Vehicle Loan Service By MoneyCare Financial Services
What is a Vehicle Loan?
An Vehicle Loan is taken by borrowers to purchase a new or used private or commercial vehicle. Vehicle loans are secured loans where the vehicle itself is used as a collateral. It is offered by lenders for new cars, used cars, two wheelers (generally called a Two-wheeler Loan) and commercial vehicles (generally called a Commercial Vehicle Loan). Banks usually offer vehicle loans up to 90% of the cost for new vehicles and 85% for second hand vehicles. The vehicle is hypothecated to the lender, as collateral. The repayment is based on your monthly income and your ability to repay and the tenure is typically between 12-84 months.
What does Vehicle Loan cover?
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Benefits of a vehicle loan:
- It helps you purchase a car even if you don’t have all the money for it right now.
- Most car loans will finance the on-road price of the car.
- Some car loans will even finance 100% of the on-road price. This means no down payments.
- With some banks offering financing in the crores, you are not limited in your choice of cars
- Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan.
- Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
- Car loans in India often offer fixed interest rate options. This means, you are always assured of a fixed amount that needs to be repaid monthly.
- Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
- Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.
Personal Loan is an unsecured credit provided by financial institutions
Helping you meet your business requirements
Loan Against Property
Helping you pay for your to childs study abroad
Site Purchase Loan
Buying the land needed to fullfil your dreams
Why is it important to get a vehicle loan?
Dreaming about buying your own car is very easy, but is turning that dream into reality easy as well? The answer is a big YES. You don’t have to wait for years and save every penny to collect enough money to buy a car because banks are always there to help you get your dream car!
Banks provide attractive car loans wherein you do not have to pay the full amount of the car to the dealer. You just have to pay a certain amount of the total price, while the rest is paid by the bank as it loans the amount to you. It is not necessary for you to repay this loan at once. You can conveniently choose a time period within which you pay your loan back in monthly installments. So why wait for long, when you can buy your desired car in a few minutes or days?
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