Nowadays people with bad credit records like CCJ, IVA, arrears or late repayment can get car finance easily with no credit check car loans. These loans are available for both old and new cars. They are offered in two forms secured, in which you have to offer your car as a security and interest rates are low comparatively, the other form is unsecured in which no security is needed, and interest rates are not too high because of the tough competition in the market.
The amount to be availed depends on the type of loan you are opting. For secured loans it equals the value of collateral and is large enough but dwindles down with unsecured one. The interest rates depend on your credit status and on the competitiveness in the financial market.
The type of loan you take also affects the interest rate. Unsecured loans are offered for a short duration and have higher rate of interest.
Availability
Most of the lenders of bad credit car loans go online to ease the whole procedure of securing the loans for borrowers. You get the cheapest and the best offers online and proper research gives you the best deal. Online approach has following benefits-fast approval, less paper work, better rates and saves time. Hence you are on the wheels without big deal.
Bad Credit Car Loans in UK
Buying a car is a lifetime investment for some. You can take these loans to improve your bad credit history through a sincere repayment. Almost every financial bank or institution offers these loans in U.K. Lenders offer flexible and fixed rates; fixed rates are not affected by the market forces whereas flexible rates are affected by the market forces.
Summary
Here's a chance where a person having a bad credit status can buy a car by taking bad credit car loan. Loans are offered in two types namely secured and unsecured, secured loan demands your car as collateral and offers low interest rate as compared to unsecured loan type which does not asks for any security. The lenders are available online and it's a very easy process to get the loans online. So what are you waiting for? Go and drive your own dream car!
