Cars are the ultimate desire of any person who loves to roam. What can be more stylish than a classy car? However, due to the availability of a large number of models of cars it becomes very difficult at times to choose the one that is very appropriate for you. Even if you choose the one, at times affording it might be difficult.
#1. What Can Be the Best Way to Acquire a Car?
In this category come the fast car loans, which have the following set of criteria in general but the terms conditions differ from one organization to another:
- In order to buy a high end car one needs to specify the purpose.
- The eligible persons for loan should be salaried and must have a minimum salary structure as well.
- The commercial organizations should have a minimum revenue sources.
- There is a set limit of loan disbursal but that depends upon the organization or the loan disbursal agency through which loan is availed.
#2. What is the basis of advance?
There are certain set criteria for the loan disbursal process:
- The person has to be salaried and should be in possession of 40.5 times of his average salary amount.
- For businessmen it is up to 6 times of the average net cash approvals
- The on road cost of the car is extended up to 99%
#3. What should be the repayment period for the fast car loan?
There is a forest time limit for the repayment of the loan taken.
- For businessmen, this time limit goes up to 8 years and in case of salaried person as well, this repayment limit remains the same.
#4. What is the rate of interest for the fast car loan?
There are two types of customers –
- General customers
- Loyalty customers
The differentiation is there between the two on the basis of rate of interest they pay on the loan amount limit set. For instance, for a loan ranging above 25 lakhs, the rate on interest would vary for both.
#5. Is there going to be any processing fee as well?
Yes, but the rate of the processing fee depends upon the organization through which you have acquired the loan. Generally, this amount is very much in line with a miniscule proportion but before you are going to get the loan make sure that you check the processing fee of the concerned organization.
#6. Which security features are there in acquiring the loan?
As a security, the buyer or rather the loaner, needs to provide a guarantor but the loyalty customers are said to be excluded from this.
#7. Which documentation will be required by the loan disbursal organization?
There are certain set standards as per which the loan disbursal process is initiated:
- The application form needs to be properly by you.
- Identity proofs are required which include – photo identity, and proof of residence
- The guarantor too needs to provide a proof of the identity.
- A proof of income is also necessitated
#8. For which other categories these fast car loans can be availed?
The fast car loans can be availed for the following two categories:
- High end cars
- Pre owned cars
Nothing seems to be difficult when the estimations are being calculated through these calculators.
This application has actually worked wonders for the people who have gone on getting the cars by properly seeing the estimations beforehand. As per the calculator, one needs to enter the following figure to get the estimates:
- Loan amount
- Loan term
- Interest rate
- Type of the vehicle
After reading the above mention points you will be able to understand the process of getting loan for your car. For more information, consult with the best car finance provider to make your dream a reality.