What is the difference between secured and unsecured no credit check auto loans?
Professionals call no credit check auto loans secured loans, because in these loans the car bought by the borrower becomes a part of the loan’s collateral. But, as it is known, cars depreciate in value, so some additional collateral is necessary to secure the auto loan without a credit check. For banks the credit check is usually the significant factor for loan approval as they prefer not to risk and feel safe. But online you can find several lenders who can provide you with no credit check auto loans. The size of the loan depends on your monthly income. You will be required to provide the proof of your employment, your salary slip for the last month, other bills that can show some extra income in case you have it. Your age is also important %u2013 you cannot receive a loan until you are 18. More and more people are choosing the internet based loans as there is no credit check. It is not necessary for getting approval online. There are two types of no credit check auto loans %u2013 sec