If you are looking for car loan then normally this will be an unsecured loan not a secured loan
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The main disadvantage of secured loans is that the borrower’s place of abode, property or maybe other assets which the advance is secured about will be vulnerable if you cannot afford to pay. To be sure that there is an adequate amount of money to meet the outstanding amounts, often secured loans are at under the entire value of typically the house. Its a good plan to have payment protection in place in case you are not able to continue employment due to illness or redundancy, your instalments it’s still met.
Building societies and banks generally offer both unsecured and secured loans. The precise amounts can vary but by and large they will agree to secured loans intended for amounts larger than £5000 for terms over 5 years. Therfore secured loans are generally especially good for large expenditure like house purchase or a loft extension .
Typically the lender will have in mind several factors in making a decision on your loan application. The lender will review your credit history, where you live and job history and will likely make a judgement on at your power to pay.
Always make sure that you get the car carefully checked out before you commit to buy.