Studies have shown that with the availing of loan becoming easier the number of people involved in debts has increased. Right now in UK a majority of the citizens are suffering from what is called bad credit. A credit score which is decided by your regular repayments of loans, CCJs and bankruptcy found lower then 650 makes you a victim of the bad credit. You need to be careful with loans. But now that you are a person with poor credit and you want to buy a car desperately, you would need some loan. Seeing the current situation of borrowers and observing that maximum suffer from poor credit, lenders have decided to offer them loans.
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The Auto Loans Bad Credit is offered in two ways- the secured loans and the unsecured loans. With the secured loans you need to pledge security but you get the loan at a lower rate of interest. The unsecured loan is offered without the need for a security but you need to pay a higher amount of interest rate. You might have to make an initial down payment of 5-10% of the car amount to get this loan. But if you make a higher amount of down payment you get loans at a reduced rate of interest.
You are eligible for auto loans bad credit if you are above 18, have a regular income and a bank account in your name. Your credit check is done but it is not considered for this loan. You have both the online and offline option of applying for auto loans bad credit. You can consider either while applying but it is better to choose the online option. It is completely secured option and also involves less documentation. But before applying make sure you know all the rules of the loan including the market rates of interest. This is so that you don't get fooled in future.
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