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Auto Loans Bad Credit: Now your bad credit score will not ruin your hope of buying a vehicle |
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Auto loans bad credit is specially designed for the borrowers with bad credit score. These loans are available in secured and unsecured options. The loan amount is dependant on factors like the market price of the car and repaying ability of the borrower. |
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| Author: Carney Alden |
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You can get the loans in two types. First is secured and other is unsecured. No collateral is required to be kept against the unsecured loans. For secured loans, collateral is kept. The loan is different for different borrowers. It depends on the market value of the car and the repaying ability of the borrower.
The rate of interest of Bad Credit Auto Loans is higher for the unsecured loans, as it is with any other loans. The interest rate in secured option is 6%-11% and in unsecured option it is 14%-18%. The important tip for you will be to pay a bigger amount as down payment to lower the monthly instalments.
The repayment tenure for auto loans bad credit is 48 weeks to 60 weeks. The unsecured loans are allotted shorter period to pay back the amount as no security is involved.
These loans are available from the traditional sources like banks, financial institutions and online lenders. The vital point to be taken care of is comparison between different rates offered by different lenders is important to get the best deal. The websites of online provide you with calculators to make our calculation easy and on the spot.
However, if you can manage a co-signer who have good credit score then the interest rate is lowered which is otherwise not possible. The eligible borrowers for these loans are the person with credit score below 600.
About Author
Carney Alden is a Masters in Accounting and Financial Management from Lancaster University Management School. Having completed his Masters in Finance from Derby University. He provide useful advice through his articles that have been found very useful. To find Bad Credit Auto Loans , Auto Refinance, Auto Financing , visit http://www.consumerautolending.com
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http://www.1888articles.com/author-carney-alden-11811.html
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