Sept. 7, 2012 -
PRLog -- When someone needs money for a short duration fast and easy, he can opt for short term car loans which he will be able to pay off quickly. The reason why one should keep the loan term short is to save money over the term of the loan. The lengthier the loan term is, the higher the interest rates one would be making throughout the loan term. Thus, the cost of financing would be unaffordable to borrower. Thus a short term loan enables borrower to get finance much faster.
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On the other side, long term car loan could be cheaper when one looks at it from month-to-month payment point of view. Those people who do not have sufficient income to support short-term car loan payments may opt for a long term auto loan. Short-term car loan is generally offered for a used car and interest rates could be higher also. Basically, it all depends on borrower’s ability to pay back the borrowed amount. Depending on this ability, lenders usually decide whether or not they will grant loan and what kind of rates they will charge.
Typically, financial institutions do have a set of approval standards which borrowers are required to meet because these standards are set in order to judge particular applicant’s financial trustworthiness. For instance, borrowers are generally required to have good credit history; in fact this is the major component that might affect his chances of getting instantly approved for a short term car loans at affordable rates. Depending on lenders’ approval criteria, borrower may also be needed to make a sizable down payment. Even while granting a short term car loans, lenders check income and employment status of applicant to get some idea of his overall financial strength. There is also a list of documents which applicant should prepare in advance because he may require providing few documents to lenders for their assessment. They might include credit report, pay stubs, employment evidence, income tax related documents, driving license, residential proof, copy of utility bills, details of social security number (SSN) etc. If buyer knows about all such approval requirements for a short term auto loan, he could effectively negotiate rates as well as other loan terms in his favor.
Short-term car loan is very beneficial because borrower could get rid of such loans within short period and also improve his credit score gradually. These days, many borrowers, who are in need for an instant finance, stay confused because they do not have proper information on how to qualify for one of the most affordable short term car loans. In fact, they may also not know whether or not particular type of auto loan will serve them best. It is therefore highly recommended to take help of a renowned auto finance expert who will examine particular buyer’s financial condition and requirements and then will help him to explore his auto loan options and choose the best one. Further, an expert will also tell him how to complete short term auto loan application process accurately and how to qualify for it at the most favorable terms and rates. Those who are interested in determining their eligibility for an instant short term car loan approval, can visit www.autodriver.com
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