How to get 100% Funding for Your Car Loan?
If you are seeking a car loan to drive your dream car home, what will be your priorities? It may be Interest Rates, Loan Amount, and Loan Tenure. You need everything perfect according to your needs.
Car Loan is the best way to get finance for your car. Usually, banks and NBFCs offer 85% to 95% funding for your car. If you are seeking for 100% funding for a car loan, you must consider these steps:
- Good Salary: Your salary must be good enough to tempt banks to offer you 100% funding. It also depends upon how much loan amount you want and what is your banking condition. Banks calculate the ability of a person to repay the amount from his salary. 100% funding means you will avail more amount from the bank. So, your salary must support your loan amount.
- Loan Tenure: Loan tenure and the amount can be related to each other inversely. If your loan amount is low, your loan tenure will be more. If your loan amount is more, your tenure will be less. If you want 100% funding for your car, you will get loan tenure of 5 years. Usually, the maximum loan tenure in the case of a car loan is 7 years. But if you are seeking for the 100% funding, you have to be satisfied with 5 years only.
- Add Co-applicant: To satisfy the salary criteria for 100% funding, you can add a co-applicant in your loan amount. A co-applicant will act as a secondary borrower for your loan. A co-applicant can be your parent, your spouse and your brother. The salary of co-applicant will be added to your salary and banks will sanction the loan amount according to that salary.
- Vehicle segment: Your Loan amount also depends upon the vehicle you are going to purchase. Banks will never provide you 100% funding if you are going to purchase a multi-utility vehicle like Toyota Innova, Toyota Fortuner, etc. So, if 100% funding is your priority, be careful in your vehicle selection.
- Company Profile: Your company profile and category also play an important role in deciding your loan amount. For example, Car Loan from HDFC can be given with 100% funding for the employees of listed companies or corporate sector. If you are an employee of a good company, you can demand 100% funding.
These are the steps that can help you to get 100% funding for your loan. You can get your car fully financed by the banks or NBFCs. Get 100% funding and drive your dream car home.
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