About Small Car Loans

Are you on a tight budget but desperately need to buy a car? Or perhaps you need to acquire a second vehicle for your household but don't want to spend a lot of money. Other people are in a position where they have some of the funds to contribute towards the purchase of their new car but just require a small loan to make up the difference. Regardless of your circumstances there are small car loans available at great rates.

The beauty of small car loans is that these can be repaid in a short amount of time. Traditionally, due to the short term nature of these small car loans lenders would charge higher rates to their customers so that they could still make the same amount of profit, as they would on longer term loans. This is mainly because there are now many lenders entering the market who realize that they can attract more business by offering slightly lower rates on small car loans and this extra business compensates for lower profits on these loans.

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There are essentially two types of small car loans, secured and unsecured. Secured loans are available to people who have some kind of collateral that they can use against their loan, while unsecured loans are for those who cannot afford, or do not have, the equity needed to secure a car loan. The type of small car loans that you are able to access will impact on the rates that you can secure. Naturally, the unsecured loans are a higher risk to lenders and therefore they will charge you a higher rate of interest on your loan.

Generally small loans for vehicles are taken out over a shorter amount of time. This means that you can repay your loans quickly and do not have to worry about these repayments dragging on for years and years. Usually the terms of these loans are either three or five years and the period over which you negotiate your loan will largely be determined by what you can afford to pay through your scheduled repayments.

When you apply for small car loans, lenders will be able to tell you exactly how much your repayments will be for either a three year loan or a five year one. You will then be able to make a decision about how long you want to establish your loan contract for. Many online lenders will also have their own loan calculators which is a quick and convenient way to get an idea of how much your repayments will be.

The online loan industry is certainly growing quickly. By accessing companies who offer small car loans online you will not only save time but you will have access to a large number of reputable lenders who are able to offer extremely competitive rates on your vehicle financing needs. Before rushing to your bank or financial institution take some time to check out some of these online lenders and see the deals that they are able to offer you before making your decision.

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