People who are thinking of purchasing a car can now take a breath of ease as car loans are also available on the internet. These types of loans are called online car loans. There has been a very sharp rise in the demand of cars, irrespective of any size or shape, in the global market these days. Many people today suffer from financial crisis or are just not able to pay the cost of a new car from their pocket. So an online car loan provides a person with a car loan that too with very low rate of interests. Online car loans have many advantages over other types of loans. The main advantage of an online car loan is that a person gets to save a lot of time, money and energy. He does have to pay for useless documents which are involved in buying a loan from the lender or a bank. Moreover, all the paperwork is done online sitting at home only. So the person does not have go to anywhere wasting his time and energy.
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An online car loan can be divided into to broad categories just like any other type of car loan. The person has to just click on the screen of the computer and the loan is transferred to his bank account within a few hours. In an online secured car loan, a person has to offer collateral to his lender just like any other secured car loan. The loan is sanctioned to the borrower on the basis of the value of that collateral only. Some people use their car documents and original keys as collateral to the lenders and drive their car with a copy of the keys and the documents. Other people pledge a part of their personal property to the lenders as collateral and borrow the cash loan which is equivalent to the amount of the property offered.
Unsecured online car loans do not require any collateral that has to be offered to the lender or the bank. So the repayment scheme of an unsecured online car loan becomes quite flexible as compared to the secured online car loans. So a person can repay the loan whenever he wants to and there is no such deadline to repay the loan as it is a secured online car loan. But the major disadvantage of an unsecured online car loan is that the rate of interest to be calculated on the loan amount is quite high as compared to that on a secured online car loan. Online car loans are very easy to apply than other car loans and are very helpful in the time of an emergency as they provide quick cash to the borrower.
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