Unsecured Car Loans: Purchase A Car Without Pledging Collateral

You may find it difficult to buy a car when you do not have sufficient reserves in your bank account. You do not know where the funds will come from. In this scenario it is advisable to have a look at the unsecured car loans that is been offered these days. These loans are free from any collateral and thus you do not have to put any of your other assets at stake. In one way, this is such a loan by which you can buy as well as repair your old car at one go.

Unsecured car loans can be availed even if you have experienced things like CCJs, Bad credit history, arrears, IVAs etc in the past. So you can understand that these loans are such that it does not look into your past credit history before offering you a loan. The process of getting these kinds of loans is also easy and time taken is less than that of the normal kind of personal loans. You may not have to go through a physical verification if your credit history is good enough in the past. The loans are also available to students and the repayment time is more in every case. Therefore, in one way it is advantageous because you do not have to bear the burden of the interest as soon as you buy your new vehicle but can rather enjoy its ride before thinking of the money to be paid back.

Unsecured car loans are provided up to an amount of 90-100% of the cost of the vehicle which are payable at a stretch of 5-7 years time duration. The interest rates of the loans are competitive depending on the variations of the market and that is why the APR is also low. The main advantage is that you can choose from the various providers and get yourself a suitable deal when you take the loan. Because there are so many providers and there is huge competition among them, it is of high possibility that you will get the best deal for yourself. The advisors will also guide you regarding the many facts and application process before taking up the loan.

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