Unsecured car loans don?t require you to furnish collateral and therefore pose no risk to you. They could be the right loan product for you, if you are living with your parents or living as a tenant. You wont lose anything even if you fail to repay the loan amount on time. Besides this chief advantage, unsecured car loans also offer you the following advantages:
Quick acceptance: You may be accepted very soon after application.
Fast processing: Because there will be no collateral to be assessed, the loan will be processed very fast.
Less documentation: Absence of collateral also accounts for very little paper work.
Fast disbursal: Fast processing and little paper work ensure that the unsecured car loans are disbursed very fast. You will thus be able to drive your dream car very soon after making the application for the loan.
Like all unsecured loan products, unsecured car loans, too, come with slightly higher rates of interest. The risk factor also makes the lender set a short repayment term for the loan. But these disadvantages are overweighed by the advantages just mentioned above.
Before making an application, it would be better if you decide before hand how much you can pay as down payment. Though most of the lenders don?t require you to pay an amount as down payment, if you do pay one, your monthly instalments could be lower than usual. The down payment should be anything between five to ten percent of the purchase price of the car you wish to buy.
You may find numerous greedy lenders at the car dealer?s showroom offering you unsecured car loans. But if you fall into their traps, you will end up paying huge monthly instalments for your loan. Their interest rates are very high. The best option is to compare the interest rates of some of the best lenders in UK to ascertain which loans-bazaar.co.uk/car-loans.html?target=_blank>car loan would suit you the most. Once you have made your choice, apply online and wait in anticipation.
About The Author :The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Loans-Bazaar as a finance specialist.
For more information please visit: loans-bazaar.co.uk www.loans-bazaar.co.uk
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