When you lose your job the smell of a new car can be just the cure that you need to fight away the depression. Unemployed car loans are becoming more popular and the reason might just be that. When you are feeling depressed because you lose your job, you will want to make it better and buying a new car makes every man happy.
The difference between the unemployed car loans and the standard unsecured loans are numerous but here are the biggest ones. When you don't have a job it is hard to be paying any loan back. That is why these types of loans just build up the loan while you are unemployed. This means that all the interests are added to the total amount of the loan, which you will start to shorten the day you receive your first paycheck from your new job.
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The lender will monitor your activities to be sure that you are applying for different jobs. If you are not doing everything in your power to get rid of unemployment, you are going to lose your car and you will have to start paying the loan back. The interest rates of unemployed car loans are usually significantly lower than the ones in standard unsecured loans. This because the whole loan amount is growing while you are not making any payments, and this is why you are actually paying more even if the interests are lower.
The regular unsecured loans would be impossible to get while unemployed, and that is why the unemployed loans are usually given to people who are most likely to get a new job in the near future. Men and women who have high education and a long working history are more likely to get an unemployed car loan.
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