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| Car Loans- Wheel your money |
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Today when owing a car has turned into a necessity from luxury, one can't wait
for years to save money and then buy a car. Car loans help people getting a car
of their choice and need. With the car loan market in UK getting bigger by the
day, the borrower can get a car loan at attractive rates. There are lucrative
deals on new car loans and used car loans in the UK market.
Car loans
can be secured, as well as unsecured, the latter being more popular. Let?s have
a look at both the options:
Unsecured car loans- The borrower needs to have
an excellent credit profile for procuring an unsecured car loan since it
requires no collateral to support. Different banks and lenders have varied
interest rates for this loan type. Unsecured car loans do not risk your assets,
so is preferred by the borrowers.
People who already have a mortgage
running on their home, car or property go in unsecured car loans. Elimination of
valuation of asset and legal issues concerning it quicken the process. The APR
on unsecured car loans is usually higher than their secured counterpart. Though
the loan amount depends on the brand of car you have chosen, it also depends
upon the credit history of the borrower. The current APR that lenders in UK
market are offering is ranged in between 6.4% to 14.9% (fixed).
The
following are the agreements that come under unsecured car loans:
Hire
purchase (HP) car loans- Under this agreement, the lender doesn't get the
ownership rights of the car unless the total loan is paid off.
Personal
contract purchase (PCP)- As per this agreement, a proportion of the repayment
amount is deferred to the end of the agreement so as to reduce the monthly
payments.
Secured Car loans- They demand an asset to be placed as
collateral for availing the loan. Being backed up a security in the form of
house, they carry a comparatively low rate of interest. Since they involve a
great risk in the form of house getting seized by the lender, this loan type is
not that popular.
Car loans are basically the best way to get a car
since borrowers may not have liquid cash to spend. But it requires a detailed
comparative research of various deals on car loans available in the UK loan
market.
Home Loan/Student Loan/Personal Loan/Mortgage Loan/Auto
Loan/Bad Credit Loans:
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