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Are There Same Day Loans For Car Purchases

by Jim ONeil on February 28, 2011

in uk loans news

In some cases, a consumer may fall in love with a car and want to buy it that day. These situations make a conventional car loan infeasible because it takes one to several weeks to secure approval for this type of loan. A same day auto loan is designed for anyone seeking loan approval on the day the loan application is completed.

These loans feature a shorter term and higher interest rate than conventional loans. However, there is no processing delay, allowing people to purchase the car of their dreams the same day they have taken a test drive. As with any loan, it is important that consumers understand the various terms and conditions prior to applying for or receiving such a loan.

Major banks and credit unions do not offer this kind of loan. It is only provided by small, specialized lenders and this fact allows those entities to charge higher interest rates. The short-term nature of the loan makes it suitable for only those who need a car in a hurry. With the instant gratification may come higher monthly payments and a payoff date that is closer on the horizon than with a conventional loan.

People with poor credit can take advantage of same day auto loans. Approval is not based on factors like the credit rating, though factors like the interest rate may differ by applicant. It is important to

note that this is not secure car financing. However, it may be the most convenient option for those with bad credit.

The car model, down payment, loan terms, and credit rating of the applicant determine the interest rate for these same day car loans. Some people prefer to secure pre-approved financing because it features a lower interest rate. However, this process takes longer so if the car cannot be passed by, a same day loan may be the best choice.

OfficiallyMike

What Are Same Day Loans? car-loan-calculator.us

XTX

lol your dumb its a scam

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