How to Secure Quick Car Loans Successfully

Thursday, April 11, 2019, 6:00 AM | Leave Comment

Owning a car has never been the same earlier as now there are many types of quick car loans that an interested person can secure easily and get behind the wheel.

Gone are the days when people had to save for years to buy a personal vehicle.

There are innumerable loans available now that can help a person to own a car. That is also a reason why people are opting to buy a car of their own. It has, therefore, ushered in an easy and convenient communication facility so that anyone can buy a car as per convenience.

In the following sections, we will look at some of the types of loans that may be available for buying a personal four-wheeler.

How to Secure Quick Car Loans Successfully

Types of Loans That May Be Available for Buying a Personal Four-Wheeler:

  • A low-interest rate car loan can be desirable

    While getting quick car loans, everyone prefers a low-interest rate on the borrowed amount. Typically, a low-interest rate car loan may start from as low as 6.9% per annum. But at the same time, it must be mentioned here that securing a low-interest car loan may not be very easy.

    There are certain criteria that must be satisfied. Some of the most obvious influencing factors can be related to stable employment, decent credit history, making some upfront payments and obviously, slight negotiation with the lender. These factors can work in one’s favor apart from the fact that a willing customer must compare different lenders and do some research before selecting one.

  • A bad credit car loan can help in times of need

    People with bad credit history can also get quick car loans albeit with some riders. A bad credit car loan is slightly different than a regular car loan.

    First, the rate of interest and the processing fees can be a bit on the higher side for this type of loan.

    Secondly, a financer may need extra security in the form of a guarantor, etc. for sanctioning such a loan. It is because bad credit borrowers are perceived to be high-risk clients and hence lenders may need more security for lending.

    However, getting a loan itself can be highly assuring and that can even help in building up the reputation once again.

  • A used car loan should be compared well

    In recent times, there has been a surge in used car loans because owners have ample room for negotiation while getting these loans.

    Moreover, a borrower can get ample time frame for repaying, typically ranging from one to seven years. The flexibility of repayment is also an aspect that borrowers like in this type of quick car loan as repayment can be made in a weekly, fortnightly or monthly installment.

  • New car loans are very much in demand

    New car loans are always the most in demand as an individual can get a brand-new vehicle financed completely through a bank, dealership or a credit union.

    A new car loan can be availed at as low as 4.80%. However, this type of quick car loan can be of two types – secured and unsecured.

    In a secured loan, the rate of interest is less, and a new car is used as collateral so that if ever there is a payment default, the financing authority can take over the vehicle.

    In an unsecured loan, a borrower does not hold any asset of the lender as collateral. If repayment gets defaulted the borrower can only send reminders and at the most file a legal suit against the lender. However, the interest rate can be on the higher side.

We have seen some quick car loan options that anyone can easily avail. However, before applying for a loan, it is also important to consider the repayment schedule and the rate of interest so that repayment stays comfortable and easy while enjoying the comforts of an owned car.

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