A Car Loan is a way for you to purchase a new or used vehicle. You borrow money from a lender and pay back over time, usually with interest. The amount you borrow is called the loan principal. The loan procedure has been greatly customized in order to make car loan look as attractive as the car. The documentation and approval process takes less than a day and in some cases on the spot approval is also possible.
HOW DOES IT WORK?
In direct lending, you get a loan directly from a bank, finance company, or credit union. You agree to pay, over a period of time, the amount financed, plus a finance charge. Once you enter into a contract with a dealership to buy a vehicle, you use the loan from the direct lender to pay for the vehicle.
DOCUMENTS REQUIRED FOR CAR LOAN
List of documents for Car Loan:
- Application form with photograph duly signed
- Identity, residence and age proof
- Last 6 months bank statements
- Last 3 months Salary-slips
- Business Stability proof / Ownership proof
- Employment Stability Proof
- Partnership deed and Letter signed by all partners authorising one partner
- Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association
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