Jul 04, 2008 10:42 AM
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Cars are not considered a luxury anymore but still aiming for this facility requires prior planning. It always does not happen that we are able to shell out money for a car. In such cases we prefer to buy used cars and get it financed too with the help of a used car loan.
Used car loan can be financed for any types of used car. But, one should make sure that the car, which he wants to buy, is not more than 5 year old, as arranging finance for more than 5 years old car can be tougher
However, some basic requirements are there, which a borrower has to fulfill in order to avail used car loan for tenant. Let’s have a look at these requirements.
A full time employment along with a regular and recurring income is necessary The minimum age limit of borrowers should not be less than 18 years. Borrowers’ income should be at lest £1200 A valid residential as well as identification proof is also included in this list.
