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Secured Car Loans

Secured Car Loans

If you need to buy a car and you find your self in unfavorable circumstances to be approved for an unsecured loan, your best chance is a secured one. Don’t despair about it, as there are many good reasons why you should go for a secured car loan instead.

Benefits of a Secured Car Loan

Interest rates are lower
Compared to unsecured loans, secured car loans generally have lower interest rates because there is lesser risk for the credit company because your collateral can be used to repay the debt if you default.

Interest rates can be fixed
Many do not always appreciate the value of a fixed interest rate because there may be times that the interest rate of the market is lower. However, having the peace of mind that you won’t have the risk of having to pay ridiculously high interest rates if the market’s base rate goes way up is invaluable. Secured car loans can be offered with fixed rates, which mean you can also have the peace of mind without the risk. This is crucially important because of the fact that you will end up losing your collateral if you default on payments.

Borrow bigger amounts
Most unsecured personal loans only allow up to a certain limit, which may not be enough if you need a bigger amount for the vehicle you want. Most secured car loans will let you borrow up to the valued amount of the car and with Quick Secured Loans’ help, you can find the one with the lowest rates.

Long-term
Car loans can range from 5 to 10 years so you have enough time to pay in whatever amount you can on a regular basis. You can choose a payment term that is convenient to you. You can pay weekly, bi-weekly or every month. With this kind of flexibility, you will have the peace of mind that unless anything rash happens; you can keep up with your repayments. 

Requirements for a Secured Car Loan

Income
Income is always an important consideration when borrowing money. You have to be able to prove that you can repay your debt consistently. If you are employed, you can submit pay periods or tax returns. If you are self-employed, a bank statement or federal tax returns can be used to prove your income.

Residency
You should be able to establish that you reside in one residence for at least 12 months. If you have recently moved, your previous residence would suffice. Lenders would want to see that you do not run around changing homes because that would show that you might be hard to find.

Legal Age
To enter into any form of contract, you have to be beyond 18 years of age.

Finding the right secured car loan can be tricky. There are so many offers out there and you never really know whether you are getting the best interest rates or you’ll end up having to pay more than what is actually necessary. Quick Secured Loans is here to help you find the right one by guiding you every step of the way. Fill out our online form to get free comparison of secured car loans now.