Used Car Financing

Used Car Financing

Used Car Financing - General Resource and Tips about Motor Car Loans:
- Many lenders specialize in loans to individuals with bad credit, so you might be able to get a loan even if you have declared bankruptcy or have county court judgements against you in the past.
- Organise your own finance. Pay by cash, or organise a personal loan yourself. Don't use manufacturer or dealer finance.
- An unsecured loan is aimed at people who do not have any collateral to take out a secured loan. Therefore an unsecured loan is perfect if you do not own your home. With an unsecured loan you can borrow between �1,000 and �25,000.
- The amount borrowed is subject to an interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR).

Used Car Financing - Glossary of Terms:

Payment Protection is an insurance policy to cover your loan repayments should you be unable to pay them yourself due to sickness, injury or involuntary unemployment.

An interest rate is the amount charged for a loan. It is usually expressed as a percentage of the loan amount that is charged on an annual basis.

County Court Judgements (CCJ) - An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors.

Credit Report: Credit bureaus collect information about your credit history-where you owe money, how much you owe, your credit cards, and your payment history.

Your Credit File consists of details of your past and present financial activity and is held by companies known as Credit Reference Agencies.

Total Charge for Credit - This is the full amount that you will be required to pay. It includes the loan amount advanced, interest chargeable plus any administrative fees and costs, as well as any insurance costs.

Used Car Financing info.


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