Nowadays it is an extremely easy process to get a car loan. There are plenty of banks and finance firms willing to lend you up to 2.5 to 4 times your net annual income. The loan amount for new cars is not ceilinged. So, here’s how to proceed step-by – step for the car loans. If you’re looking for more tips, Safe car loans has it for you.
Step 1: Get auto loan eligible.
You need the devoted work to find the lowest interest rate on a car loan. There is a promise that your demand for a auto loan will be approved in no time, with a few more details to bear in mind. To get ready for the loan, you must meet the eligibility criteria of most banks and finance firms.
The borrower ‘s age varies from 21–65 years.
The creditor will have at least 2 years of jobs. For your new boss you will be willing to keep a position atleast for one year.
You will be able to contact you by fax, telephone or cell screen.
You will receive a total salary of Rs . 1, 80,000 P.A. which will include your wages and that of your co-applicant.
There are few banks levying higher criteria for approval of the car loan. You may need higher wage standards, improved credit score etc. Yet if you submit with smart banking solutions such as HDFC, above-criteria can be enough.
Phase 2: Finalize loan and receive down payment.
Since the application for and acceptance of car loans is simple, you need to make the down payment convenient. So, what a down payment you like. It would appear like 15 to 20 per cent is appropriate. But for 100 percent of the number, some organizations do provide loan. So, look inside. This would allow the applicant to be finalised.
Phase 3: The specifics are fine-tuned.
In most banks the average maturity period is set at 7 years. Before finalizing the lender, EMI and tenure, you’ll need to consider processing fees, service charges and taxes. Most lenders will have EMI calculator for user friendly car loan on their websites. They are designed to help you compare the best interest rates, the EMI, the affordability of the car models you consider and much more. With an EMI app for auto loans, you will measure the amount you will pay by selecting the provider and the EMI.
So make sure you use the car loan EMI calculator and do your homework on the different car loan interest rates, because it will help you select the most appropriate one.