This loan falls under the category of personal loan and can be obtained in the regular format of secured and unsecured. Through this loan, you can avail finances to purchase car according to your need. It can be a new car or a used one. Usually through this loan, you can arrange 80 % of the total finance required.
In the case of secured form of the loan, you are required to pledge any valuable asset as collateral. You can pledge your home, real estate and in fact the car you want to buy as collateral. Through this option you can obtain a bigger amount. Moreover due to the presence of collateral, the interest rate for the loan is comparatively low.
On the other hand, unsecured option of the loan can be obtained without pledging any collateral. However, the rate of interest for the loan will be slightly higher. The repayment tenure for both the options is short and does not last for more than 5- 7 years. A long term is not viable as the market value of the cars start decreasing after the aforesaid period.
If you are having bad credit with arrears, defaults, non repayment, Bankruptcy etc, there is nothing to worry. You can still avail these loans if you can convince the lender about repaying the installments on time. Still, the rate of interest levied will be slightly higher.
The presence of large number of lender will make it difficult for you obtain a better deal. In that case, you should prefer the online application mode. Besides, by comparing the rate quotes of various lenders, you can easily locate lenders offering these loans at comfortable rates.
Owning a car is no more a dream any more for you as car loan in UK is designed to help you realize the dream in a convenient manner.
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