Loans for your car

How many times have we not been forced to sell or pawn our possessions to find ourselves in a financial crisis that seems to have no way out. There are no friends to support us and it seems that all banks lend money only to those who do not need it and can afford what they want for themselves, but never to the one who really needs it because he has lost his job and the debts and bills are accumulating. This frustration is classic and can lead to despair and hopelessness. For this reason, the financial market has found in this need an opportunity to support its users and give them a hand at the time when they need it most.

Make a loan for your car

Make a loan for your car

One of the major modalities that has been popularizing in recent years is the credit that is made with the endorsement of the ownership of a car. This means that it does not matter if you have been or are currently reporting to credit risk centers such as Financial Credit Institutions, since in this case it is not your history that guarantees your credit, but the ownership of your vehicle.

To make the loan, it is necessary to take into account that the amount of the loan will be made for approximately 80% of the maximum value of the vehicle. This means that first you have to have an objective reference of the value of the same to be able to make the calculations of the loan. This objective valuation of the price may be carried out by the same agency that provides the service free of charge, by means of which you will obtain an official valuation immediately and with all the documents required to be able to carry out the rest of the process. With respect to the documents of ownership of the vehicle it is imperative that they are in order and your name, because otherwise it will not be possible to make any loan.

Similarly, it must be taken into account that the age of the car also represents an important factor when it comes to appraising the vehicle, since a loan that is too high for a car that has been in the market for 10 years can not be requested. In case of non-compliance with the payment rules, the deadlines and the agreed dates and definitively desist from honoring the agreement in the terms and conditions, the ownership of the car will change and will be taken over by the credit agency. For this reason it is more than advisable to have an absolute knowledge about the ability to pay and personal finances when making one of these loans. It is key not to venture without having any support or hope to assume the responsibilities contracted.

This is why it is important to be very well informed of the payment dates, which vary depending on each agency, but which can usually be between 1 and 5 years. In case you need more time you can negotiate with the agent of the agency that contacts you to verify your information. Usually vehicles with more than 15 years old are not accepted as a credit guarantee, but if it is not your case you can count on that at any time you will have a capital in your name and you can use it as you wish. If you want to know more about the policies and the terms and conditions of this type of secured loans you can find several listings of all the vehicles and brands that are currently being accepted as loan guarantee, in different specialized websites.