by : Duglaus Hondo

Want to own a car badly, but the finances are troubling you. The cost of the car is double the income you earn every month and its just too much money for you. But then owning a car has always been a dream and you just don't feel like throwing away the dream. You work out plans for loans but they are either not for you or for some reason you are rejected. But finally to save you from all the rejections lenders have the auto loans.

This auto loan is especially available for you to get a brand new car outside your house. Well for once your credit is of very less importance as auto loans are also available to people with bad credit. Auto loans for bad credit are mostly secured loans. For the secured loans, your new car is normally held as the security. But if you want, you can also give you house or any other asset as a security. You will have to make a down payment before getting the loan. Well the down payment may be done on the basis of immediate finances available to you. If you can spend a lot on down payment the amount of loan can be less.

Well there are two plans for the loans. One is the short term plan and the other is the long term plan. Under the short term auto loans bad credit, you have to repay in a short time period and you will have to pay a large interest. For the long term auto loans for bad credit your repayment period is a little longer then normal and the rate of interest is also less. You can apply for these loans online. But make a thorough search of all the lenders before applying for the loan.