Loan to purchase a car, caravan, motorcycle etc are all classified
under Auto loans
Common types of Auto loans
Standard repayment loans
personal contract plan
Standard repayment loans are the most common type of Auto loan
Hire purchase is secured on the vehicle, so if you default on
payments you could lose your car. The Fair, Isaac & Co (FICO)
score is the most common method of determining your credit rating.
The higher your FICO score, the better of a credit risk you are
assumed to be, and so lenders are more inclined to offer you
Personal contract plans are more like leasing. With PCPs you pay a
monthly fee and agree to stick to agreed mileage limits. At the
end of the contract period you can pay a lump sum to buy the
vehicle, you can start again with a different vehicle, or you can
walk away altogether. Though this type of contract is feasible but
if you exceed the agreed mileage limits or don't look after the
vehicle, you could be facing a hefty bill at the end of the
contract period whether you decide to keep the vehicle or not.
A car loan or auto loan
is a type of personal loan. Lenders
prefer not to lend the full cost of the car although with a
competitive marketplace this is changing.
Online auto financing companies are a quick, easy way to find out
if you qualify for a loan and to get that loan within a short
amount of time. Why go through the hassle of dealer financing,
when you can get a loan from an independent lender and then
approach a dealer with the power of a cash customer? With the
right auto loan, before you know it, you could be driving the car
of your dreams.
You have several options to explore, when you apply for auto loans
with an online financing company. Online auto loan companies offer
you the chance to review your financing options, if you are
seeking a loan you should take a look at your credit history, and
know the best rates and terms for which you are qualified before
you go to a dealer.
Online car financing companies will let you know in a matter of
minutes whether or not you've been approved for a Auto loan
With a large selection of auto lenders to choose from, finding
your best financing rates and terms is no problem. Once you've
been approved, you will receive a blank check voucher within one