Fancy cars are something that everyone dreams of. Be it rich or not so rich, each and every one has a favourite car, they would do anything to own. The option of borrowing money from family members and close ones to buy a car is not a good option. Neither is to sell property or gold a good choice. Fancy cars catch everyone attention. So what must you do in order to own your favourite car, rather than just staring at others who own it? Opt for Car Loans.
These loans are of two types. Secured and unsecured. Depending on which scheme suits you better, you can opt accordingly. The primary difference between the two is that in case of secured type, you must mortgage property with the lender, which need not be done in case of unsecured type.
As the lender understands that you will not compromise on the model or quality of your dream car, due to poor finances, you are given a wide range of total cash amounts to choose from. Your cash limit starts from 2000 and ends at 50,000. The lender also understands that you need sufficient time to repay this amount. Therefore you are given 1 to 5 years to clear your debts. Even though this time is usually enough, you can ask the lender for an extension, sighting valid reasons, which will be granted along with an added interest rate.