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Today, many dream of owning a car and these dreams are fulfilled as car loans are easily available and serve a thousand of Indians who qualify the basic income eligibility criteria. This is simple and easy to avail because the person who avails the loan is only required to make an initial down payment and the balancing amount can be paid in instalments over a tenure. Like any other loan, a car loan also enables you to consider certain things before opting for it.
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Top 5 benefits of opting for a car loan Today, many dream of owning a car and these dreams are fulfilled as car loans are easily available and serve a thousand of Indians who qualify the basic income eligibility criteria. This is simple and easy to avail because the person who avails the loan is only required to make an initial down payment and the balancing amount can be paid in instalments over a tenure. Like any other loan, a car loan also enables you to consider certain things before opting for it. The first step obviously being to lock the model you want to buy which will help you determine how much money you need to borrow. Today all the banks have their own modes of evaluating how much money you can borrow keeping in mind the price of the car. BENEFITS OF A CAR LOAN. 1.Easy to purchase–you don’t have to worry about the short fall in cash or wait long for buying your dream car because today many of the banks provide 100% finance on the showroom price of the car. 2.Wider eligibility- due to the Increased competition among the financers the customers have benefited in terms of greater coverage of population under the current eligibility criteria. Anyone with the minimum source of income can avail loans from the banks and financial institutions. 3.Complete ownership- as compared to the lease scheme for cars, where the borrower is not the owner of a car, in a car loan the borrower gets a guarantee of being able to be an owner and modifying the car to suit his personal taste. So, a car loan allows ultimate usage which is not possible in a lease scheme. 4.Flexibility in choosing tenure- Ideally a bank provides a tenure for repayment of the loan for a period of 7 years, however you have the flexibility to choose the tenure as per your convenience. 5.Flexibility in choosing the payment mode- Post dated cheques or the use of debit cars to make equated monthly instalment payments (determined by the car loan emi calculator) where the amount will be automatically deducted from the bank account are the two basic modes of making the payment.
