Instant auto loans are also known as payday auto loans or fast auto loans. They are instant loans, which are approved and delivered mostly within a day. They are helpful when you are in immediate need of a vehicle and need a small down payment as security. Also, they are useful when you have to pay an existing loan installment. You can always expect this loan quick enough to solve your emergency needs.The repayment term for the loans is two to five weeks, or fourteen to thirty one days. The loan amount varies from $100 to $1500. The amount is to be repaid ideally on the next payday, that is, when you get your pay,
For instant auto loans they usually don't check credit history. So this is very popular amongst people with poor credit history or no credit history. This helps them improve credit history. If you pay your loans on time, your credit history automatically moves up. If you don't have a credit history, it is time to make a positive entry in your credit history.
There are a few requirements for these loans to be approved. You should be minimum 18 years of age. You should be a
Instant auto loans are either secured or unsecured. For secured loans, you need collateral. You get a lower interest rate and longer repayment term for these. The loan takes 10-15 days to get approved and the amount to be transferred to your bank account. While for unsecured loans, you don't need collateral. The loan gets sanctioned in 3-5 days. The interest rate is higher, the repayment term lower. The difference in approval time is because the collateral's value is judged and paperwork is done before approving loan in case of secured loans.
Carney Alden is a Master in Accounting and Financial Management from
