Owning a car is a dream every person dreams and would love to fulfill if given a chance. But the problem with owning a car for many of you is the non availability of loans without some collateral. Let us say you need to mortgage your house for the money and many of you might not own a home. Well now there's good news for you. Your dreaming days end here and you can become a proud owner of a car.
Lenders have come up with unsecured car loans for people who do not own a house but dream of buying a car. They don't need to keep any collateral but need to fulfill certain criteria to get the loan money. You need to be salaried employee, need to be a major and also you need to have a salary of about ?1200. If you fulfill these criteria and prove them with the help of documents, lenders lend you the money you want to buy your car.
Isn't that simple and sweet. Now the other side should be viewed too in case of such loans. Everything is not rosy and sweet but then the other side is necessary too. These loans are given at a higher rate of interest and sometimes if you are willing to pay an amount of interest higher then that is asked, you will get the loan without your documents too.
You will not be getting the full amount for your loan, so you need to be financially better to apply for these loans, so that you can shell out a little out of your pocket for the car too. You need to start the repayment at a early stage, so you need to keep enough cash in the bank for the same too. This loan proves to be good for people with bad credit too. They can apply for this loan at a slight higher interest rate then the normal. With good financial statements and on time repayment they can make their credit sound good too.
