Receive your money in the most convenient way in 15 minutes
You will get your cash assistance fast and secure. We will directly deposit it into your bank account the same day. There’s no need to go to the bank and fall in long lines. You will get the cash without complex documents and requirements at all.
As the name suggests, a personal loan can be used for personal purposes. Unlike mortgage and car loans, the advance is not restricted and you can use it on almost anything you want. That being said, can you use a personal loan to buy a car? If yes, is it the right alternative when you want to have a new vehicle?
Using Personal Loans To Buy A Car
As mentioned, you can use a personal advance for almost anything. Finance your continuing education, dream travel, or even to consolidate your existing accounts. If you’re planning to buy a new car, you can also use a personal loan to cover the expenses as long as you’re qualified.
However, when it comes to being practical, a personal loan is not the best option. Since it’s unsecured, the criteria you should meet are more difficult compared to secured loans. In addition, the interest rate is higher, making the loan repayments more challenging. Therefore, when you want to purchase a new vehicle, you should think about other alternatives first to save money on the interest.
Using Auto Loans To Purchase A Vehicle
Many people are skeptical when it comes to secured loans, especially those who have no collateral to offer at all. Basically, the loan is backed up by an asset, which could be a house, another car, or anything of value. The concept is, when you, as a borrower, defaults on the loan, the lender has the right to repossess the asset, put it on sale, and use the money to settle the remaining loan balance and accumulated charges.
That being said, if you have a solid payment plan and you know paying the loan is your priority, there’s nothing to worry about using auto loans to buy a new car instead. After all, the security used against the loan minimize the risk, thus the qualifying for the loan is easier. This also makes the interest rate cheaper compared to unsecured loans so if you want an advance that’s easier to settle, it’s ideal to use a secured loan instead.
Car Loans for Bad Credit Borrowers
When getting a loan while having a bad credit score, you’ll definitely have a hard time as your credit score is a basis on how likely you are to pay your bills on time. But sometimes things happen that are out of our reach or are not in our control.
So you might have a hard time getting approved by lenders or have higher interest rates to encourage you from paying. It will certainly limit your loan options but will not stop you completely from getting one.
Here are some tips and ways to get a loan while having a bad credit score.
1. Online lenders - Online lenders are the next best alternative when having bad credit. They are less strict but offer higher interests rates.
2. Have a co-signer – Having a co-signer means that he/she will pay the loan if you are unable to. Having a co-signer with great credit will greatly improve your chances of getting approved.
3. Offering collateral – Letting your lender know that you are serious in paying the loan by offering collateral is also one thing. It can be anything as long as it has monetary value.
4. Joining a credit union – Credit unions are non-profit institutions that are owned by the members. Being non-profit means that they offer lower interest rates. By joining a credit union group, you can get a loan through pooled savings fund by other members. Which also results in less wiggle room as other members might need to get loans as well.
5. Improving your credit score – Improving your credit score will show the lenders that you are set on getting out on having bad credit. So if you’re credit is currently lower than you want to be, the best way is to improve it before taking out another loan. It might seem time-consuming but it’s the best way to go.
Having a bad credit is undesirable, but that doesn’t mean that you are prevented from getting loans. It just means that you’ll have a harder time to get one.
Apply in three easy steps
Fill up form
The application form is readily available here in our site. Make sure to fill it up with your updated details and contact info. The process will only take about a few minutes.
You will no longer have to wait for days just to get the cash you are borrowing. We will assure you that we will process your application right away. You will get to hear from us the same day.
Fast pay out
The cash assistance you need will be deposited directly into your bank account the same day. You will no longer have to wait for days just to get the money you need. fast and secure at all times.