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Despite a bad credit, sure one can avail a loan and buy themselves a car. That is what bad credit car loan offers. So, if you are in the UK and badly in need of a car and wish to avail some financial help in the form of loans, but at the same time feel that your bad credit status could play the spoilsport, perhaps, it's time you think it over again.
The need for cars is definitely on the rise however, not everyone is in a financial condition to buy it. Thus, loans become of the options to buy a car. But again, bad credits can be the stumbling block. Perhaps, it is for this very reason that bad credit car loan is fast becoming popular in the UK today.
This means the individuals with bad credit can apply for the loan and avail the car of their dream with ease. Credit record will be no issue in obtaining the loans.
Bad credit car loan unemployed, like any other loan, comes in secured and unsecured formats. This means that under the secured bad credit car loan borrowers have to pledge collateral to avail the loan but not so under the unsecured loan. However, the interest rates of secured loan are comparatively lower than the unsecured with longer repayment duration time due to the presence of collateral. On the other hand, the risk is often with the lender under the loan unsecured bad credit car.
There are also few terms and conditions applied as per the lenders or financial companies. However, most of them will require that borrowers are citizens of UK, permanently employed in a company with certain age criteria. It is very vital you have a valid personal account for the cash to be deposited directly once your bad credit car loan is approved.