Car loans bad credit - drive your way of comfort and luxury
Car loans bad credit is no longer impossible in UK market. Everyday, thousands of people avail the finance in this category and buy their favorite or dream car. However, it is important for every person to know what most lenders and lending companies look for before approving your loan application. Today, we have brought six important points that can help you to avail finance easily.
Credit history – Since these are bad credit loans, your past credit record does no play any important role here. However, it determines the interest rate and APR. If you ratings are really poor, you can expect slightly high rate of interest and APR.
Job history – Where are you working and how long you have been associated with the same company? These few questions can be asked by lenders while approving your loan application. A good employment record can open the lender’s door for you easily.
Monthly income – Before you get car loans bad credit, financial institutions check your repayment capability with the help of monthly income. Generally, banks calculate your income and unavoidable monthly expenses to checkout your repayment capacity.
Debt – How much debt you have? In this case, your debt-to-income ratio is calculated by the finance companies. You may face rejection, if you have debt more than your income.
Down payment – It plays quiet important role for every person. People with bad credit history have to deposit 10-20% of acquisition value of your car as a down payment. It also depends on your credit score.
References – When applying for car loans bad credit, make sure that you have good number of references that you have known for at least 6 months or 1 year.
These loans bad credit can be divided into two categories, like
Secured loan – Here, you avail the cash after pledging your home, property or real estate. It is a risky option for borrowers but it comes along with cheap interest rate and APR.
Unsecured loan – Being tenant or non-homeowner, you can easily avail cash without pledging any property or asset. Here, consumers get the finance according to the value of the car they are looking for.
People who have CCJs, arrears, defaults, bankruptcy, IVA and late payments can easily get money in bank account within few hours. It is advisable to use internet service to get the best and fast loan services. So, get the money now without facing even a single trouble.
Gerry Parker is an expert author and has more then 7 years of experience in writing finance related topics. To know more about Car Loans Bad Credit Visit: http://www.loansforbadcredits.org.uk/
Article Source: Messaggiamo.Com
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