Poor Credit Auto Loans-get a Vehicle of Your Own

by : Muallaki Nakala



Introduction:

Daily journey in the city bus or daily getting lift on others vehicle made you vexed up. You too want to buy a vehicle of your own but the credit mistakes you made in the past are affecting you to the core and you are not able to finance for a new vehicle. You will come to a final decision that buying a vehicle in your life is just like a nightmare. Now you can make the nightmare come true with the help of poor credit auto loans. Poor credit auto loans don't care about your credit history and offers you loans to buy new vehicle.

How is it useful:

Various reasons are there behind a bad credit score. These are like country court judgment, CCJ's, IVA, arrears, default, bankruptcy and late payment. There was a time when people with bad credit were denied the loan amount. However, with the change in time bad credit is no more considered a taboo. You are availed bad credit unsecured loans for any purpose you like. With the help of poor credit auto loans you can get finance to buy a new vehicle. The rates of interest in these loans are also less and the loan amount availed is also enough to buy a new vehicle.

Types:

One can avail poor credit auto loans in the form of secured or unsecured loans. In secured type of loans you need to submit some collateral to the lender. The collateral may involve any of your personal assets like own home, own land, etc. In unsecured types of loans you need not submit any collateral to the lender. Comparatively you need to pay high rates of interest in the case of unsecured type of loans. A poor credit holder is advised to go to unsecured type of loans.

Down payment and rates of interest:

For getting a new vehicle you need to pay some down payment to the company from which you want to buy a vehicle. You need to pay 5% to 10% of the vehicle cost as a down payment to the company. The rates of interest will be 4% to 10% of the loan amount.