There are several ways to avail instant approval auto loans. When it comes to applying for car financing, there are basically two options available to you –secured and unsecured. In the unsecured loan option, you are charged a comparatively higher rate of interest than that in secured option. With the first option you have to place your home or car as collateral. With this you have to pay less interest rate and with the later option you have to pay high interest rate because this kind of borrower has the high risk of default.
When it comes to getting instant approval auto loans, your credit score plays the most important role. The better your credit score, the brighter are your chances of getting the loan approved instantly. However, it does not mean that if you have a bad credit score, you will not be able to avail instant approval for car financing.
In order to avail a competitive loan rate, you are recommended to make as high a down payment as you can. Higher amount of down payment also plays an important role in getting instant approval auto loans. However, this thing is applicable for people with good credit score as well. Higher the down payment lower will be the interest rate and vice-versa.
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