Most of us dream of having a car, just like we dream of having a house of our own. However, the realisation of the former dream is as difficult, if not more difficult, that the realisation of the latter. It is to help us realise that dream that the car loans UK are tailor-made.
Car loans UK can be secured or unsecured. Secured car loans UK are usually secured against your house or any other real estate property you possess. The risk for the lender is eliminated by the security that is provided. This allows the lender to set easy terms and conditions for the car loans UK.
He allows the borrowers lower interest rates and longer repayment terms. However, the prospect of losing the car or the property that has been offered as collateral is always there before the borrower in the event of his failure to repay the loan on time.
Unsecured car loans UK doesn t require you to get your loan secured against collateral. This makes these loans risky loan products for the lender. He can not afford to allow easy terms and conditions to the borrower. The interest rates of car loans UK are higher than those of secured car loans UK. The repayment term is also short resulting in higher monthly instalments. However, unsecured car loans UK are disbursed very fast due to the lack of collateral and the consequent reduction in paperwork.
Driving their dream car is not a problem for those also who have a poor credit record. A large number of sub-prime lenders in UK are willing to provide loans to people who have missed payments, default, arrears, county court judgements (CCJs) or bankruptcy against their names. It must be kept in mind however that bad credit car loans UK will come with much higher interest rates and their repayment terms will be even shorter. To avoid refusal by the lender, it is better to apply for a secured bad credit car loan.
There are hundreds of lenders in UK dealing the car loan products. It will be wise on the borrower s part, therefore, if he compares the rates of the different lenders in UK before applying for the car loans UK.
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