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How I Used A Secured Loan To Buy A New Car

All through out my life, I have been very good with money. I managed to get my foot on the property ladder at the right time and accumulated a lot of savings. The savings were not enough though, to buy the new car of my dreams. I had always worked hard to achieve this one dream and no matter which way I looked at it, there was no way I could afford to buy the new car.

All the banks that were offering credit had such high interest rates. I also did not know that my lack of credit use would go against me. Apparently I had scored low on the amount of credit given to me in the past and this meant I was not a safe customer to lend money to.

I searched through all the details of every money lender I came across. I looked at their websites, their brochures and I was on the verge of accepting that I would never get credit with a good interest rate. This meant that I had to give up my dream of buying the new car. However as I was explaining my predicament to a college, they suggested I looked at secured loans.

I had never considered applying for a secured loan, so opened up Google to find out more. There was so much information to take in. Website after website was explaining secured loans. They all offered exceptionally good interest rates and I would simply use my property as collateral. This was the money lenders safety net in case I defaulted on the repayments.

Immediately I put Google onto my laptop screen and went off reviewing all the companies that were offering secured loans. One in particular caught my eye. It offered cheap secured car loans and there was a number to call a customer representative. After I had read their FAQ section, I immediately called the free phone number.

The girl explained that I was able to choose the repayment period of time. This could be either two, five or ten years. I decided I wanted to go ahead with applying for the secured loan so I asked her to send me an application form. She also explained what they would need to see, to accompany the application form. For example, my wage packets and copies of household bills.

The application form was sent to my email address. I filled it in and faxed it off within the hour. My fingers were crossed as it looked like my dream car could finally be mine. Within four days, I received the result and the company was asking for my bank account details to send the loaned money.

If you want to buy that luxury dream item to include in your life, than think about applying for a secured loan. As long as you have property or assets than you will get one and can finally enjoy the fruits of your labor.
By : mac rusell    Five stars rating
Submitted 2010-12-09 10:25:04

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If you are after some cheap secured loans then be sure to check out this new personal finance site that offers some superb deals.. I found exactly what I was looking for and togther with a very competitive range of homeowner loans on offer, my son as able to secure one with very easy repayment terms. They guarantee a quick decision with no hassle.

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