Bad credit history haunts the defaulter even when his/her economic condition returns back to normalcy again. He/she faces troubles in availing new car loan from the banks and financial institutions. However, there are certain considerations that make the ‘defaulter’ loan applicant eligible to get new car loan.
Possessing a ‘dream car’ has become has become a key integral component of modern lifestyle. However, due to financial constraints, sometimes it remains a distant dream to own one 4-wheeled aspiration. Naturally, car finance schemes come to the rescue to realize that desire. In the below section, we will discuss some handy tips for first time ‘car loan’ aspirants.
Several banks and financial institutions in India provide low interest loans for cars at easy repayment facilities. Little or ‘no’ processing charge, transparency in the car finance terms and conditions and long repayment tenures make ‘used car loan’ provisions quite attractive here.
A key consideration before buying a car generally revolves around planning a suitable budget. That is not all as repayment worries also haunt the car loan applicant. He/she loses his/her sleep over different considerations to repay the ‘car finance’ amount with interest. Automated and online car loan calculator is the ideal solution to map the repayment amount with the set budget limit.
Bankruptcy is one of the worst phases that a person suffers during economic troubles. People who have become bankrupt may think it ‘impossible’ to arrange car finance but given certain tips and considerations one can buy a car on loan. However, it requires successful repayment of the previously availed loan so that the borrower’s credit history is shown in positive light.
It often proves to be beneficial to ensure higher cash flow in a car budget. If you think that this condition is appropriate for you then car loan refinancing option may prove to be a grand option for you. Refinancing system has already established its strong presence in the home loan section.
Generally only the salaried individuals or persons with stable monthly income are eligible to apply and avail car loan. However, possessing a car is no more a fascination of only the ‘income group’ individuals. Students also harbour a dream to own a vehicle. Since Indian citizens become eligible to own a driving license only after they become 18 years old, more and more college and university students of affluent parents are driving their dream cars.
Attractive car finance terms and conditions as followed by majority of the banks and financial centres here have played significant roles behind this positive growth. However, there are certain eligibility criteria to apply for a car loan that are almost same across the financial institutes in India irrespective of their public sector or private sector status.
Along with the growing demand for new cars, applications for car loan are also witnessing a substantial rise. However, it is to be accepted that ‘loan process’ often takes long times to be completed, causing immeasurable pains to the ‘car aspirants’. Naturally demand for instant car finance approval is gaining grounds. With the advent of internet it has become a reality.
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