Banks and NBFC’s in India provide various types of loans to service different needs and wants of individuals. For every specific need, there is a loan which can help the person meet that requirement. Out of this list, if one wants to own a four wheeler vehicle, they can opt for two loans;
New Car Loan
Used Car Loan
What is a new car loan?
A new car loan is a loan provided by the Bank/NBFC to purchase a brand new car. One has to just decide the car of his choice. Once the car is decided, he can research on different variety of interest rates being provided by Banks and NBFCs.
What is a Used Car Loan?
A used car loan also called as pre owned car loan is a loan provided by Bank/NBFC to purchase a second hand car. Here, the person can purchase any vehicle which is not less than 8-10 years old. Once the car is decided, he can research on different variety of interest rates being provided by Banks and NBFCs.
Key Factors to consider?
Interest Rates: You must check interest rates of different Banks and NBFCs. Every bank offers different rates and hence you must research well.
Terms and conditions: Another thing you must consider seriously is terms and conditions. Please read more about hidden charges like processing fees, prepayment penalties, late payment charges, other fees and charges.
Benefits: There are many banks that provide various benefits to their customers like Interest/EMI holidays, zero part and prepayment charges etc. If you can get these benefits, you can save a lot of interest money on loan.
Credit score: Your credit score will affect all the 3 above points. A good credit score will attract the best banks towards you. You can get lower interest rates than others and better terms along with multiple benefits.
Banks do give car loans because there is a lot of requirement in today’s market. Everyone wants to own a car and with such demand, customers are looking for banks which can help them achieve their dream of driving their own vehicle. At Ruloans we understand this and hence we offer both; New Car Loans and Used Car Loans to customers that have such requirement. You can save a lot of time on research as we provide more than 50+ quotes and deals of different Banks and NBFCs on our web portal.
So hurry and apply today for a car loan via Ruloans.