Even though there is a proper local transportation, people want to have their own car. They don't want to wait at the stops. Because of irregular job timings, it becomes necessary to buy a car. What if people have poor credit or damaged credit score? How do they get financial help for buying a new car or for maintenance of the used car? Don't worry, for your benefit, money lenders are providing poor credit auto loans.These loans are of two types: secured loan and unsecured loans. Poor credit auto loans come under secured loans. You have to place your car or any equivalent asset as collateral to get the loan. After paying the loan you will get back your assets. There are two methods for repaying: long term and short term. Short term loans are for a period of 4 to 5 years. Interest rates are usually higher than the long term. Long term loans are for a period of 20 years. Interest rates are comparatively low. Both auto loans are high risk loans.
Eligibility for the Loans:
Every one who is above the age of 18 years is eligible for these loans, provided they must have continuous source of income and they must be the resident of US.
Benefits:
These loans are processed quickly. You can get the loan money within 2 to 3 days. You can also get the loan at attractive rates and discounts for buying new or used car. In case you are buying the car from one of the associates of the money-lenders, you get further good deals.
In most cases, when you apply for a loan with the local lending companies, you get a rejection notice as soon as they see a bad credit mark on your portfolio. The only way out is to approach the online money lenders, take a loan and buy the car, and then pay it off in easy installments to improve your credit score.
Online loans:
If you are processing through online, get the entire information of the money lenders, choose the best among them.
So people who want to buy their dream car despite of having poor credit, here is a chance for you. Grab the car with poor credit auto loans.
Heather Stomes is a creative writer and gives advice timely in many finance related issues. To know more about Bad Credit Car Loans, Online Auto Loans, Cheap Car Credit. You can visit https://www.nohasslecarcredit.com
Source:http://www.goarticles.com/cgi-bin/showa.cgi?C=1335599
