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car loan

Car Loan

A car loan is a financial arrangement in which a borrower borrows money from a lender (typically a bank, credit union, or finance company) to purchase a vehicle. The borrower agrees to repay the loan amount, plus interest, over a specified period of time through regular monthly payments.

Loan Amount of Car Loan

Car loans are offered to existing personal loan borrowers by their existing lenders to avail additional loan amounts over and above their outstanding personal loan amount. This loan amount is usually offered to the select existing personal loan borrowers having satisfactory loan repayment history and having completed a specified number of EMIs. Similar to a personal loan,car loan can be used for various personal purposes, such as for meeting wedding expenses, vacation expenses, medical and hospitalisation expenses, home renovation, and much more.

Refinancing of car Loan

If interest rates drop or your credit improves after taking out a car loan, you may have the option to refinance the loan to secure better terms.

Before getting a car loan, it's crucial to shop around, compare offers from different lenders, and carefully read the terms and conditions. Additionally, consider your overall financial situation and ensure that taking on the loan aligns with your budget and long-term financial goals.

Secured Car Loan

The car itself serves as collateral for the loan. If you fail to make payments, the lender may repossess the vehicle.

Documents Required for Car Loan

  • Employee ID Card.
  • Aadhaar card, PAN card, passport or voter ID card.
  • Salary slips.
  • Age Proof .
  • Proof Of Income for Car Loan.
  • Bank account statement.
Credit Score for Car Loan

Lenders assess the borrower's credit worthiness based on their credit score. A higher credit score often results in a lower interest rate and better loan terms.