If you want to take a secured car loan you have to offer collateral. You can use your house or the car you buy as collateral for a secured car loan. Offering collateral allows you to enjoy some important facilities. But at the same time a secured car loan puts you in the risk of losing the collateral if you fail to repay the loan amount. However, the facilities you will be provided by a secured car loan are alluring enough. Some of them are:
- Easily available
- Low rate of interest
- Big loan amount
- Small monthly repayment
- Long loan period
- Flexible loan term
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If you want to take an unsecured car loan you will not require offering collateral. Generally a high interest is charged for an unsecured car loan as the lender does not have the assurance of getting his money back in case of failure from your part. But, there are many lenders offering unsecured car loans at competitive rates. Read also: Get a Car Loan to Bring Home And Drive Your Dream CarYou can avail a car loan despite your bad credit record. But you have to search out lenders who offer car loans in spite of bad credit. They are available among online lenders. You can easily find out a suitable car loan lenders by searching through Internet.