Purchasing a car is one of the most important decisions that you make in your whole life. It needs plenty of research regarding the automobile market in India, which includes collecting details of automobile loans, particularly if one is purchasing his vehicle through financing. As a matter of fact, not only the new vehicle, one can use automobile loans in spite of the fact that one is purchasing an old vehicle.
Since purchasing an automobile needs a huge amount of investment, most of the car buyers resort to financing schemes at the time of buying their dream car. If one wants to do the same thing, the first thing one should have is a fair idea about the car loan procedures in India. Understanding the car loan procedures in India will help one make the right decision for selecting the most suitable auto loan scheme. There are different types of car loans in India such as margin money scheme, hire purchase scheme, lease financing scheme, security deposit, and advanced equated monthly installment scheme. One's car itself will work as the security against the loan amount.
Fundamental prerequisites for applying
If you want to quality for a car loan, you have to fulfill the following eligibility criteria:
In case of salaried individuals, the loan applicant has to be working in the present company for the last one year or he/she should be employed for minimum two years.
How the car loan procedure works
Car loan procedures in India have some particular steps. One can directly apply to a bank or a financial services provider of your preference. Despite the fact that loan application on paper is the conventional form of applying for a vehicle loan, one can also send an online application since majority of the banks and financial services providers prefer online applications and offer online application facilities. This saves their time and cost. This also saves money and time for the customers. Car loan procedures in India usually comprise the steps given below:
Car Loan Repayment Options
The repayment option of your car loan differs from one bank to another. The interest rate and the maximum loan term also differ from one loan product to another. The amount of EMI (equated monthly installment) is dependent on the interest rate, the loan term, and the amount of the loan.
Types of Interest rate
The interest rate for car loans is charged in two ways - fixed and floating. In case of a fixed rate car loan, the interest rate stays the same during the entire term of the loan. On the other hand, in case of a floating rate car loan, the rate of interest differs in line with the particular stipulations of the loan agreement.
Necessary Documents
When one is applying for a car loan in India, one has to provide the following documents:
Just go ro the bank and ask for loan rhey will guide you!!
Just go the bank and ask for loan they will give you but they will eat your brain too
check your monthly to buy a car
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
As far as I know Personal Loans are completely different from Car or Auto Loans and they can not be added to Car Loans.
nope
check your monthly to buy a car
One can obtain an auto car loan in a couple of different ways. One way that one can obtain an auto car loan is by visiting a bank, such as Bank of America, and applying for one. Auto car loans can also be obtain by applying for them in places other than banks.
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
I would suggest you go to bankrate.com. They have an excellent loan calculator that you can use for all different types of loan, not just a car loan.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
There are many ways one can refinance a car loan with Capital One. One can refinance a car loan with Capital One by applying at the official Capital One website.
nope
As far as I know Personal Loans are completely different from Car or Auto Loans and they can not be added to Car Loans.
Plan your spending budget, get rid of bad spending habits. Try to find the most cheaper way for food, entertaintment and everyday spending. Use only 1/3 of your weekly wages.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.
I assume you mean how do you get your name off the car LOAN! The only ways to do that would be to either pay off the loan or have your mom refinance it under just her name (or get someone else to cosign THAT loan)
It is a felony if you take the car across state lines and you are no longer paying on your loan.