
However, it has been observed that at time even genuine borrowers get bad credit due to reasons beyond their control. Therefore, to help such people there are lenders who offer loans to them. So, now even people with bad credit can get loans from various lenders. If you want to buy a new automobile and you have bad credit, you don?t need to worry now since there are lenders who offer auto loans to people with bad credit and hence help people with bad credit in becoming proud owner of automobile.
Some of the very easy requirements to get auto loan for bad credit people are that the borrower should have a permanent monthly source of income, a savings bank account and must be at least 18 years or more.
While deciding the loan amount these lenders do not check the credit score of potential borrowers. They decide the loan amount on the basis of monthly income, monthly expense, monthly repayment capacity etc. Usually lenders offer the bad credit auto loan up to 85 per cent of the cost of the automobile. Similarly, the rate of interest id based on the loan amount, repayment duration, monthly installment etc. Monthly amount of installment is decided on the loan amount, your income and expenses and the amount that you can pay comfortably. In fact, loan amount, rate of interest, loan duration etc are inter-related.
In case of bad credit auto loan, the automobile is used as collateral i.e. security against the loan offered. The automobile will be transferred to your name after you clear all payments.
Rejestracja Spółki Limited w Wielkiej Brytanii oraz oddział w Polsce