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The Reserve Bank of India (RBI) increased the benchmark lending rate or repo rate by 25 basis points to 6.50 % on February 8th 2023 to strengthen the fight against inflation. The repo rate is the rate at which the central bank lends money to commercial banks. This decision to hike the repo rate will lead to an increase in the EMIs on home loans and other borrowings.
Owning a car makes travelling easier. You don’t need to use public transport everywhere you go. Financing a car becomes easier when you avail a car loan. Banks and other financial institutions provide car loans at easy Equated Monthly Instalments(EMI). If you are looking forward to buying a new car or a pre-owned car, there are lenders that offer car loans for both. When you apply for a loan, you would have to make sure you fit the eligibility criteria set by your lender.
Car loan defaults happen when a borrower fails to make the agreed payments to their respective lenders. If you are not able to pay your monthly EMIs, it is better to inform your lender and explain the reason for the delay in payment. This is because charges are levied on late payments. And these late payment charges might be an additional load to the unpaid amounts.
When it comes to getting a car loan from a dealership or a bank, there are several pros and cons to both options. You can take a loan from a dealership or a bank, depending on your specific needs and requirements.
A car loan is provided by the bank to an individual to help them buy a car when they do not sufficient funds to buy the same in one shot. It is easy on the pocket of the individual as their can repay the loan in Equated Monthly Instalments (EMIs) and can use the remaining money for other financial obligations every month.
There are many banks and Non-Banking Financial Companies (NBFCs) that provide car loans to their customers. Car loans are opted for by many individuals to help fulfil their desires of wanting to own a car to travel in the city. A car is considered a luxury and not many individuals can afford to buy a car in one shot as it can take a toll on one’s savings, thereby not allowing him/her to focus on other financial needs.
In most cases, pre-payment on a car loan comes with a penalty charge. Some banks such as HDFC Bank have a lock in period which is usually around 6 months for a car loan, before which, pre-payment to close the loan is not possible. After the lock in period, one can make a pre-payment to close out his/her car loan, but it will attract a certain amount of pre-payment charges.
Loan against car is when a bank or Non-Banking Financial Company (NBFC) provides a loan amount against one’s car. The car is given as security for the loan amount and will be returned to the customer when the loan is repaid in full. If one defaults on payments or does not repay the loan amount, the lender has the rights to sell the car to settle the loan amount for the same.
If you have received a car loan from a particular lender, you will need to repay it in full over the chosen tenure or it can negatively impact your credit score. A low credit score can lead to loan and credit card rejections in the future, thereby, making the availing of credit products very difficult.
Availing a car loan or choosing to self-finance the entire expense a car have their own advantages and disadvantages. One can choose based on their personal financial needs and requirements as to what is better suited.
There are many banks that offer car loans to individuals to help them afford their dream cars with ease. The interest rates that are offered by banks for car loans are very competitive and very attractive for the customers as there are a great variety of banks and even Non-Banking Financial Companies (NBFCs) to choose from.
If you have taken a car loan and are looking to get out of the car loan as soon as possible, there are a few options that can help. But, all the options will involve repaying the loan as defaulting on loan payments can negatively impact your credit score. A low credit score will then lead to loan rejections in the future.
In most cases, the minimum age to get a car loan is 21 years, but some banks and Non-Banking Financial Companies (NBFCs) have a minimum eligibility age of 18 years. So, if you are above 18 years of age, you can apply for a car loan to buy a car.
If you are looking for a car loan, there are many factors to consider such as the loan amount, the tenure, the interest rates, the EMI repayment options and other additional features on the car loan.
Yes, an auto loan is meant to help one finance a car. There are several banks and Non-Banking Financial Companies (NBFCs) that provide auto loans to their customers so that they can afford their dream cars with ease. Most lenders finance 100% of the car’s on road price and this is very beneficial for individuals who require a large loan amount for their car.
Yes, a student can get a car loan, but it can be a little difficult. There are many banks and Non-Banking Financial Companies that are willing to lend, provided there are a few criteria that are met by the student for the car loan.
The interest rates for a car loan do not depend on the loan tenure. But, the longer the tenure, the more is the outflow of money towards the paying of the interest. If you opt for a shorter tenure, then the total outflow of money towards the paying of the interest will be much lower.
There are many banks and Non-Banking Financial Companies (NBFCs) that provide used car loans for individuals. These loans are specifically given when one wants to buy a second-hand or a third-hand car and not a brand-new car. People opt for used cars as they are more cost effective.
Down payment for your car loan is the amount that is paid initially when you buy your car with your car loan. It is the amount that is paid by you with your savings or earnings. The remaining amount after your down payment is the loan amount that is issued by your bank or the Non-Banking Financial Company (NBFC).
Yes, it is very advisable to pay off your car loan with the lender you have borrowed from. This is because if you have an unsettled car loan or any other loan, it will cause your credit score to reduce very drastically.
Yes, your employment status does matter to a certain extent for a car loan as the interest rates can vary depending on your current employment status.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application