Advantages of unsecured car finance over secured car finance

Wednesday, September 29, 2010

Advantages of unsecured car finance over secured car finance

If given a choice, what would you prefer, an unsecured car finance, or a secured car loan.

Both have their own advantages, and you may decide to opt according to what suits you best.

Secured loans are however, more stringent. Loan agencies are very particular about the documents you have, and you may find the criterion set by banks a little too tough on your neck.

A secured car finance option requires you to furnish collateral as mortgage; however, the rates are affordable comparatively to unsecured car loan. It also takes more time to get secured car loans.

But, unsecured car finance could be availed easily; you don’t need to try too hard to get an unsecured loan.

The best part about such car loans is they could be availed even if you have a bad credit rating. An unsecured car loan, necessarily do not depend upon credit ratings.

You are also not required to furnish any kind of collateral, which is the second biggest advantage you get over secured car loans.

Unsecured car finance could be availed faster. A simple submission of details, and there you have the loan transferred to your bank account.

There is a very significant advantage unsecured car finance provides you. It is the opportunity to improve your credit ratings. Make your loan payments on time, and certainly improve your credit ratings.

1 comment:

used car refinance said...

Car insurance discounts may not be applicable to all. Oftentimes, discounts are only given to the best candidates that have better credit records.

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