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Frequently Asked Questions(2)

hutaiputao.net What is LIBOR?
LIBOR refers to the London Inter-Bank Offered Rate. This is the amount of interest applied to money that banks borrow from the inter-bank market. The rate is set everyday based on economic conditions and is used by lenders as the basis for their respective base interest rates.
Can I still be approved for a car loan if I have bad credit?
There are loan companies that specialise in bad credit car loans. You are assessed for a loan primarily on the basis of your present financial situation, not on your credit history. Credit rating is still a factor; a bad rating will mean that you will be considered a high risk, resulting in higher interest rate charges.
Am I eligible for a car loan if Ifm self- employed?
Loan companies will lend you money even if youfre self-employed, depending on whether you meet certain conditions which vary from lender to lender. Banks and building societies might need you to have been in business or working for yourself for a specific number of years in order to accept your application. Specialist lenders that offer easier criteria to meet may end up charging you a comparably higher APR.
When will I find out if Ifm approved?
This depends on the particular lender you are applying for a loan with. Some return results by the next business day while others take as long as six to eight weeks. It also depends much on your own financial situation. Credit history, employment record and other debts are all factors that the lender will consider when determining whether or not to approve your application.
Will the loan company give me an explanation if my application is rejected?
Normally the lender will not give you a detailed reason why your application is rejected. According to them, this is in order to protect against fraud. In any case, most loan companies actually refer to a credit scoring system provided by a third-party agency to assess your level of risk.
Can I settle my loan early?
Some loans allow repayments within the terms and conditions you agreed to when taking out the loan. In some cases you may be allowed to redeem your loan early but you will be subject to an early payment penalty.


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