Are you a bad creditor and wanting to buy a new car? But you cannot do so because of your past credit history then at such times bad credit car loans can be the best solution to your problems. Such finance can fulfill your dream of buying a car.
However if you are a bad creditor and suffering from bad credit history like CCJs, arrears, bad debts, defaults, deferred payments, missed installments, and bankruptcy can also be valid for such type of credit. The amount that is offered to the applicant can range from 1000-25000 and hence the time period offered will be for 1-10 years. The borrower has to convince the lender that he repays will make the prepayment on time.
Bad credit car loans can be in secured as well in unsecured form:
In secured credit: The applicant will have to put his property as guarantee. However the interest charged is also low. But if incase the applicant fails to pay back the amount on time then his fixed asset will be at risk.
In unsecured credit: Here there is no danger for the applicant since no security is placed as guarantee and so the interest charged is too high as compared to secured credit.
To avail bad credit car loans there are some conditional that the applicant has to fulfill:
You should be a citizen of UK.
You should be completed 18 years of age.
You should have a valid bank account.
You should be well employed with a minimum income of 1000.
Online application:
The online mode is quite simple and convenient here the applicant has to fill in some proper details and submit the online submission form. Here the lender will verify the details that they are correct or not and then he will sanction the credit to the applicant. This procedure is easier as compared to paper documentation.