If you want to buy a new auto, but do not have enough money for doing this, consider applying for guaranteed auto loans. Auto loans are personal loans taken for purchasing a vehicle. To get the money, a borrower and a lender sign an agreement where they indicate the borrowed amount and loan terms. A borrower is obliged to return the money with interest within the stipulated period of time.
When applying for an auto loan it is necessary to consider several important points. The first thing you need to do is to determine how much you need to borrow and whether or not you will be able to pay the money back. Only after making a detailed calculation you can submit a loan application.
When making calculations do not forget that the repayment amount will consist of the initial amount you borrow and interest, which a loan provider charges for giving you the money. To find the most competitive interest rates, it is recommended to shop around and compare rates offered by not less than five lenders.
Late payments will have negative effect on your credit score, as well as will make you pay additional money. It is necessary to understand that if you have bad credit history you will be charged higher interest rates.
To be eligible for an auto loan a borrower must have the UK citizenship, be of legal age, and have minimum income of not less than 15 hundred pounds per month.