Features and Benefits of Car Loan

When it comes to car loans in India, in general, the following features and benefits are offered. Note that the following is a generalised look at the advantages offered by car loans. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.

• 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.