Get The New Car You Want in 7 Easy Steps!
Your Dream Drive is few steps Away!
The car is one of the most thoughtful purchases that one has to do.
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay full price at once.
The borrower agrees to pay back the lender the amount of the loan plus interest, usually in monthly payments, until the amount owed is fully paid.
we have a list of things that should be on your checklist before you hop on to a decision or before you apply for a car loan.
RESEARCH
It is wise to decide a car that fits the needs and does not compromise with your dreams too. These are few parameters that will definitely help you decide the right car model that will suit your needs: • Firstly according to your needs to choose a car category, from a hatchback to a sedan to MUV to SUV, there are many options in the market. • Fuel-type • Manual and automatic cars according to your comfort.
CHECK YOUR CREDIT SCORE Loan providers in India have their car loan eligibility requirements .It's important to know exactly where you stand in regard to your credit score before talking to lenders.
visit an RBI-approved credit bureau website like CRIF and check your credit-worthiness.
A higher score means a better chance of loan approval and lower will be the interest rates.
PREPARE A CHECKLIST The lenders often check your credibility and a list of documents before granting the loan.
• • • •
The list includes Proof of Identity, (such as PAN, Driving License Number, Aadhaar etc.) Income Proof (salary slips for last 3 months, Form 16 for last 2-3 years etc.) Credit and Bank History (bank statements for past 6 months) Proof of Residence (electricity bill, driving license).
DOWN PAYMENT AMOUNT When you plan to buy a car, Save up. The down payment is an upfront amount of cash paid by the borrower at the time of the purchase of the vehicle.
Make sure you have most of the amount ready as the down payment which eventually helps in the lower loan amount, thus a lower EMI.
T FOR TENURE The repayment through EMI depends on the tenure of the loan.
3 to 5 years if you have lower income
Short Term
Long Term
5 years & more
LOAN RATES Car loan interest rates start at 8.7% per annum, depending on your car model, repayment capacity, employer, etc.
Secondly, visit all the online lending marketplaces and compare carefully all the deals to get the best one. Make sure a detailed inquiry is done by you before you finalise on a deal.
TEST DRIVE When you choose to buy a new car or an old one never skip the luxury of getting a free test drive. It will help you take a decision which is often one of the biggest dreams that one fulfills with their hard earned money.
You can get both your Personal Credit Score and Business Credit Score by applying directly on the link mentioned below: https://cir.crifhighmark.com
Follow CRIF India on :
/CRIF INDIA