Are you wondering about buying a car but thinking about funds? Then it is not a problem anymore. Car loan is a type of fund which a borrower gets from the bank or financial institution to buy a car and payback in monthly EMI’s. Many of us dream of car as it comes as a basic necessity for a family or three members or more. Car comes in different ranges. Many people prefer to take car loans in India. Here, we at Moneyytap Capital helps you to fulfill your dreams of taking your dream car. One must always take care before taking a car loan.
How to Apply
Till few years back taking a car loan was a tedious process. Now, applying for a car loan is not a problem anymore. You do not need to visit various banks anymore. We have partnered with various banks who will provide you car loan at attractive interest rates without any hard-core procedure. We help you in doing research and choose the best for you. Moneyytap Capital makes this process easy and quick for you.
Important Things to Remember While Taking Car Loan
There are few essential things which one must always consider while taking a car loan:
Interest on Loan
Interest rate on car loan is an essential factor. Many banks are available in market that offers lucrative car loan interest rates. If you are looking for a good deal then it is must to research properly and choose the best for your yourself.
Credit Score
All the lenders of car loan in India have their eligibility criteria which we all need to qualify. If we want to get our car loan approved then we are required to fulfill the criteria mentioned by them like age, occupation and income. One of the most important criteria is a good credit score. Good credit score reflects your credit history. If you do not have a good credit history then getting a loan becomes very difficult because eon the basis of that our loan is approved. It is must to have a good credit score. It should be at least 700 to match the requirement.
Loan Tenure
One must always select the tenure appropriately as longer the tenure is extra interest amount and direct effects EMI amount.
Processing Fee
Lenders who provide car loan charge processing fee as well. If they are giving you cheap car loan then in that they might have high processing fee. Either they charge fix processing fee or a percentage of the loan amount. So, you must always watch out this thing while taking a car loan.
In case of any query you can contact us and we act as a one stop solution for all your loan needs.
