The UK people can find these loans in secured or unsecured option as per their requirement and circumstances. If you are a homeowner, willing to put any property at stake or the very car for collateral, then the secured loan is ideal. Depending on value of collateral and price of the car, you can borrow anywhere from ?5000 to ?75000. Usually, these loans are used for buying a new car, though used one can also be bought. The main benefit is that the loan comes at low rate of interest.
The unsecured loan is primarily meant for the tenants or non-homeowners, without collateral. Still, the homeowners, who do not want to risk a property, are also eligible. However, only a smaller amount is accessible in the range of ?5000 to ?25000 for its repayment in short-term of few months to 15 years. But interest rate will be on the higher side. Both the secured or unsecured loans are to be paid back in short term of 5 -7 years.
Before applying for car loans UK, take out your credit report and check it for any inaccuracies. The report will be used by the lenders for determining the rate and terms-conditions on the loan.
If your credit history has multiple faults like late payments, arrears, defaults or CCJs, then it can be offset by making a good amount of down payment to the lender. The down payment sort of makes the loan safer for the lenders. Therefore, approval for the bad credit people comes with ease, though the rate may be little higher.
First apply for the rate quotes of the lenders in the field of providing car loans UK. On making a good search on internet, you can find these loans at competitive rates and at lower extra charges. Ensure that you repay the loan on time for escaping from the debts.
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