Secured Personal Car Loans: Drive Away In Your Dream Car In A Secured Way

In this 21st century, a car is an essential requirement to everybody. Nowadays people do not want to travel in a crowed bus. So, a car has become a valuable asset for every people in US. But everybody can not afford to buy a car to lead a hassle free life. Secured personal car loans are introduced into the market to help such low income people to purchase a new or used car.

People can avail this loan for a larger amount at low rate of interest. Borrowers have to place some collateral against the loan. One can place his/her home, jewelleries or anything else involving some equity in it as security against the loan. One can avail the loan amount up to $75,000. But the amount entirely depends on the value of the collateral, cost or model of a car, borrower’s credit status and repayment capacity. A borrower can repay the loan amount within 5 to 30 years. So, borrower’s can pay back the loan amount by choosing long term or short term repayment period. Sometimes borrowers want to save their income for other monthly expenses, in that case, borrowers need to choose the long repayment period to reduce monthly installment amount.

To avail secured personal car loans borrowers have to pay at least 25% of the loan amount as down payment against the loan. If borrowers pay larger amount of money as down payment then they can get more elasticity on repayment term and interest rate. People can get benefits like lower interest rate, flexible repayment tenure, etc. with the help of this loan.

One can easily avail secured personal car loans by applying online as well as offline. The online application loan process is faster, easier and convenient. Borrowers only need to submit their age proof, residential address proof, income proof and driving license proof along with personal details including phone bills, credit report, tax returns and bank statements.

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