Loan For Your Dream Car

When you see cars moving on the road or your friend has just bought a new car, for a minute a thought must have run in your mind I should also purchase a car. Recently car manufactures are launching new models of cars with added features and new looks. But you drop the idea because of finance problem.

In today's time finance is not a problem as all banks offer car loan. Some of the banks offer both type of car loans ? new car loan and used car loan. You just have to do some research before finalizing the bank for taking car loan.

There are some basic details about which you must know before applying for a car loan. Let's see what they are:

1. You must be doing surfing on net now you just have to visit bank sites and look for the best offers. This will save your time and at a click of mouse you will get the information of different banks at one place which will make comparison easy. You can apply online for loan, the application process is easy.
2. When you are going through the sites the points you should study carefully are eligibility criteria for applying loan, documents required, rate of interest being offered, tenure of the loan amount, loan amount, what is included in the loan amount and other terms and conditions.
3. Most of the banks have fixed the age limit to 21-65 years to avail a car loan. Your net annual income should be Rs.100,000/- and above to apply for a loan and it would be better you should have six-month bank statement ready which will help in perusal. The income statement helps the lender in finalizing the loan amount and might help in getting loan at a cheaper rate of interest.
4. It is best to get bank's approval before finalizing the car model. When you have obtained a sanction letter from bank indicating the loan amount it becomes easy to choose car model according to the finance offer.
5. Some of the banks take a down payment which is fixed according to the loan amount. Generally it is the around 10 per cent of the price of the car you want to purchase.
6. Interest rate is not fixed. The interest rates keep changing depending up on various factors. You can bargain on interest rate with the bank.

In the market there are many authorized dealers who offer finance for the cars at lower interest rates with good insurance cover. Therefore it is better to take advice from the experienced persons who have good knowledge and have been in this business for a long time.

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