Facts You Should Know About Instant Car Loan

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There are certain few questions to ask that everyone must before going for any vehicular loan,

  • Are you still relying on public transport for your daily commute?
  • Do you still wish there were less crowd and a little personal space?
  • Do you reach your office too early or at times too late because you must follow the schedule of your public transport?
  • Do you feel complete exhaustion by the crowd and scorching sun in summer by the time you reach office?
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Well, its time you should think twice if you really want to deal with all these troubles daily when you can enjoy the liberty, personal space, and independence that comes with a car. A car is a gift.

There is nothing easier than buying a car by applying for an instant car loan. Don’t let money rule you, rule the world by your own decisions.

Steps to get an Instant Car Loan

If you follow the steps below, availing an instant car loan will not be difficult:

Step 1: How much do you want

The first thing you need to know is the amount of loan that you need. Well, it depends totally upon your requirement i.e. if you need a 3-seater or 6-seater car or if you need a luxury BMW or a Ford or Toyota would suffice your requirement.

Step 2: Visit your nearest bank

Once you have decided on which car best suits you and your need you should visit your nearest bank to know the EMI and the benefits or offers they provide. You can then talk to other competitive banks because they might have a better and more attractive offer.

Step 3: The EMI game

You can visit the website of any financial institution and use their EMI Calculator to know the EMI involved.

Step 4: Submit the necessary documents

Once you are done with the above 3 steps you can submit the necessary documents.

Step 5: Get a car of your own

Say Good-Bye to Public Transport. The final and go set on the road a new life on yours.

EMI Calculator

One of the most important terms is the EMI. Calculating an EMI using an EMI calculator is the easiest and most convenient way to get an idea on what is the approximate amount your instant car loan can result in. There are 3 factors that would determine the EMI amount:

1) Loan Amount: Once you visit the website of any bank and click on their EMI Calculator you need to enter the loan amount that you need.

2) Interest Rate: You need to enter the interest rate per annum.

3) Loan Term: Next you must enter the term in months for which you would pay EMI to cover your car loan. Remember, the lower the term, higher will be the EMI.

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Documents for getting an Instant Car Loan:

The following documents are necessary for applying for an instant car loan:

Driver’s License: No matter how much your finances have been but the first thing you should have handy is your driver’s license.

Credit History: Your credit history is also an important factor. One must have a decent credit history. It simply eases the loan taking process.

Income Statement:  One must have at least two recent pay slips or Proof of Income.

Instant Loan for Self Employed and Low Doc Applicants:

If you have a business of your own, a bank may need additional proof of income to make sure you would be able to pay back the instant car loan. They may want to see the financial documents such as Tax Returns or Notice of Assessment. With some banks, it might be enough if you provide them with your Bank Processing Listings.

Instant loan for No Doc Applicants:

These are designed for people who do not have any document to provide evidence of their income.

Summary:    

While each bank has its own eligibility criteria, still, if you are applying for an instant car loan for the first time, the first document that you should have is your own driving license. With further research, you might have to submit some additional documents. For example, if you have a bad credit history you might have to provide additional documents to win the trust of your financial institution.