Car Loans Uk

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What are the deciding factors for car loans interest rate

Car loans, which are considered as secured loans and here car is promised as collateral. Secured loans always have a low-interest rate but there are certain deciding factors which needs to be taken care off.

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Credit HistoryEven though you are submitting collateral sometimes not having a proper credit history can lead to the loan rejection. You need to have at least a moderate credit history.

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Income LevelWhen you have a high income, the lender will be assured about the loan repayment even during a short period loss of pay occurs.

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Down Payment

Your car down payment will show your financial capability. It will be easy for you to gain the lender’s trust regarding loan repayment.

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Loan TenureDecide your loan tenure by calculating your monthly repayments. Lower monthly payout and long term loan tenure might look like a good idea but check with the overall payout before agreeing to the terms.

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Car Model & Age

Car is considered as collateral so, the car condition does matters to the lender.

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Ultimately your car loan interest rate depends on the collateral value and your financial status. Shop around and choose reliable loan terms for you.

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