Car refinancing is a type of secured mortgage loan. You can get funds from a bank or NBFC of your desire by keeping your car as collateral. Interest rates in car refinancing are similar with personal loan but it requires much fewer documents compared to other mortgage loans. Car refinancing loan is used to solve your current financial needs by mortgaging a car you already own. You can get a loan by refinancing your car without any hassle and quickly. The loan process is much simpler and faster compared to other loan types.
If you are what exactly are car refinancing and its features, read further
- Almost all leading banks and NBFCs offer car refinancing.
- The tenure for car refinancing loan ranges from 12 months to 60 months (1 year to 5 years).
- Banks and NBFCs approve and disburse the loan quickly upon the valuation of car.
- You don’t require disclosing the reason behind you taking the loan.
- You need to provide RC book and insurance copy of your car to your lender.
- The car which will be kept as mortgage should not be more than 10 years old.
- You should be of minimum 24 years and maximum 65 years old while taking the loan.
- You cannot mortgage your commercial vehicle or the vehicle which is in use for commercial/business purposes.
- Your car should not have run more than 1,00,000 miles.
- If your car is modified or was bought from a non-standard manufacturer, you won’t get a car refinancing.
- You can repay your car refinancing loan by Equated Monthly Installments (EMI).
- You can use your car while it’s being kept as collateral to the bank or NBFC.
Apply for a quick car refinancing!