Are you looking for car financing to buy a car from $ 5000-350,000? Are you struggling to provide equity for the car loan? Are you uncomfortable with the bank pledging your car? Then a car loan without collateral and without collateral may be for you!
Struggle to provide equity for the loan
Many people who are looking for car loans nowadays often struggle to provide equity for the loan. Many large banks such as Kordea, Spareline Bank, NNB and Karria Bank would like to see you put 35% in equity if you want to buy a car. In addition, they will pledge the car you want to buy. Consumers have different preferences and you may not always want the bank to pledge your car.
Several car loan providers without collateral
If you do not want the bank to pledge your car then you should consider applying for a car loan without collateral and without collateral. There are several banks that offer car loans without collateral such as EE Bank, Good Side Bank, Sinlog Bank and more. Most banks offer unsecured car loans up to $ 350,000 with a flexible repayment period of up to 15 years. The interest rate starts from 7.9% nom. The downside to a car loan with no collateral is that the interest rate you pay is somewhat higher than it would otherwise be with a car loan with collateral. It is therefore important that you have control over your finances before applying for a car loan without collateral and without collateral.
WiseCompare recommends that if you have the opportunity to invest equity and are not uncomfortable with the bank pledging your car then a car loan with security is a better alternative. At the end of the day, consumers have different preferences and you have to ask yourself what you are looking for.