Car Loan And Car Loans in India
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Car Loan And Car Loans in India

Published by: Pankaj (66)
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Car loan is for buying an automobile. If you shop around for all the various loan schemes in the market, you may get several options that are suitable and quite convenient option to consider. Banks today provide easy finance schemes where you can drive away with a car. But deciding on the right car finance is very challenging. Few of the common type of car loans are listed below on the basis of which, one can apply for the loan according to his/her own convenience:

Used Car Loan:

Used car loan is the most preferred car loan to get as because it allows you to have money to afford a pre-owned car. Sometimes used car loans do not go through a dealership and this approach eliminates the need of middle man. One can simply think to take out a loan and can be specifically geared toward low monthly payments. Used car loan is typically much cheaper than any other funding option.

Bad Credit Car Loan

If an applicant has bad credit history then his/her credit history would impact the loan application. This bad credit car loan is a type of low rate car loan, which is specifically designed for the people with bad credit. This can be hard to get quick and easy approval on any other normal loan if one has bad credit history. But when it comes to car loan, applicant may more likely to receive faster approval on a car loan.

Refinanced Car Loan

Refinanced car loan is another kind of low rate car loan that can be re-evaluated and changed according to the loan’s specifications. Under this scheme, people who have a high rate of interest on monthly installments may find the better scheme with lower interest rates and get benefits. Refinancing options offer flexibility and ability to get a low monthly payment on loan as per the convenience of applicant.

If we discuss about the rate of interest offered on car loan and its calculations, then, interest is usually calculated on a flat rate or on a reducing balance which can be either daily, monthly, quarterly or annually. On the basis of interest rates, EMI is calculated and the most important thing is once the agreement has been signed then there can be no change made to EMI.

There are many banks who offer financing solutions to buy a car. ICICI Bank, HDFC Bank, Kotak Mahindra and Axis Bank are few of the best financers who have alluring and flexible loan scheme at lower rate of interests.

Pankaj - About the Author:

We offers car loan in India also provide SBI Car Loan

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