As the name refers, unsecured car loans are not secured on borrowers' property. As, there is no requirement of security in this loan option, thus, tenants also can apply for these loans. Unsecured car loans are available for all types of tenants including council tenants, MOD tenants, housing association tenants, private land lord tenants, living with parents, PGs and so on. With these loans, a borrower can buy any type of cars. Moreover, if you want to buy an old car, you also can finance that car with these loans.

However, there are some criteria, which a borrower has to fulfill in order to avail unsecured car loans. These criteria are as follows:

•A fulltime employment with a regular income

•Monthly income should be at lest ₤1200

•Borrowers' age should be at least 18 year

•And if loans are taken for financing old car, then borrowers make sure that the car age is not more than 5 year.

As unsecured car loans, a borrower can borrow up to £25000. Usually, these loans are available for 5-25 years. Since, these loans are not secured on borrowers' property; hence the interest rate of these loans is a bit higher. But do not think that if you avail these loans, you will have to spend much. If you have a good credit score, it will enable you to negotiate with lenders in order to get better terms and conditions. Besides, by shopping for a better deal, a borrower can avail unsecured car loans at an affordable interest rate.

So, do not think much about security. Avail unsecured car loans and buy your desired car model easily.