Buying your first car? It’s really exciting but it accrues lots of responsibilities as well. You might have made your mind which brand and model to buy, what version of the model you would buy, what extra features you want to add, and many other things related to your dream car. Buying the first car is always a happy memory for anyone. Have you planned anything to get car loan? If not, you must start the process. Over 3.3 million passenger cars were sold in 2018. The automobile loan market is equally getting voluminous with time. In 2019, banks disbursed almost 2.13 lakh crores as vehicle loans alone. Getting a car loan is not a tough job these days. Being one of the hottest markets of automobiles, India has several banks and NBFCs offering car loans in attractive terms and conditions. If you are new to such offers, you may get confused; your decisions may be disarrayed. Due to the surging population, increasing income, and increasing GDP, the Indian car market has become one of the fastest car markets in the world.
So what’s the best way out? Go through the rest of the article for right and professional guidance.
Get your first car loan in 7 easy steps – A complete guidance
Before you take any final decision, consider going online for both your first car and the car loan. A state-of-the-art online platform offers solutions for every necessity:
- If you want a new car this is the best option – All international and domestic brands are in one place
- If you are looking for a used car an online platform offers the most authentic solution
- Get complete information first to apply for car loan online
- Get complete customer support for all kinds of paper works related to ownership, insurance, and loan.
- Ask for any technical support any time
Now, let’s see those 7 steps to your first car loan:
Step 1: Know about car loan eligibility
Check online for the basic eligibility of obtaining a standard car loan. Take the help of Droom like platforms for the same. They have huge contacts and the best offers.
Step 2: Apply car loan online
Fill-up the form available online for primary screening. At this stage, you may need to provide some basic information like name, address, contact number, PAN, profession, annual income, etc. Your application is processed within minutes.
Step 3: Wait for the reply from the expert service provide
As the service provider gets complete information, they process the application immediately. They also collect your credit score for finding your creditworthiness. After reviewing all data, they list up the most suitable loan options for you. There are different options based on good or bad credit score.
Step 4: Go through all the options
As you obtain the loan options meeting your profile, it’s now your turn to look into all options thoroughly. The benefit of taking help from a state-of-the-art online platform is that they fetch only the correct information for you.
Step 5: Know car loan interest rates
Among different aspects that you should know well before selecting any car loan, loan interest rates are the most vital one. Do a little bit of research on how interest rates are calculated and important parameters that can increase or decrease your interest rate.
Step 6: Know about different EMIs
Apart from the interest rates of the offers made to you, obtain complete information related to EMIs. If you increase the number of EMIs, you will end up paying more to the loan provider. Choose the EMI option that suits your financial ability. Don’t prolong it unnecessarily neither shorten it. In the latter case, you may miss some EMIs leading to penalties. Be precise in this matter. Ask any questions to the service provider if you have any confusion.
Step 7: Get car loan
An established service provider like Droom Credit processes the loan on the same day. Once you finalize your selection, they contact the loan provider instantly. They then ask you to submit some important documents. Within a few hours, everything is settled.
Dream big and materialize it. Don’t compromise because you don’t have sufficient liquid money right now. Indian car loan market is getting bigger every day. As the international and domestic companies are marketing their products through online platforms, banks and other financial institutions are also appearing on the same platforms. As you decide, the key to your first car will be in your hand on the same day. Follow the 7 steps mentioned here. Getting a car loan is not an issue these days.