Almost every citizen at least once felt the need to borrow credit. But to get a necessary amount you need to collect a lot of documents, and this requires a lot of time and effort. What to do if the money is needed now and there is simply no time to collect various information? Those who have their own car can issue a loan secured by auto. Almost all banks and car dealerships are happy to provide this type of lending. The preparation of the contract will take a few hours. In addition, a loan secured by auto is issued without a certificate, which proves the solvency of the borrower, and even without guarantors.
This type of lending is gaining popularity. This is because such loans are issued much faster than a loan secured by any real estate.
Before making a loan agreement, the borrower’s car will be evaluated by the bank’s competent employees who have the necessary level of accreditation. When the market value of the vehicle is known, the borrower can expect to receive a loan. The amount of the bad credit loan will be equal to a maximum of 80% of the real value of the car.
What is necessary to obtain credit funds? In order for a bank to issue cash on a loan secured by a car, the borrower must provide evidence that it is he who is the sole owner of the vehicle. In the case when the car was purchased on credit, it must be fully repurchased or the money on the loan must be repaid at least by 60%.