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Unsecured Auto Loans
By admin | October 25, 2010
An unsecured auto loan is a loan against which the borrower has not pledged any asset as collateral, which make it as its advantage for the borrowers who do not want to risk their properties or the car to be bought as collateral. Since borrowers face higher risk in case of unsecured loans, they charge a higher interest rate as compensation. The disadvantages of unsecured auto loans are that they have much higher interest rates, a lower ceiling on loan amount, and a rather rigid, long and fixed payment schedule. Unsecured auto loan is very risky on the part of the lender. Read more…
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