Owning a vehicle is every traveller’s dream but it can get tougher for people whose credit ratings are not up to the mark. A bad credit loan at extremely low interest is your tool to owning a car.

As for secured loans, on account of proper security, the loan can easily be paid back in 5 to 25 years. An unsecured loan will be at a comparatively higher rate, shorter repayment duration and lesser loan amount.

Requirements of the applicant

• Should have a driving license which is valid

• Should submit income proof to the lender

• Should place property as security in case of secured loan.

• Should prove employment status, income source and financial standing in case of unsecured loans.

Interest rates

One is always advised to go for down payments as your burden of paying higher rates decreases and credit score increases. The down payments range from 10% to 50% of the loan amount depending on the severity of the bad credit score. Rates are higher for unsecured loans.

How to get the loan

All you have to do is surf the net and find out information on various lenders, their quotes, repayable term and interest rates. After considering all pros and cons chose the best lender, submit an application form with the required details and your loan will be approved almost immediately by the lender.

Advantages

• A bad credit holder can improve his credit score by applying for this loan.

• Secured loans provided at amazingly low rates.

• Unsecured loans for those who do not wish to put property at stake also available.

• It’s up to the borrower to buy a new or an old car.

• No running repeatedly to banks.

Summary

The online facility helps you go for the best deal; it gives you an opportunity to enhance your credit history. There is a good side even to the world of bad credit. Drive away with your new car with an everlasting smile right away!