subject: Secured Car Loans - Avail Fabulous Way To Procure Funds For Car [print this page] When you think about buying a car through a loan, make sure that the monthly outgoings towards the loan are less troublesome. Generally, the potential borrowers choose secured car loans because of the supportive features like this loan comes at low rate and favorable terms and conditions.
These loans need you to pledge any of your property like home or any less important assets, as security. However, if you do not wish to risk your home, then the very car, you plan to buy, can provide the security.
The loan amount depends on value of the car. Before you apply for this service, you must do your homework first in terms of actual cost of the car and how much you can devote through your savings because this will help you to save your lots of time and money.
There are some conditions that are associated with this scheme and the following conditions are:
The borrower should be 18 years old or above.
The borrower must have UK citizenship.
He/she should earn fixed monthly income.
He/she must have an active bank account.
Once you meet these above-mentioned criteria, you can be able to get the amount 2000 to 50,000 for the repayment tenure of 1 to 5 years. The actual amount depends up on the value of the collateral that you pledge at the time of taking the loan.
There is no doubt that you get lots of support to buy your dream car, but still you should be careful with this facility because your property is at risk and try to pay back the amount on time. Lenders have full rights to sell your property if you fail to repay the loan.
Secured car loans are also for bad credit holders because of the security reason. Lenders allow the cash to people who have credit report like default, late payment, CCJs, IVA, bankruptcy, etc.
This facility is also easy in applying because you can apply online without any hassle. Lenders have their websites where you can fill out the online application form that is very simple.
