and employment documents to confirm your job status and repayment ability. Also the applicant must be 18 years of age or above with a minimum monthly salary of ?1200. If anyone wants to buy an old car, the car must not be older than 5 years.
BENEFITS OF UNSECURED CAR LOANS
Unsecured car loans are a boon for people who don't have any asset to place against the loan amount, as there is no need of collateral. All you need is a full time job to apply for unsecured car loans. Unsecured car loans are available online also. Now you can search Internet for the best deals and for the financial institutions offering lowest interest rates and flexible repayment options. There is no risk factor while applying for unsecured car loans because none of your assets are to be placed as collateral. Also unsecured car loans get approved in no time compared to other secured loans. Bad credit holders can also apply for unsecured car loans if they can convince the lender of their repayment ability.
APPLYING FOR UNSECURED CAR LOANS
The best way to apply for unsecured car loans is through Internet. All you need to do is fill up an online application form mentioning details regarding your loan requirements. You will be able to choose from hundreds of lenders offering unsecured car loans. You can compare the quotes of different financial institution and opt for the one that offers loan with lowest interest rates and flexible repayment option.
