With time, our standard of living is getting higher. The world is getting a very tough place to survive. In such conditions, we need much more money in order to ensure a better life. But we might not have the desired amount of money with us. To get out of such situations the financial institutions all over the world are providing us with the monetary support we need. This monetary support can be defined as the loans. Loans are offered on various grounds and for various needs.

A car is one of the most essential needs in our daily life. Communication and mobility becomes a much more comfortable process with its help. Taking into account the high demand for the need of car, the banks and other financial institutions are providing us with the benefits of buying a car via the help of the loan. Now, car bad credit loans from creditloansources.com have become on the most popular schemes in these banks and financial institutions.

The interest on the amount of the loan is not that high and the installment procedure is quite convenient in this term. The rates might vary from bank to bank but it seems that on an average the interest tends to be around 10 percent to 13 percent.

The rate also varies on the type of car you desire to purchase. For buying brand new cars, there is a certain rate of interest on the loan and for used cars there is another defined rate on the loan’s interest. Also some other factors work in case of buying a used car. We must consider the time of production of the car. Usually, it is considered by the most of the banks and lending institutions that the used car cannot be more than that of 5 years. If it is more than one would not be eligible for the car loan. The interest rate for buying brand new cars is comparatively less than the rate of interest of buying used cars. The rate for the brand new cars tends to be around 10 percent where as the rate for the used cars tends to be around 13 percent.

There are some other conditions for being eligible for the car loan. The criteria are age, occupation, income etc. The requirements might vary from bank to bank. On discussing in common grounds, the eligibility for the age of availing the car loan is 23. Then one needs to have a fixed job in an established institution and the job experience needs to be more than at least two years. Then also comes into account the income. One needs to have a certain amount of income to be eligible for the loan. If the income amount is less than the required amount to be eligible for the loan, then the bank cannot grant you the loan. In case of business, the business, the business should be well established one and needs to running for more than at least two years. In this case, a yearly income is considered. Proof is required to be provided. If all conditions are fulfilled then the loan would be granted. Read news from creditloansources.com to get all the necessary help.