Every time you see gorgeous cars passing by you, your desire of having your own set of wheels gets stronger. The hassle of traveling in public buses or hiring taxi's has turned this desire into a necessity. What if you are yet to accumulate enough cash to purchase a car? To speak the truth, you do not have a unique type of problem. There are so many others who have a strong need for cars but cannot own one because of monetary lack. It is for these people that car loan opens up a great avenue.
Lenders all over the world have car loan on offer with and without collateral. Attaching collateral, one can take the secured car loan. In this type of loan, the lender has the guarantee to get his money back if the borrower fails to repay on time. He can use the property offered as collateral and retrieve his money. So, he offers the loan with terms and conditions mostly in favor of the borrower. This paves the way for lower interest rate, bigger loan amount and longer repayment period.
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Those who cannot offer collateral have the option of unsecured car loan open to them. This type of loan does not require the attachment of any collateral. As there is no backing of any collateral in this loan, this becomes a little risky for the lender. So, some lenders charge high interest to balance this risk. However, this loan has some benefits that make it lucrative and justify the elevated interest charged in certain cases.
A car loan taken without collateral ensures quick money lending. It is because there is less documentation in this loan. With no security in place, the paperwork related to it becomes irrelevant. So, the loan is processed quickly. It also makes room for saving a reasonable sum that otherwise would be necessitated by processing fees, as the borrower does not require paying the property assessment cost.
Car loan of both types, secured and unsecured, are available to borrowers whose credit score is not impressive. They can apply for this loan with their poor credit record and get approval too.
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