If you are planning to purchase new car and wants to avail cash from a finance company. But your bad credit records come as a hindrance. Now, you do not worry about your unclean credit status. Many lenders in the present days are offering car loans for poor credit. The cash amount available with this facility varies from £2000 to £50000. Borrowers can utilize the car advance for the 1-5 years term.
Most car lenders now prefer to provide cash assistance through online medium. Online lending operations are free from complicated procedures such as faxing & paperworks. Therefore processing of application with online plan is faster than the traditional paper based loan plans. The whole online borrowing process wrap up in less than 24 hours. Individual should submit an online application for bad credit car loans. If lender accepts his application, then his bank account will be credited with cash in not more than 24 hours.
Bad credit car finance is available in both secured and unsecured categories. Therefore you should apply for secured poor credit car finance, if you requires large fund and lower the interest burden. However, you will be required to keep a property or valuable to the lender for secured finance.
You can utilize the borrowed fund from either category for multiple purposes:
- Paying the previous car advance,
- Repairing the used car,
- Purchasing a land plot,
- Purchasing a new car model,
- Paying the utility expenses of some months etc.
However to avail car advance from the lenders, you must possess the under mentioned qualifications:
- You’re an UK citizen,
- You are 18 years old or above as on date of your application,
- You are doing a regular job and your monthly compensation does not fall below of £1000,
- You also have other earning sources &
- You are a checking account holder of an UK bank.
If a person has a desire to avail cash for buying a new car. But he is not getting cash due to his poor credit history then he can acquire the fund with car loans for poor credit. This advance allows the salaried persons of UK to avail cash between £2000 and £50000.