Auto Loans No Credit History: Give Acceleration to Your Life
These loans are for the people with bad and no credit history.Auto loans no credit history is available in secured and unsecured options. Generally these loans are secured with the car, the borrower wants to buy. The car stays with the borrower and the car is used by the borrower according to the free will without any restrictions of the lender. Some lender also allows other kind of assets as the security for these loans.
An unsecured loan option is better as there is no need to place ant asset to avail these loans. The borrowers also stay without tension as there is no chance of loosing the valuable asset, as in the secured loans.
The loan amount of these loans depends on the price of the car and the loan type. Secured loans have bigger loan amount than the unsecured loans. The loan term for these loans varies from 5 years to 10 years. Loan types influence the interest rates. Secured loans have lower interest rates than unsecured loans. The rate of interest varies from 9%APR to 15%APR.
Auto loans no credit history have some criteria for the borrowers. The borrower should be employed. The salary should be enough to repay the loan amount in time. A valid bank account is required where the loan amount is transferred after the loan is approved. In case of the secured loans, the borrower must have the asset, the value of which should not be less than the loan amount. Bad credit holders and people with no credit history can easily get these loans to buy their own car.
Auto loans no credit history is offered by the traditional lenders. Banks and financial institutions offer these loans. But the online lenders are convenient, as there is no need to visit the offices of the lenders. The borrowers can search the suitable lender online and loan procedures are also done online.
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Kalvin Jason is proficient in the credit market because of a degree in finance from the esteemed University of Oxford. He has also done his masters in insurance management from the Risk Management Research Institute. To find Refinance Car Loan Used Car Loan, Loan Calculator car loan rate visit http://www.consumercarloan.com
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