Try our loans cheapest bad credit car loans today
Those who are considering buying a new car will usually deal with different financing options. The cheapest bad credit car loan as shown on Motorlender’s website describes a good alternative to get the vehicle you want quickly and at attractive conditions. The credit request is answered quickly so that a payment is made very promptly.
For many years, the company has stood for reliable help in the event of breakdowns and legal support after accidental damage. But the financing of a new or used car is also possible through the automobile club. The prerequisites for using the attractive car loan are clear. On the one hand, membership in the company is required.
People who have not yet applied for membership in the company are given the opportunity to apply for membership upon the conclusion of the loan agreement and thus to take advantage of the additional service provided by the breakdown service and, in the case of a membership, legal protection.
In addition, a residence in the country and the age of the majority of the loan applicant is required. If there is still an employment relationship in which the trial period has already been successfully completed, there is basically nothing to prevent the loan.
The conditions of the car loan
The loan amount from the car loan is freely negotiable. In principle, no processing fee is charged. The loan offers a great advantage in relation to the annual percentage rate. The loan amount is negligible because the effective annual interest rate is fixed at 5.45% for a term of up to 60 months. With a longer-term, the annual interest rate increases to 6.40%. The term of the loan is limited to a maximum of 84 months.
Interested parties can carry out a load calculation free of charge on the homepage of the automobile club. As usual with loans, the loan amount is repaid monthly. However, where many credit institutions refuse immediate repayment or special repayment or charge high costs for additional payments, the car loan can be repaid easily with a one-off payment even during the term.
Additional offers around the loan
Even with a precise calculation of a loan and existing financial security, bottlenecks can arise during the loan repayment. In this case, the car loan offers the option of taking out residual credit insurance. After a waiting period of six months after taking out the insurance, the credit insurance covers the monthly installments if the policyholder has financial constraints or is unable to work due to an illness.
Even if unemployment is not your fault, the monthly installments can be covered by the insurance for a period of 12 months. The financing of insurance is extremely convenient. The residual credit insurance is drawn monthly from the borrower’s bank account at the rates for the car loan.