Most of the auto loan lenders have set some minimum eligibility criteria. If you meet the same, you can easily avail guaranteed car finance. Most people have the misconception that having a good credit score is one of the criteria that is mandatory. True that many lenders prefer borrowers with a good credit history. But you will be happy to know that even if you have a poor or bad credit score, you can still find a good financing solution to purchase your dream car in the form of a no credit auto loan. These are the schemes that have been specially designed for people with bad or poor credit history. In this financing process, the lenders do not check your credit score. Let me give you brief insight into some of the important components of the eligibility criteria for guaranteed car loan.
Employment Record
Since you do not have a good credit history, it is important for you to have a good employment record. Every lender wants his money back and they look for some kind of assurance. In this case, a good employment record can easily assure the lenders that you are capable of repaying the bad credit auto loans in a timely manner. You will be asked to submit documents in proof of your employment status. Your current job must be at least 6 months old and you must have an overall work experience of three years. What is more, the amount of your monthly income also plays an important role in getting the guaranteed car finance approved to you.
Bank Statement
The lenders will also ask you to submit the bank statement showing transactions for at least the last six months. It has been found that lenders prefer those who have a salary account in their name. Those who have a salary account in their name can easily get low interest auto loan, that too, at the lowest rate possible.
Down Payment
Making a higher amount of down payment will also make it easier for you to get the auto financing at a much lower rate. In general, it is mandatory for you to make a down payment of at least 5%-10% of the total amount. If you willingly pay 15%-25% of down payment, you simply improve your negotiation power to get guaranteed car finance at the best possible rate.
By: Apurva Shree
Posts Tagged ‘Employment Status’
Guaranteed Car Finance – How to Qualify
March 16th, 2010Cosmetic Surgery Loans – enhance your looks
December 25th, 2009It is very crucial in these days of competition that you keep yourself well presentable. If your body in not in shape or your facial features need some surgery, then you should take a loan and ask the surgeon to make your nose or other body features better looking. Cosmetic surgery loans can help you in case you need good amount of finance. In the UK loan marketplace, these are easily available loans. Generally cosmetic surgery is not covered under the insurance policies. So, borrowing the loan becomes all the more necessary.
To get these loans, all you need to do is to produce the documents that can prove your annual income, employment status and home address. Your bank statements of past few months too are crucial in getting the approval for the loan. These documents are essential in order to prove your repayment capability.
Cosmetic surgery loans can help you pay expenses towards breast augmentation, face-lift, setting the cheekbones, liposuction and other purposes of surgery. You can borrow the loan as unsecured personal loan that does not require collateral and you can repay the loan in short-term of one to 15 years. You can borrow £1000 to £2500 at little higher interest rate.
But you can also explore secured loans for cosmetic surgery if you want to borrow at lower interest rates. Value of collateral can fetch you greater amount for its repayment in 5 to 30 years.
Though bad credit history is risky, still such people can also find out bad credit cosmetic surgery loans despite late payments, payment defaults and CCJs in their name. Make sure that you have first compared the loan offers on Internet. Online lenders are competitive and can be searched for lower interest rates. Repay the loan in timely manner so that you can maintain a good credit record.
By: marsh jone
