Planning to buy the car of your dreams but facing a monetary issue? A majority of the people can not buy the car through upfront cash, and they seek financial help.
This implies you’re either going to rent the car or purchase the vehicle by financing it. If you’re purchasing, at that point you’re most likely financing it through the company, a bank, an online money related foundation, or possibly a relative.
There are numerous options for car financing and are listed below:
- Automobile Manufacturer’s Finance Company:
The simplest and fastest way to finance a car is through directly obtaining finance from the automobile company that manufactured your car itself. However, the interest rate offered by the manufacturer’s finance company is generally higher than the other banks and NBFCs providing the same facility.
- Bank Loan:
Banks generally provide Car Loans at an affordable rate of interest and is a viable option. In case you have a customer relationship with the bank, they shall provide you even better deals.
- Non-Banking Financial Companies:
NBFCs provide car loans to customers but at a very higher rate of interest than any other lender. Generally, it is not a primary option as their recovery process is harsh in case the borrower is not making timely payments.
- Second Chance Car Dealers:
Car financing can also be obtained from a second chance car dealer. Even an individual with high credit risk may avail of this facility. Proof of income is required along with numerous personal references. This dealership is incredibly acquainted with the area’s lender and use a variety of methods to obtain financing for higher-risk customers.
- Personal Loan
Another method to obtain financing for your car is through availing Personal Loan. The advantage of this method of financing is that you get a loan on a low rate of interest without any need to deposit collateral or security.
Leading Car Loan Providers