subject: Need car finance - Get a car of your dreams! [print this page] Car financing is a long term advance that allows the borrower to purchase a car. Do you need car finance? This form of credit gives the borrower an opportunity to afford a new car or a used one without paying the amount immediately and thus paying it in instalments. With, its progressing nature this form of finance is gaining popularity.
This form of credit allows the borrower to draw an amount ranging from 2,000 to 50,000. This amount can be repaid by the borrower within a time duration ranging from 6 months to 25 years. Thus, the borrower gets a reasonable term period to repay the advanced amount in instalments.
As a result, this advance is extremely beneficial to the borrower who intends to purchase a car which may be a first hand or a second hand. Thus, the borrower applies for the finance in order to own this luxury. On the hand, the borrower must take into consideration the high rates of interest and the down payment rates. Therefore, although this form of credit is beneficial to purchase a car instantly they may turn to be costly in the long term. However, if proper research is done to acquire the advance at an affordable cost the borrower can bag the best deal.
The eligibility criteria to avail this form of finance are as follows:
1. The applicant must attain citizenship of the UK.
2. He must be an adult and thus be above 18 years of age.
3. He must have a permanent job with a fixed monthly salary.
4. He is required to maintain a valid bank account.
Through the online process of application the borrower is required to furnish his details on the application form. On approval of the application the lender deposits the amount of advance in the account of the borrower. Thus, the borrower benefits through this procedure due to its efficiency.
