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Some Facts About Very Bad Credit Car Loans
By Anton Gabriel
Having your own car- you desire for it. But monetary shortage does not allow you to fulfill your dream. You can think about availing a car loan, still you are in doubt about this possibility, as you have a bad credit score. Do you know you can easily avail car loans? Yes, very bad credit car loans will assist you to be a car owner.
Generally, there are several reasons behind a bad credit score. Some of them are like CCJs, IVAs, arrears, defaults, bankruptcy etc. In such cases, borrowers cannot pay off the borrowed amount on time; therefore borrowers have to face such kinds of problems. The credit score of a bad credit scorer is 580 and less than it. Due to this reason, borrowers have less credibility among the lenders, for which, their loan applications are often turned down.
Borrowers' credit score does not matter in case of very bad credit car loans. These loans are meant for all sorts of bad credit scorers. Since, these loans are available both in secured as well as unsecured form, thus, homeowner as well as non homeowners can also get the benefit of these loans.
Secured bad credit car loans claim a security from borrower in order to avail the lending amount. Oppositely, unsecured option is available without any obligation of security. With these loans, borrowers can buy any types of cars, old as well as new. Based on the car price, the borrowed amount is decided. However, in that case, borrowers' incomes are also judged. The repayment period of these loans varies within 2-5 years.
Borrowers have to fulfill some criteria in order to apply for very bad credit car loans. These are like,
•A borrower should be a fulltime employee
•A borrower must have a regular and recurring income and that should not be less than ₤1200
•Minimum age limit is 18 years.
•Having a valid residential as well as identification proof is necessary.
In this context, borrowers are advised to be aware of their present credit score before applying for very bad credit car loans, as it will privilege them to negotiate with lenders in order to get a better deal. They can take help of various credit rating agencies in this regard, like Experian, Equifax, and Transunion.
The interest rates of these loans are usually higher. But one can get some relaxation on the interest rate of very bad credit car loans. Some efforts like meeting various lenders, studying and comparing their loan quotes will enable borrowers in getting these loans at a better interest rate.
About the Author
Anton Gabriel is the author of this article. To find very bad credit car loans, bad credit car loans UK, bad credit used car loans, bad credit history car loans visit http://www.verybadcreditcarloans.co.uk
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