Loans against your car can be a wonderful financial key available in todayÃƒ¢â‚¬Ã¢â€ž¢s advanced financial market that can help you to procure easy finance for your several needs. These loans are given against the papers of your car. Lenders will keep the documents of your car until you repay the entire borrowed amount along with interest rate. These loans can be a good way to arrange required funds for your many important financial requirements like health expenses, home renovation, education and many more.
Loans Against Your Car will be approved against the logbook of your car. A logbook is a vehicle registration certificate issued by Driving and Vehicle Licensing Agency. A logbook contains details like owner of the car, chassis number, registration keeper of the logbook, registration mark, model or engine number and color of the car.
There is some eligibility criteria which you need to meet for the approval of loans against your car. This includes the following:-
Ãƒ¯Ã†’Ã‹Å“ The logbook of your car should be in your name
Ãƒ¯Ã†’Ã‹Å“ Your car should not be less than 8 years old
Ãƒ¯Ã†’Ã‹Å“ There should not be any dues and financial claim against your car
Ãƒ¯Ã†’Ã‹Å“ You car should be insured and taxed
Ãƒ¯Ã†’Ã‹Å“ You should have consistent source of income
Ãƒ¯Ã†’Ã‹Å“ You should be more than 18 years of age
With the help of these loans you can apply for funds in the range of Ãƒ,Ã‚£500 to Ãƒ,Ã‚£50,000 for the repayment period of 5 to 7 years. The loan amount will be determined on the basis of value of your car.
The best thing about these loans is that you can have full freedom to drive your car anywhere you want without any restriction by the lender.
Secured Loans Against Car are open to both good and bad credit holders, as it doesnÃƒ¢â‚¬Ã¢â€ž¢t involve any credit check formality. Thus, those having impaired credit score can freely apply for this loan without worrying about their poor credit records like arrears, bankruptcy, insolvency, late payments etc.
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