Everyone today has a car or they wish to have a car for themselves or for any of the family members. There is hardly any person who buys a car on complete down payment. Everyone does go for car loans. This car loan can either be a loan on a new car or for a used one. An individual have to go through a simple procedure of getting a loan for them and it is also extremely important to know how you can apply for loan and what all steps to be followed. After selecting a car of your choice you have to apply for the loan. But before that ensure that you visit a genuine dealer who have tie up with good reputed banks for loan.
- Know your credit score: this is one of the first and the foremost thing to be followed before you go ahead and apply for a loan, this can even be done online, it is always advised to check it yourself first before the dealer go ahead and do it. It is because there are many fraud dealers available in market who charge extra by saying that your credit score is not good and they will get your credit score better by paying some extra fee. So beware, don’t get trapped in such frauds.
- Check out loan details: Once you apply for loan or ask the dealer to go ahead and process the same for you, it is necessary to know that what is the loan amount, what would be its EMI and the tenure of the loan, usually a financial institute offer car loans for 12 to 84 months.