An auto loan is a tool for buying a dream car that is being availed by thousands of Indians who qualify the basic income eligibility criteria. It is very simple and easy to avail a loan for a car where the lender offers the majority amount of value of the car and customer needs to put in a small amount of down payment. The reason for the growing acceptability of car loan is the host of advantages that come along with it.
1. The process to avail funds for the car has been very simplified in order to increase the number of people taking a car loan. The documentation and approval take less than a day, and sometimes on the spot approval is also possible.
2. Presently the banks are offering up to 85%-90% of the on road price of the car that the customer does not face the burden of extra expenses in accessories, insurance, and registration. Thus, people with minimum funds can also now own a car easily with the new schemes.
3. As the competition has increased in the market, the banks and companies offer different schemes on a car loan. The customer can easily avail the benefits through these schemes and save a lot of money.
4. The car loan is a secured loan and the vehicle to be purchased act as collateral. There is no need to provide any additional security for the loan. Therefore, in case of any default, it is the car that can be seized by the bank.
5. The lenders allow the borrower to customize the monthly payments as per repayment capability. By paying high down payments, one can quickly reduce the monthly payments.
6. The banks have tie-ups with dealers and can offer a buyer a great deal through discounts. The dealers are ready to give part of their commission in the interest of boosting sales volume, which works to the benefit of the customer eventually.
With the host of these excellent features and benefits that offer a car loan, it is certainly a preferred way of owning a four-wheeler.
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