In a car market there are mainly two genres of customers which they money lenders recognize. They are the prime as well as the sub-prime. Sub-prime customers are those who have poor or substandard credit card ratings. They for that are considered in-appropriate for car loans.
But these portals think differently. They have options of sub-prime auto loan which not only assist them with their vehicle purchase but also play a crucial role in elevating their credit ratings. These loans come with interest rates which are a touch high but at least these portals are providing them the option to bring home their dream vehicle. There are several other conditions which these people have to follow- the first one is that they have to open up a bank account and collect the bank financial statement needed at the time of documentation. The second step is the down payment.
The recommended thing is to accumulate enough money and try to clear off a majority of the car cost (15-20%). The third step is the documentation where one would have to show their bank statement, their residential address proof, their telephone bill, their electricity bill etc. Then is the step of signing the form or contract. In this one must make sure that a consignee signs along to have a written proof. These are the terms and conditions which one needs to follow to be eligible for this genre of loan.