Car Loan - How to Get car loan at 0% Interest What are eligibility crieteria to get

here you will get complete knowledge of car loans , how to get car loan , what is the eligibility criteria to get car loan , car loan unlimited

  


Car Loan

Most of the people have a dream of purchasing his/her own car. A car plays an important role in one’s life, it makes travelling easy, it eases the carrying of luggage. And yeah, one cannot spend his/her all earnings / savings on a car. Here’s where a car loan plays an important role. These are some financial advices that is given to you by bank to purchase your desired car.


Earlier it was not much easy to get a car through loans, but now it has become much easy. This is because a monthly instalment is made to repay the loan amount, you might be excited to take a car loan to quickly purchase your dream car. But it is important to know some car financing basics, before purchasing a car.


All car loans are of generally 24 to 60 months of length. It may happen that some care loans are of more length. The car loan includes various taxes and fees, which adds up to the total loan amount. You can apply for car loans at your local bank.



Eligibility for car loans

The age of the applicant, applying for the car loan, must be between 18 years to 75 years

Make sure you have a good credit

You should have a good source of income

You should be having some of your identity proofs

You should have a down payment ready


Document required

An identity proof – a valid document proof is required as an identity proof, like PAN card or driving license.

An Age proof

A valid Address proof

An income proof

Signature



The process of availing a car loan

Plan your budget, plan that which car you can afford. Make a financial structure. 

Plan the amount to repay. Obviously after purchasing a car through loan, you should be repaying the loan, and it is good if you prepare in advance for that. Seek at your sources of income, check if they are of long term or not.

Get approval first. Make sure before purchasing a car, you get the approval first.

Shop a car

Check If any offer or discount is there, to makes it easier to purchase a car


Working of the car loan.

You need to decide the car model first. The bank will then collect information about the model and will provide you the possible amount for the car loan. After this process has been completed, an EMI will be made, don’t make a failure on paying the EMI, it may lead to the repossession of your car.


Don’t seek towards having a lower monthly payment.

There’s a relationship between the loan and the interest you pay. If you seek for a longer loan, obviously it will decrease your monthly repayment, but it will also increase your rate of interest, So always try to stay away from the longer repayment time.


Take time to decide

Don’t just quickly decide which car loan to take, take time and study how car loans work properly, so you won’t regret that you took a wrong car loan. Smart people will choose a shorter period of time for repaying the loan and get rid of paying loans each month.