Getting funds for buying a car is not an easy task as the customer has to approach a number of banks and try to negotiate for getting a good deal. For people who have good credit score, a car loan can be smooth, hassle free and quick process. There are few points that the applicant should keep in mind to get over this part of availing a loan for a car without any hurdles. The banks and NBFCs offer various discounts and assure that the loan is approved for people who fulfill their criteria. Here are some points that must be considered while applying for a car loan.
Credit Card Payments
People who use credit cards oftenly and pay all dues without defaults, have a good credit score and the banker prefer approving their loans faster. Although, the people who use credit cards and are regular in their payment automatically become eligible for a car loan.
Fixed Deposit in the Same Bank
If you are applying for an auto loan in the bank where you have some amount of fixed deposits, then the process become easier. The lender approves the loan quickly and offer high LTV since they have the fixed deposits in the same bank as some form of security against the car loan being approved.
There are many banks that do not require any income proof as part of their offers. In such cases, the processing will be faster as compared to a conventional car loans. However, such loans come with a high rate of interest and low value. It is suggested to provide an income proof and wait few days instead of paying high interest rates and getting a small loan.
The approval of the loan may take some time that can be catered for by better cooperation with agents of the bank.
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