You like driving. You want to go for a long drive with your nearest one. But, you do not have your own car. What will you do now? If you are UK borrower, you can apply for car loan. Yes, car loan in UK gives all borrowers a chance to finance their desired car model.
In the UK, car loans are available in two forms- secured and unsecured. As far as secured option is concerned, a borrower can avail car loans by placing a security against the lending amount. Any sort of valuable objects can be used as a security. Some of them are like home, other real estate, automobile and others. A borrower in the UK also can use the car he is going to buy as a security. On the other hand, unsecured option is available without any security. Hence, all sorts of borrowers in the UK can apply for these loans. But in this option, borrowers need to produce his income, employment and financial documents for ensuring their repayment capacity.
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By opting for the secured option, borrowers can borrow a higher amount as car loans in the UK. Since, these loans are risk free and secured properly on borrowers' property, hence, the interest rate of these loans is lower. As opposed to this, unsecured loans are available at a higher interest rate, as the loan amount is not secured on borrowers' property. However, the repayment period of these loans is decided on the basis of borrowed amount. But generally, it is seen that these loans are obtainable for 2-5 years.
With car loans, a borrower in the UK can buy any type of cars. Furthermore, these loans also can be taken to finance old car. But in that case, the car should not be more than 5 years old.
Car loans in UK are also obtainable for the borrowers having a bad credit score. It includes the cases like, CCJs, IVAs, arrears, defaults, bankruptcy and so on. But, due to bad credit scorer, a borrower may have to pay a higher interest rate on these loans.
These loans are easily available in the UK. Many traditional lenders like, banks, financial institutions, lending companies in the UK offer car loans. These days, car loans in UK are also obtainable online. This process is easier and less time consuming. In this option, borrowers can avail a hoard of various loan quotes within a few minutes. Besides, you need not face the hassle of lots of paper work. Only by submitting an online application form, you can apply for these loans easily.
Now you can drive your own car with sheer delights. So, do not miss this chance and apply for these loans ASAP.
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