Poor Credit Auto Loans: Worry No More and get Your Desired Car

Is your bad credit standing in the way of your new auto? Are your loan applications getting rejected every time you apply? Well you may not worry any more as borrowers with bad credit can now get loans for their desired vehicles even despite bad credit. A lot of people in the UK suffer from the problem of bad credit. Any one who has had faced the bankruptcy, CJJs, defaulted in his payments etc. will have a bad credit rating. These poor credit auto loans are offered to people who have such problems.

Features of Poor Credit Auto Loans

These loans are firstly divided into two types that are secured and unsecured loans. For the secured loans the borrowers are required to produce collateral and for the unsecured ones no such thing will be required. The collateral can be in the form of a property or an asset. Generally the rate of interest depends on lender to lender but incase of an online loans it will cost you more.

Generally the rate of interest will be from 6-8% and the borrower has to make a down payment of 25-50% which establishes his ability to pay for the loan. The repayment is 2-4 years.

For the poor credit auto loans the borrower must be a resident of the UK having a permanent job with a fixed income and should be at least 18 years. He should have a savings account. Fulfilling all these conditions will make it easier for the borrower to get a loan.

Carney Alden is a Masters in Accounting and Financial Management from Lancaster University Management School. Having completed his Master in Finance from Derby University. He provide useful advice through his articles that have been found very useful. To find Easy auto financing, Auto financing, Used auto financing visit http://www.consumerautofinancing.com