subject: Car Loans : Time To Own Your Dream Car [print this page] We all love to own a beautiful car but it is not every time that we have the money to purchase them. In such time what we can at the most do to possess that dream car of ours is to get some financial assistance or a loan. If such situation arises, car loans make the best financial help for you even as there are a high number of lenders in the UK market.
Car loans are fast becoming popular amongst those planning to buy their dream cars but are unable to meet the expenses. Besides, the high number of lenders in the UK market has added to their whole advantage, which includes the high competition among the lenders to offer you the best of the loans. However, the amount of the loans depends entirely on your need of case to purchase the car, your collateral or agreement with the lender.
Keeping this in mind, the amount for your car loans will be decided under two factors - secured and unsecured loans. Under the secured loans, one has to pledge a certain property as collateral to obtain the loans that will also add to the amount of the loans. The interest rates are comparatively lower than the unsecured with longer repayment time.
On the other hand, the unsecured car loans do not consist of any collateral to avail the loan. These are mostly short termed loan and the interest rates a little higher. However, they are the more popular of the two as the application and approval is quicker than the other as there is no paperwork involved for the collateral.
Nevertheless, for a smooth application and approval of car loans, lenders require that you are a citizen of UK, over 18 years and permanently employed with a company so that you are able to pay back for the loans. It is compulsory to have a personal bank account to the cash to be deposited there, often directly by the lenders.
The process of application and approval has also become much easier, simpler and faster due to online application.
by: David Jhonson
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