How do I get an auto loan?
If your credit score is poor or you haven’t manage to obtain credit yet then it is possible that you will have high interest rates on almost every line of credit that you apply for it. If your credit is really bad then it may not be possible for you to get any kind of credit extended to you whether you are willing to accept higher interest rates or not. Higher interest can make your monthly payments higher than they would have been with a different type of loan. This will lessen the price of the car that you are able to afford. However, there are advantages, especially if you are not able to get a more traditional auto loan.
There few major options while applying for auto loan bad credit. You can get car financing through a sources like online lenders or you can get in-house financing through the car lot if you are purchasing a used vehicle loan. In most situations you will be required to put up a large down payment for the vehicle.
Tap various dealers for the various finance schemes floating in the market. You can choose from margin money schemes, advance EMI’s schemes and deposit payment schemes. Normally margin money schemes offer the best terms, but ultimately effective interest rate of the loan is what actually matters. This method provides a common platform for comparison of different schemes by discounting on the basis of cash flows.
The size of the loan will depend upon the cost of the vehicle, the type (standard or premium) and the percentage financing you are offered. If you are buying a new car, you can get financing up to 90% financing. Some finance agencies have a limit beyond which they do not offer loans. Keep this in mind. Also most of the financiers have different terms for different models. Generally, the percentage of finance given on car models is decided on the basis of second hand market. Models like Maruti 800 have a huge second hand market. In case the buyer defaults, the finance company can get a higher resale value for the car. This makes the financier comfortable enough to give higher percentage finance.
First, shop around for all the various finance schemes. You can then decide from margin money schemes, advance EMI’s schemes and deposit payment schemes. Usually margin money schemes offer the best terms, but at the end of the day, effective interest rate of the loan is what essentially matters. This method provides a common podium for assessment of different schemes by discounting on the basis of cash flows.
If you are buying a new car, you can get up to 90% financing but some banks have a limit beyond which they do not offer loans. Also different banks have different terms for different models (standard/premium, new/old) The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car. This is for cases, if default by any chance, the banks can get a higher resale value for the car. This makes the banks comfy enough to give higher percentage finance.
Tap various dealers for the various finance schemes floating in the marke. You can choose from margin money schemes, advance EMI’s schemes and deposit payment schemes. Normally margin money schemes offer the best terms, but ultimately effective interest rate of the loan is what actually matters. This method provides a common platform for comparison of different schemes by discounting on the basis of cash flows.
The size of the loan will depend upon the cost of the vehicle, the type (standard or premium) and the percentage financing you are offered. If you are buying a new car, you can get financing upto 90% financing. Some finance agencies have a limit beyond which they do not offer loans. Keep this in mind. Also most of the financiers have different terms for different models. Generally, the percentage of finance given on car models is decided on the basis of second hand market. Models like Maruti 800 have a huge second hand market. In case the buyer defaults, the finance company can get a higher resale value for the car. This makes the financier comfortable enough to give higher percentage finance.
Yes you can change the tenure and amount of the loan. But this would imply that the interest rate and the amount of installment will change accordingly.
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