Need a car but don't have enough money to spare? Stop worrying. There's more help waiting for you than you thought possible.
Not many can afford their dream cars and expect their personal finances to hold up at the same time. Cars are expensive investments but are crucial as well. So to help people of all monetary strengths and credit histories, there are a number of good auto loans available in the market.
Auto loans are classified into two types- Secured and Unsecured.
Secured auto loans: are the ones where you need to show a collateral (usually immovable property like your house) against which you are guaranteed a loan that finances the purchase of a new/old car. Since you are showing a tangible asset, the chargeable rate of interest will be low, the monthly installments you shell out will be better affordable and the loan amount guaranteed is higher. You may also take a longer time to pay off the entire car loan amount.
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Unsecured Auto Loans: get you the car loan without you having to show any collateral. But as a counter measure, the chargeable interest rates will be higher. However, in case you cannot pay back the loan amount, you don't risk losing the mortgaged asset.
For those of you have bad credit histories, for whatever reason- illness, bankruptcy, pending county court decisions, unemployment, default, pending repayments of existing loans etc., you are entitled to a bad credit car loan. Gone are the days when an unfavorable credit history shut all the doors on you. Today, bad credit car finance makes sense to financiers because they know the circumstances behind such credit histories are temporary, and therefore can be overcome.
These, in brief, are the options you have to get your car financed. However, don't jump into accepting the first offer that comes your way. Weigh your financial status realistically and honestly and then decide how much you can afford to spend on paying off the loan installments. Don't rush. Car finances, helpful as they are, can go wrong if you do not have a perfect balance between your monetary health and your loan commitments. Just a note you should be aware of to be safe.
So if you have already set your heart on a particular car, step up and go for it. You have a bevy of auto finance options to choose from. Don't let bad credit scores bog you down either. They won't come in your way to owning your dream car!
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