Owning a car is a dream for many individuals. If you are planning to gift a new car to your parents or yourself and are looking for financial aid in the form of a loan, you are in the right place. We at LMV Financial Services assisted many individuals in getting Car Loans Online for purchasing their dream car. We aim to provide you with a car loan at the best interest rate with the leading banks in the country. With our assistance, you can get a pre-approved car loan at a low-interest rate and high repayment tenure. You can use our EMI calculator to find out the details about the car loan here and now.
The eligibility criteria are different for different banks. Here we have shortlisted the requirements that most banks abide by to shortlist an individual to sanction Car Loans Online.
A car loan is one of the significant loans taken by individuals to fulfill their long-cherished dream of owning a car. The borrower must know a car loan's various benefits and features. While these benefits and features are general, individuals with maximum eligibility for a loan are prone to get customized Car Loan Finance.
If you consider availing of a pre-approved Car Loans Online, follow the steps below.
The credit score is crucial for the loan borrower and the lender. If you seek a car loan at a lower interest rate, you have to ensure that your credit score is 750 and above. If the credit score exceeds 750, the interest rate will be slightly higher. An application with a low credit score is highly prone to rejection.
You should pay off EMIs promptly to get in the good books of the loan lender. Make sure to pay your EMIs promptly, as the credit profile will be considered by the lender while approving the loan. If you pay the EMIs on time, your lender will likely grant you the car loan quickly.
You can get a car loan to purchase a new or used car, and there are not one but multiple types of car loans available at different interest rates. Depending on your requirement and repayment flexibility, you can choose the right car loan for yourself.
It is a good idea to go for a high down payment option as it will reduce the amount of loan taken from the bank. It will further reduce the number of EMIs, the repayment tenure, and the interest rate of Car Loan Finance.
Always go for a car loan within your budget as it may affect your repayment capability. Don't go overboard with the loan, as it may be difficult for you to repay it if it is out of your budget. Especially when you have other EMIs to pay, please don't take a loan out of your budget as it may push you to financial troubles.
Always choose a loan option with low monthly EMIs and short repayment tenures. Don't fall prey to the tricks of the lenders and get into a loan that is too expensive for you to pay.
Pre-approved loans are offered to those with enough credits and financial status to repay the loan in time.
Home purchase loans are given to borrowers planning to purchase a home or flat.
It ultimately depends on the lender; while few banks provide 100% funding, few banks offer only 90% of the on-road price to buy a car.
While other types of loans may require collateral, Car Loans Online does not explicitly require any such security as the vehicle acts as a surety. Most banks don't ask for collateral, but if the applicant's annual income is not up to the mark, they may have to bring a guarantor.
The minimum repayment tenure is 12 months, and the maximum repayment tenure is 84 months (7 years).
The ideal credit score required to buy a car is 750 and above. You are, however, eligible to apply for a car loan even if you have a credit score of 600, but there are high chances of your loan getting rejected.
Yes. A high credit score implies low-interest rates in most banks. Similarly, low credit scores mean higher interest rates.
Yes, but you must first check if the car dealer is trustworthy. Also, before taking a car loan, research the best car loan that suits your requirements, and then go for it. You better go for a bank or car dealer that offers competitive interest rates.
Yes. Most of the banks offer loans for used cars. They offer up to 85% of the car value as a loan to the borrowers. However, the vehicle shouldn't be more than five years old.
The credit score is the first and foremost thing lenders consider while sanctioning a car loan. If it is 750 or more, the borrower's loan is almost approved. The other factors the lender considers are employment status, residence, job stability, income, debt-to-income ratio, etc.
Equated Monthly Installments, popularly known as EMI, is the loan that the borrower has to pay against the loan taken from the banks or NBFCs. The EMI is calculated based on the repayment tenure, loan amount, and interest rate. If you want to calculate the EMI for your car loan, you can use our LMV EMI calculator available on this page and calculate it.
It entirely depends on the individual borrower. If the borrower wants to avail of a small Vehicle Finance Online, he needs to pay a higher down payment and vice versa. The lower loan amount means lower interest rates, and the higher loan amount means higher interest rates. Also, the higher loan amount implies longer repayment tenure, and the lower loan amount indicates lower repayment tenure. So, it is up to you to choose the minimum or maximum down payment you want to pay for your dream car.
Yes! You can get a car loan at a lower interest rate if you have a good credit score of 750 and above. You can even request the bank to reduce the interest rate if you have a decent credit score, indicating your higher repayment capacity.