You can procure an unsecured car loan if you are a homeowner, tenant, self employed, etc. If you are from an adverse credit history then also you can go for an unsecured car loan. The bad credit history will not come as a hurdle for you in going for an unsecured car loan.
The loan amount which you get depends upon many factors like duration of the loans, past credit record, repaying capacity, your home, etc. The lenders judge your whole financial background and then offer you a loan according to your repaying ability.
There are a lot of benefits associated with an unsecured car loan. The first and the foremost is that you will avail a quick short term loan. With an unsecured car loan the risk to the lenders is high which results in short repayment term. Secondly, less documentation work is involved, because of the absence of the collateral. Thirdly no valuation of property is being done and loan is approved quickly. Overall you will be getting a hassle free proceeding.
There are some disadvantages as well with an unsecured car loan. It usually carries a higher rate of interest. The amount which you would like to borrow will be typically less. The rates and terms of an unsecured loan basically depend upon the personal circumstances. Generally the advertised rate by the lenders may not be the rate that they may offer you.
The lenders in the U.K. cater to the need of people in varied situation. The car loan is being designed such that it can cater to your specific need. So, don’t delay in buying your dream car and start looking for a right lender.
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-Park as a finance specialist. For more information about online car loans please visit us at http://www.loans-park.co.uk.