Some Facts which affects the Car loan Interest rates

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From time to time people do get some extra amount which they want to use in buying some basic needs, like a car for convenient traveling in the UK. Getting a bad credit car loans did become easy and also available online. If there is a down payment amount and have the capacity of paying the monthly EMI's, then it is easy to get a car loan. Having bad credit will not stop the car loans.

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slide 1:

Some Facts which affects the Car loan Interest rates From time to time people do get some extra amount which they want to use in buying some basic needs like a car for convenient traveling in the UK. Getting a bad credit car loans did become easy and also available online. If there is a down payment amount and have the capacity of paying the monthly EMIs then it is easy to get a car loan. Having bad credit will not stop the car loans. The car loans are known to be the secured loans as here the car acts as collateral. The interest rates will be low for secured loans then the unsecured loans. The reason behind this is the risk factor. Secured loans will lower the risk factor for the lender. The collateral will act as a security for the lenders money and the lender will reduce the interest rates. Having a clear picture regarding all the aspects regarding the car loans online will leave out one question about the interest rates. There are a few factors which can affect the car loans interest rates. 1. Credit History. 2. Income Level. 3. Down payment amount. 4. Tenure of the loan. 5. Car model and age.

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1. Credit History. The interest rate does depend on credit history. Lower the credit score higher the interest rate but with the financial companies in the picture there are no credit check loans. 2. Income level. Income level can be the main point while deciding the interest rate of the loan. Higher the income lower the interest rates. The income level acts as proof to the lender from the borrower regarding the EMI payments. It will increase the chance of getting a low-interest rate on loans. 3. Down payment Amount. Every lender may not consider the down payment category. They say that the down payment can show the financial capacity of the borrower. It will assure the lender regarding the repayment and trust the borrower easily. 4. Tenure of the loan. Higher the tenure of the loan lower the interest rate. It is the general opinion among the lending platforms. The longer time you take in repaying the loan the lower the interest rate will be calculated. This kind of arrangement in bad credit car loans can be a good thing but before finalizing the things calculate the total repayment amount. Cross check with the other choices then choose the reliable option. 5. Car model and age. When a borrower approaches a company for car loans bad credit direct lender the lender does see the car as collateral. Any failure in the repayment will result in liquefying the car selling for money by the lender. As this is the case the lender considers the car model and age not only regarding the interest rate and also while deciding the loan amount too. The loan amount and the interest rates depend upon the collateral value and the borrower financial status. At FleetQuid our team will connect the borrower to the relevant and trust- worthy lender. We do provide bad credit car loans which will help you fulfill your dream of getting a car.

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