Already on ArticleSlash?

Forgot your password? Sign Up

Car Loans For Bad Credit - Follow Your Dream of Buying a Vehicle of Your Own


Visitors: 162

Car loans for bad credit are the loans offered in UK to the people suffering from bad credit status. These specially created loans for the borrowers with bad credit score assist them to fulfil their dream.

These loans are available in secured and unsecured option. In secured option, borrowers have to pledge collateral against the amount. Due to this, repayment facilities become more convenient and interest rates becomes lower. In unsecured option, interest rate is higher and payment tenure is shorter.

The loan amount depends on the market price of the car. Larger amount can be approved, if the borrowers can provide a security. The interest rate secured option is 6 to 11 percent. In unsecured loans, it can rise as high as 14 to 18 percent. The borrowers must keep in mind that in bad credit loans, the interest is always higher than the loans for the borrowers with good credit.

The repayment tenure is short as bad credit car loans are short term loans. The repaying period can be anything between 48months and 60months. The borrower should keep in mind in car loans; the vehicle is used as a sort of security by the lenders. That is, the lenders can impound your vehicle if you are not able to pay back the whole amount.

Car loans for bad credit are available through online and offline lenders. Online lenders are banks, auto-dealers, financial institutions, brokers and credit unions. Online lenders offer different rates through their websites. The borrowers must try as many lenders as possible before the one best suited for them.

The borrowers must have a credit score below 650 to be regarded as the person with bad credit status. The borrower must be a citizen of UK. The borrower must be 18 and above.

Christian Phelps is a Masters in Account and Finance Management from Lancaster Uni. He has been working with loans. To find instant bad credit car loans , used car financing, car loans online visit


Article Source:

Rate this Article: 
Credit Repair Can Save Your Dream of Buying a Home
Rated 4 / 5
based on 5 votes

Related Articles:

Very Bad Credit Car Loans - Own Your Dream Vehicle in Spite of a Bad Credit ..

by: Julia Nicole (June 25, 2008) 
(Finance/Auto Loans)

Auto Loans Bad Credit - Now Your Bad Credit Score Will Not Ruin Your Hope of ..

by: Carney Alden (September 06, 2008) 
(Finance/Auto Loans)

Poor Credit Auto Loans - Get Funded For Buying a Vehicle in Tough Times

by: Frank Dervin (October 01, 2008) 
(Finance/Auto Loans)

Car Loans - Easiest Way to Acquire Your Dream Vehicle

by: Johnty Flemming (September 18, 2008) 
(Finance/Auto Loans)

Unsecured Car Loans - Drive Your Dream Vehicle While Your Pocket is at Ease

by: Johnty Flemming (September 24, 2008) 
(Finance/Auto Loans)

Unsecured Bad Credit Personal Loans - Your Credit Can Not Destroy Your Dream Now

by: William Ender (May 23, 2008) 
(Finance/Personal Loans)

Loans With Bad Credit - Improving Credit Status is Not Dream Now

by: Richie Morgan (July 16, 2008) 

Get the Vehicle You Need With the Bad Credit Auto Loans

by: Johns Tiel (June 17, 2008) 
(Finance/Auto Loans)

Get Your Dream Vehicle With Used Recreational Vehicle Finance

by: Gary Grobowski (March 08, 2007) 

Credit Repair Can Save Your Dream of Buying a Home

by: Jeaneen Davis (June 28, 2008) 
(Finance/Credit Tips)