Tuesday, November 21st, 2017

The Easy Way to Get Car Loans for the Unemployed

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Car loans for unemployed

The general rule for applying for a car loan is that you need to have a steady income and that you are able to place something for credit’s assurance. However, this mandatory compulsion is quite difficult for everyone to fulfill. This is especially true for students and those who are out of work. These days even students and jobless individuals are in need to have a car for their transportation. For such situations there is a different type of car loan. This is the loan known as car loans for unemployed. Under the conditions of this type of a loan, one does not need to worry about all those compulsory conditions that are put in the regular format of the car loan.

There are only two very basic rules that need to be fulfilled in order to get the car loans for unemployed. The first is that the individual needs to be above 18 and the second rule is that the individual needs to have a US citizenship. There are further two categories of this loan. One is a secured loan and the other is an unsecured loan. In a secured loan one needs to put some asset as security with the lender and the loan is granted of a minimum of $75,000. A home equity loan, which is loaned against the equity you have in your home, is a good example of a secured loan, and it is the kind of secured loan frequently used for purchasing a car. Depending on the lender this amount can be increased as well. For those who don’t have any such asset that they can give as security, they can apply for unsecured loan and they can get an amount between $1,000 and $15,000.

The next issue that needs to be considered in the case of car loans for unemployed is the repayment and the interest. For the secured loans the repayment is timed between ten to twenty five years. When it comes to unsecured loans it ranges between five to ten years. The interest that is charged on these loans depends on the lenders. Everyone has their own rate. To ensure that you get the best deal and are not being coned, it is suggested that you first research the market properly. This will give you an insight as to what loan package is going to suit you the best.

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