If you are going through the phase of bad credit thanks to past financial mistakes, don?t worry this is just the perfect loan for you. It is normally a secured loan where you need to pledge your car as the security. But in certain unusual circumstances your house or other relative assets are also allowed as security. You may also go in for the unsecured form of sub prime auto loans offered by certain lenders but then that is offered at a slightly higher rate of interest.
In auto loans normally you need to give 25% of the car amount as down payment. The more you invest in the down payment the less you will have to invest in the interest. Your interest rate may be higher for the sub prime loans but it can be negotiated if you wish to. You need to have a regular income, a bank account and should be above 18 years to be eligible for sub prime auto loans. You can apply for this loan online or offline in the banks. Offline applications involve a lot of documentation and is very time wasting. Online applications involve flexibility and are not time bound.
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