Dream of driving your own car won't vanish even if you are suffering from credit problems. Sometimes we make decisions in our professional field but become trapped unfortunately in credit hazards. It may happen due to any of the following reasons - arrears, CCJ's, declaration of bankruptcy or defaults in previous debts. Whatever the case may be you still have the option to go for auto loans bad credit to fulfill your dream of car.
Auto loans bad credit will provide you with enough money to buy a new or used car. A very common doubt can arise here why the lender is giving money to a customer having credit hazards. So here is the answer. Auto loans bad credit is secured against the car you are going to buy. You also have the option to put any of your valuable assets as collateral against the loan. It must have some equity attached with it to prove your repayment potentiality.
Eligibility and procedure
Every UK citizen is eligible to apply for. They must produce their income and residential proof in front of lender. They will get an option to select their car and other terms will be decided afterwards. Seeing your bad credit they may charge you with extra high interest rate. So before approaching any lender go through your credit report very carefully and try to make every possible improvement. If possible settle down some previous debts which you think you can.
Auto loans bad credit is available in two forms short term and long term. In case of short term auto loans money has to be paid back within 2 to 3 years. Interest rate in this case will be a bit high, but with long term auto loans repayment tenure is long and interest rate is low. Overall money to be paid in case of long term will be less.
You can get the loan approved from any bank or private lending companies. Or you can simply sit in your room and go through all the quotes available online. Nowadays auto dealers are also giving auto financing.
