Owning a car speaks for itself. So get yourself an instant auto loan and see a car parked outside your house.These instant loans are available within a time span of just 24 hours and are also easy to get from the lenders. In most of the cases these loans are given by taking collateral as security from you. But there are loans which are also available to the lenders who are willing to give the loans in the unsecured form without any collateral. But in case of the unsecured instant auto loans the rate of interest is higher but reasonable for you to afford. You always have the option of negotiating with the lender about the rate of interest rate in order to bring it down, which is very much a possibility in this competitive market situation. Though the rate of interest is high the repayment time on the other hand is spread wide so that you get ample time at the time of repayment of the loan. Usually the repayment period stretches from 2 to 7 years of time.
There are few other ways by which you can bring down this rate of interest of instant auto loan and that is by giving more amount of money as down payment on the cost of the vehicle. Usually the lender will ask you for a down payment of 25% on the vehicle cost, but any amount of money above that will help you to get a lower rate of interest. It is highly advisable that you know in details about the rate of interest beforehand in order to get the best deal that is offered in the market. The mode of security can be the car that you purchase at the moment and the papers for the vehicle can be the collateral for your loan. In any other circumstances you need to deposit an asset that has an equity value attached to it.
Carney Alden is a Master in Accounting and Financial Management from
