AUTO LOAN
Auto loans are secured loans that help borrowers pay for a new or used car. They are available from dealerships and a variety of lenders, so it’s important to shop around to find the best interest rates and terms for your vehicle.
The Bankrate guide to choosing the best auto loans
Auto loans let you borrow the money you need to purchase a car. Since car loans are typically “secured,” they require you to use the automobile you’re buying as collateral for the loan.
This is both good news and bad news. The fact that your loan, or financing, is secured does put your car at risk of repossession if you don’t repay the loan, but having collateral often helps you qualify for lower interest rates and better auto loan terms.
Auto loans usually come with fixed interest rates and loan terms ranging from two to seven years, but it’s possible to negotiate different terms depending on your lender.
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What to know first
When shopping for an auto loan, compare APRs (annual percentage rates) across multiple lenders to make sure you’re getting a competitive rate. Look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of March 27, 2022. Check the lenders’ websites for more current information. The auto loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.
Eligibility Criteria of Used Car Loan
- Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
- The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
- Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
- Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
- For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.
Documentation
- Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
- Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
- Income proof: ITR / form 16 / pay slip / salary credit bank statement.
- Asset Proof: Latest land/building/house tax receipt
- Recent passport size photo.
- 2 Photographs
Enquiry Person Details
Other Services
Contact
- Address: 128/123 Y 1 Kidwai Nagar Kanpur
- Phone Number: 8299724702
- Email ID: support@aspirefintax.com