Hero FinCorp
ArchivesWish to Take a Loan Against Used Car? Here is a Well-Curated Guide to Help YouToday, numerous financial institutions provide well-customised loan options to address all your money-based concerns. Among these incredible solutions, loan against used car has definitely gained immense popularity to quickly arrange funds for your personal as well as business needs. Just as its name suggests, a loan against car allows you to pledge your car to raise the required amount of funds. Whether you require funds for your daughter’s wedding, home renovation or for arranging the working capital and more, with this loan you can avail up to 150% of the original value of the car as the loan amount for a tenure period of 12 months to 84 months. In addition, if you are a privileged customer of any lender, then chances are that you may not only receive special discounts, but you may also enjoy quick, hassle-free, and minimal documentation. Are you eligible for loan against car? • For many unforeseen situations and medical emergencies, loan against car can be just the right choice for you. In order to obtain a low-interest rate loan against your car, you must have a good credit score of 650 or above and a regular source of income. • In addition, the applicant must be 21 years of age, while applying for the loan and should not be more than 60 years old at the end of the tenure period. • The vehicle should have a minimum repayment track record of 11 months. • Both salaried and self-employed individuals can apply for the loan, but must have a proper work experience. Advantages of taking a loan against car • Avail a high loan amount – In case of loan against used car, since your old car works as a collateral, the lenders do not shy away from offering a high loan amount. Many of the lenders offer the loan amount ranging between 50% to 150% of the original value of the car. However, the lenders take several factors into consideration before sanctioning the required loan amount in your account. • Hassle-free application process – The easy to meet eligibility criteria and minimal documentation process make it absolutely convenient for you to avail the loan. In fact, many of the lenders have moved the entire process online to allow you to seamlessly apply and seek approval, especially without losing the comfort of your home. • Alluring interest rates – Due to the presence of a collateral or security in the loan, the lenders do not fear any risk from your end, and hence, provide low interest rates. Usually, you can find the interest rates starting from 13% p.a., and with an interest rate as low as this, you can easily pay all your instalments. Conclusion by Hero FinCorp on 2021-02-24 07:37:22 |