How do Online Car Loans work?Apply Now
A car loan is a secured type of loan that is availed by the borrower to purchase his dream car. The lender with the surety of the vehicle provides the loan and the borrower agrees to pay the loan amount with interest.
The surety that the borrower puts is the vehicle itself, which means, if the borrower fails to pay the amount, the vehicle will be seized and sold to pay off the debt loan.
The online car loan that we offer is also known as an Auto loan, where we also consider people having bad credit scores. Incase of non-repayment of the loan installments, the lender will take-over the car.
Reasons to Use Car Loans
Let money not be a problem for fulfilling your needs. Look out for the benefits before applying.
Can Easily Purchase A Car
No Credit Check
Fast Loan Process
Frequently Asked Questions
A Car loan, also called as an Auto loan, is a type of a loan that is availed to buy a much-needed car. For such loans, the money is credited by a credit union or a financial lender to the borrower. It is a secured loan in which the to-be-bought car will be placed as security with the lender until the loan is completely is repaid. It is highly preferred for buying cars as the loan is available for bad credit scores. In case of continued non-repayment of the car loan instalments, the lender may confiscate the car.
A Car Loan is considered to be the most preferred loan to buy cars especially when the borrower has a bad credit history. It can be availed quickly from a financier without much hassles or paperwork. The loan can be repaid as manageable amounts over a scheduled time period. The borrower will have to pay the loan amount along with the interest rates for the pre-decided payment tenure. Considerable APR will be imposed depending on the car value, loan amount and other factors. There is a risk of losing the car if the loan amount payment is dodged.
At FleetQuid, our lenders provide loans for any amount in between £100 up to £5000, imposing 36% Representative APR (variable). You can choose the amount depending on your requirements. However, it is wise to choose an amount that you may need immediately as these loans are imposed with considerable APR depending on your loan amount and other factors. Also, the approvable loan amount and the APR will be dependent on the value of the car.
At FleetQuid, our financiers will not impose any restrictions on how you should use your loan money. However, it is better you use it for genuine purposes. Although a car loan is typically used to buy a car, you can also use the loan amount to repay consolidated debts, for repairs & renovations, for medical emergencies, to make purchases, etc. If you do not repay on time, then the lender may seize your car.
You will probably be the right person to decide that for yourself. You could explore regarding Car loans, the pros and cons, or you could talk to one of our representatives who will give you an insight into Car Loans. You can then choose depending on your preferences and needs.
The best way to keep a good credit score history is to make your payments on time. If you already have a bad credit score, you could use a Car loan to payoff consolidated debts in order to help build the credit score. You should repay this Car loan on time to retain the good score and also, to keep the car.