You are not buying your favourite car just because you do not have enough funds. Then get ready know because there are many banks and financial services centre from which you can take the money at an interest rate. They provide car loans for both branded new car and the second hand that is used cars in montclair. Basically there are three types of car loans first new car loan, second used car loan and third one is loan against car.

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Attributes of car loan

  • Each bank has their own criteria’s to give the loans. But there are few criteria’s which are common in most of the banks like the age you should be above eighteen years and below sixty years if salaried person and for self employed it is sixty five years. They also ask for bank statements, address proof etc.
  • Loan amount which the bank provides differ from bank to bank bases your credit score and eligibility. The total amount also depends on how much down payment you are able to pay.
  • You can decide on the tenure of the loan bases your feasibility. But it should not cross more than eight years or should not be less than one year. The EMI will based on the tenure the larger the tenure the less the EMI amount. The only difference for new and old car is that loan interest will be more on the used car.
  • The EMI is calculated based on the interest amount, processing fee and your account balance. The EMI has to be paid on monthly bases to the bank. The bank offers a option where they can directly cut from your account on the first week of the month else you have to pay the amount before the given date.
  • Bank allows you to close the loan before the tenure of the loan. This facility can be availed only after you play twelve EMI’s.
  • They also give you an option where you can pay large amount to bank to reduce the tenure or loan amount. Like others offers this can also be avail only after twelve EMI payments.

Conclusion

Hope the above mention information is of some use for you while you’re applying for car loan.

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