Car loans are auto loans which are typically taken to buy a new car without disturbing your savings. It is a secured cash loan where the car which is being purchased acts as the collateral. The lender considers the car as the security while approving your loan. Credit score cannot be a barrier for you as there are many lenders ready to offer a loan irrespective of your credit score. Your Loan APR is fixed based on various factors.
Online procedures did make things transparent and hustle free for the borrowers. You can get to know quick updates concerning your car loan request. There are not many restrictions upon the loan usage but it must be related to buying a car.
Get started with the Online Application to avail a suitable loan for you.
You will get timely and quick answers on your Loan Application.
You will get the loan amount as soon as possible into your bank accounts upon approval of your loan application.
Representative Example : £1000 loan amount taken for 15-months tenure at APR of 35.99% will have a final repayment amount of £1,256.55 with a payable interest amount of £256.55, and a monthly installment of £83.77. The loan amount can be repaid in installments at a monthly amount of £102.90.
Car Loans, also known as the auto loans, are one of the most common and convenient types of loans that can be borrowed easily from FriskyLoans. Typically, these loans are availed to overcome the immediate financial requirements pertaining to purchasing a car. They are secured quick cash loans in which an asset, usually the car that is being purchased will be placed as surety in exchange to borrow a loan until the complete loan amount is repaid. The car can be used by the owner, but, it may be seized by the lender in the case of loan non-payment.
The Car Loans are availed to overcome the immediate financial requirements pertaining to purchasing a car. It can be availed as a lump sum amount and, can be repaid slowly as scheduled. The repayment amount and, the APR is fixed. So, the borrower can plan the monthly budget accordingly. The loan amount should be repaid on time or, the lender may take appropriate actions. The car can be used by the owner, but, it may be confiscated by the lender in the case of loan non-payment.
At FriskyLoans, our financiers will approve your loan applications for amounts starting from £100, up to a maximum amount of £5000, which will come imposed with 35.99% Representative APR (variable). The final imposed terms will depend on many factors like credit scores, loan amount, loan type, loan tenure, etc. However, it is important to choose an amount which you really need and not borrow in excess.
Although the car loans are typically borrowed to buy a car, the financiers at FriskyLoans do not impose many restrictions regarding the usage of the car loan funds. However, it is advised that the borrowed amount is used only for genuine purposes and to overcome your immediate financial exigencies. Apart from using it to buy the car, you can use the car loan funds for paying utility bills, for repairs, for medical needs, for making purchases, etc. But it should be repaid on time.
Undoubtedly, you are the only person who can decide that. You could start by exploring well about the car loans, their advantages & disadvantages, etc. If you have any queries, you could get in touch with our representatives for resolving your queries. You could consider your requirements, preferences, and limitations, and decide if availing a car loan is the right choice for you. You should keep in mind that dodging a payment could lead to losing the car to the lender.