Own Your Dream Car With A Car Loan

Posted by Sanjaykale on August 24th, 2016

After finishing your higher studies, getting a well paid job, marrying the love of your life and purchasing your own house, the next step involves, buying a car. A car is not just a mode of transport, but the owners pride. Hence, it has to match your status. Imagine you have set your eyes on your dream car. The model and color are exactly how you wanted them to be. Being so close to buying your own vehicle, yet you have to take a foot behind due to insufficient finances, then a car loan is the best alternative that you can opt for. Most people already know which car they want to own, but when it comes to car loans, not many of us have good knowledge about the topic. It is better to conduct a thorough search on the internet to understand and evaluate the various auto financing options. Put all the things together like your income, the budget of the car that you wish to buy, your savings, interest rate offered by the lender on the loan and only then go for a loan that best suits your requirements.

Sources other than government banks can also be considered if you want to avail a car loan. The interest rate has to be low, whereas the tenure has to be long, if you want to get your hands on the best deal. Some of the top notch lender bodies offer car loans Indiaat interest rates as low as 9.90% to 9.95% with a NIL processing fee. The borrower should have a monthly income of around 15000 to 16000.The maximum repayment tenure offered on automobile loans is up to 7 years. The principal sum can be repaid in the form of easy monthly installments. The applicant has to be of minimum 18 years age to apply for any kind of loan. A bad credit history may make you in-eligible for the loan.

Certain documents will be required to avail a car loansome of which include, salary slips, bank statement reflecting salary credited to your account etc. You can find out more about this on the relevant banking website. However, documents required by lenders across the country are more or less the same. Along with government banks, private lenders are entering in the market so that potential borrowers can fulfill their desire of driving home their dream car. Whether you are buying a brand new car, or want to replace your old car with a new one, there are car loans available for all the possible situations. Buying a car and availing a car loanis a huge thing yet remember you can always negotiate with the dealer. After the test drive if you are tempted to bring home the car by any means and the dealer isn’t ready to negotiate, it is absolutely fine to walk away and try with some other showroom.

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