With the rapid pace of technology, the process to apply for car loans has become simple now. The reason why most of the people prefer to apply online is because it has reduced the hassle of taking an appointment with the lenders, carrying a huge set of documents, or visiting to the bank branch. One cannot avail of such benefits when a loan is applied offline. Here are the reasons why you should opt for instant vehicle loan.
- Simple Documentation: In car loans, the applicants require to submit a minimal set of documents. All you need to do is to upload the required documents online along with your application form and wait for your loan approval. In general, you can obtain loans starting from ₹1 lakh up to ₹ 20 lakhs by paying a small down payment.
- High Security: When you apply for an offline car loan there might be chances that your documents might get damaged or misplaced. When you file your application online, such possibilities get eliminated. Also, the information that you enter is safe and secure and not shared with third parties. Online used car loans carry a lot of features and rebates like the new car loan, but the hassle to get it is a lot. To get you the best deal, lenders offer loans up to 30 Lakh. With attractive interest rates and high loan amounts, they also offer funding up to 90% of car value available. With all the finances sorted beforehand, you can find and purchase your dream car without any stress.
- No Need to Use Your Savings: In the past, car owners would dip into their savings for vehicle finance. One of the benefits of car loans is that you no longer need to do that. Individuals can leave their savings untouched and still buy a car by availing a loan.
- Flexibility to Choose the Tenure: Secured vehicle loans come with a fixed tenure where the borrower would rarely get a say in the longevity of the loan. Unlike secured vehicle loans, a personal loan availed to finance a car gives the borrower the flexibility to choose the tenure. The tenure of most car loans starts at 6 months and borrowers can choose a longer tenure of up to 5 years.
- Easy Price Negotiations: Borrowers never know what kind of dealers they are going to deal with while buying a car, so having a pre-approval letter improves your chances of negotiating on what matters the most i.e., the car’s price. Dealers sometimes try to divert your attention on the monthly payment by which they aim to adjust other parts of the deal. However, when you go in with a pre-approved online used car loan, the monthly payment is not a concern at all.
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Conclusion
Applying for instant pre approved loan is easier as it requires less documentation as compared to a home loan. Also, there is no additional collateral asked for as against in the case of the former. The loan itself is secured against the car. However, while buying a car, do not stretch your budget.