Car Loan | Car Loans

Car Loans | Car Loan

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Car Loan

The Truth About Car Loans

A car loan can mean one of two things. This depends on the broker, the lender, and the clients. Below is an explanation of the difference between the different types of car loans that you can have.

Unsecured Car Loan

An unsecured car loan is exactly what it is called. It is an unsecured loan that is for a car. However there are many different variations of this, they come down to the Clients credit rating. What is your credit rating like? If you have a good credit history, or you have an excellent credit history, then the chances are you would be taking out a loan through a bank, or through the car finance company to arrange the credit for the car that you are looking to purchase. By doing this you are able to get approved for the car loan very quickly indeed. If you sign up for the finance offered by the credit company who you are buying the car from, on most occasions you will be able to drive the car away that day (subject to all things being in place). If you have borrowed you money from a high street bank, then there is no reason why you can not pay the car dealer cash for the car and take it there and then, with no finance papers to complete.

Secured Car Loan

A secured car loan means that the money you are borrowing is secured on an asset. The most common secured car loans are those that are secured on the car that you are going to purchase. This is usually for people with a bad, or very poor credit rating. This gives the lender the right to take possession of your car should you not keep up to date with the monthly payments on the car loan. This is becoming ever more popular as people with bad credit are struggling to gain credit from their bank, or a finance house. The other main type of secured car loans are secured homeowner loans. This is where you borrow the money against your house, or a property with equity to raise the money to purchase the car. This involves a credit check, however it is easier to obtain a secured loan than an unsecured loan should you have any credit problems, and the money is held as a charge against the property.

Car Loans Information

There are many car finance companies that specialize in providing small loan secured, and unsecured against a cars value. If you have got credit problems, Advanced Finance Limited can offer you a secured car loan, or a secured homeowner loan to help you buy the car that you want.If you have not got any proof of income, don't worry, we can still help you in arranging a car loan where the lender is not interested in seeing proof of your income. As long as you can prove that the car loans are affordable to you, then some lenders are satisfied to lend you the money for a car. Self employed applicants are also easily accepted on our specialist self employed car loans scheme.If you would like help in arranging a car loan then simply fill in the form above for an advisor to call you, or give us a ring on the number provided at the top of the page. Loans are available from £500 through to £50,000, and you may be able to get the money transferred into your account within 24 hours of your car loan application.

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