Pay for your car with ease, with a car loan. A car loan can pay for a new, used, luxury or family car - most people cannot afford to pay for a vehicle in cash which is why car loans are so popular. There are many car loans available so it is wise to take some time to evaluate them. How much can you afford to borrow on the car loan? What type of car do you wish to purchase? Before you start applying, you may want to make sure you have all the necessary documentation, eligibility requirements and interest rate amounts sorted. Your credit history may play a part on whether you are accepted for the loan, so bear this in mind. Please read the terms and conditions of any car loan thoroughly to ensure that you understand your financial obligations.
Compare Car Loans
Car loans can be extremely useful for anyone wanting to purchase a car or release the equity from the vehicle
Consider a car loan carefully before applying
Restrictions on car loans and car refinance will generally depend on what sort of loan you are applying for. However, it is likely that to be eligible for car loan and car refinance you will need to be an Indian resident and have a regular monthly income. Most companies would also prefer you to have no past bankruptcies or repossessions within the last year but there are exceptions to this rule.
There are numerous companies offering car loan in India
There are numerous car loan services in India. Compare different companies online to see who can get you the best deal. Take your time as the entire car loan and car refinance companies are in competition with each other and want your business. It makes good financial sense to take the time to research the market and compare what is available.
You can also borrow against the value of your car
An equity car loan is a loan which you can get by releasing the equity from your car. Essentially you are borrowing against the value of your car. It is a secured loan and the process is not dissimilar to a home equity loan or mortgage. The car title documents must be provided as collateral for the security of the loan. You will keep your car while you borrow and when the loan is paid back the title of your car will be returned to you.
Car loans are available to many people in India
Car loans are available to first time buyers, people with lower pay levels and those who may find it difficult to purchase a car straight out. Even if you have previously had your car repossessed or have been bankrupt you should be able to auto loan or car refinance company which is best for you and your finances. It is really important to read all terms and conditions thoroughly before making any decision regarding auto loans or car refinancing. There can often be hidden charges and fees which need to be taken into account. Make sure the auto loan company is reputable by reading reviews and doing a little research. If you have any questions donít be afraid to ask them before making an application.
What are the restrictions with car loans?
Most car loan lenders do not place conditions on the type of car that you can purchase with the loan funds. Having said that, many providers do put restrictions on where you can purchase the car from. Usually to receive their best rates or indeed their car loan, they will specify which car store you will need to buy your car from. In addition to this, their best loan rates are usually only available on loans of a particular value Ė so ensure you research the headline rate and read the terms and conditions fully so you do not get caught out.
25 June 2012
If you need money quickly and do not want the hassle of loads of paper work then maybe a personal loan is just what you need. If you need cash but donít want to disclose your reason then a personal loan is for you.
27 March 2012 15:00
Carís can be expensive purchases Ė after property they are probably the most expensive thing that people own. If you need some extra help financing the car that you want you could consider a car loan.
17 August 2011
Which Way to Pay
There are lots of different kinds of loans available throughout India. Whether the loan is for a specific purpose, or is secured against a specific asset, it can get confusing as to which loan is best suited to your circumstances.