Buying a car is everyone’s dream. But only a few can live up to it owing to the current market and the inflation. Everyone is not wealthy enough to afford their car by their own and even the wealthier ones plan not to buy it off paying the full amount. Having said this how can one own a car? Will owning a SUV will always be a dream? The answer to these will be clear if you know more about car finance information and car loans.
Different banks around the country offer these car loans and some banks also offer counseling to public about car finance information. These banks will have dedicated counselors whose job is to enlighten the people with all the needed information about car loans. They also answer all the doubts from the public and make sure they are sure of what they want. The counselors also explain about the bank terms, the amount that can be granted as car loan, the rate of interest, the tenure for the loan and also the different repayment modes. Some banks also offer special loans based on the type of car you are going to buy.
Car loans are different from other loans like housing loan, educational loan. Car loans do not require any huge capital that you have to produce to the bank as a surety. The bank just needs some information like your pay slip for the past 6 months, your address proof and also an identification proof. Some banks also ask for your credit history to make sure you do not have any previous debts and also to make sure you pack back your debt correctly. You must also produce a letter from your company stating you are an employee of that concern as a proof of your employment. Apart from these, you also need couple of passport size photographs of yours and also your passport.
Car loans are also sanctioned rather quickly when compared to housing loans. Housing loan takes around a month or so to get sanctioned whereas car loans are approved in less than a week by most of the bank. There is also more promotional offer for these kinds of loans as every bank is now trying to encourage people to get their own vehicle. Some banks offer additional promotions if the car you are planning to buy is your first car.
Apart from these car loans, you might also be in interested in home improvement loans with Hitachi if you are planning to remodel or renovate your current house. These loans depend on the type of the house you own and the type of modification you intend to do. You need to submit the plan for your current house and also the plan you wish to implement for the same. The bank will then decide if its is legal for you to modify the construction and will grant you the amount for your loan amount.