If you wish to buy a car for your family but do not have the necessary funds for that, you do not need to compromise anymore. Options like personal car loans are available which help the borrowers to purchase their own car, that too without much burden on his shoulders.
provide the complete cost of the car to the borrower which he can pay as a one time lump sum payment to the car dealer. This amount is repaid back to the lender in monthly installments thus not burdening the borrower much. The repayment term of personal car loans is 5-7 years.
Personal car loans can be borrowed by the buyer in two forms. If he wants a low rate of interest and he is ready to pledge collateral, then he should opt for secured personal car loans. This way he gets to pay smaller installments every month which reduce his burden a great deal.
If the borrower does not own an asset or is not ready to pledge it, then he can opt for unsecured personal car loans. Though he will have to pay a slightly higher rate for the loan, still the loan remains collateral-free according to the suitability of the borrower.
While purchasing a car through personal car loans, the borrower should approach the dealer only after the loan has been approved and he has the amount in his hand so that the decision can not be changed under the influence of anyone. Also the borrower can ask for service privileges or a waiver on account of the lump sum payment for the purchase.
Personal car loans are available to the borrowers who have CCJs, arrears or defaults in their credit history. Although they are charged comparatively higher rate of interest, this rate is lowered by proper researching for a low rate personal car loans.
With assistance from personal car loans, it has become very easy nowadays to purchase a car. Now there is no need for the common man to think of a car as just a dream.
