We all know the basic needs of living. What are they? Food, Clothes, and Shelter will be the ideal answer. For a middle-class family, having a vehicle has also become a necessity. A two-wheeler is a must. Having a car is also, is a feather in a cap.
A few years ago, owning a car was a luxury. People used to save for years. They invested their savings in the dream car. It was considered a milestone for them. Owning a vehicle is not that difficult now. With the help of car loans with low income, anyone can buy a car.
A car gives you many comforts and the luxury of traveling in your conditions. It saves you from sunlight and rain. New features of music and videos have made them more desirable. For traveling a longer distance, it is the most preferred vehicle. Road trips are fantastic when done by car.
In fast pace life, buying a car only through savings is impossible. With time, prices of cars are also rising rapidly. A car loan is a better option to make your dream come true.
One can get bad credit low income car loans for a new or a used car. The car market is continuously rising. Buying and selling new and old cars has become relatively easy. At first, you have to make a down payment. The later price of the car is paid through monthly installments. How Easy?
Eligibility for Auto Loan
One has to fulfill some basic criteria to get a car loan. They could be age, financial position, and credit in the market. The lenders will check the possibility of repayment. In India, the below criteria are followed;
- One must have a fixed source of income.
- If he is a salaried employee, he should be in a job for more than a year.
- A self-employed, he should be in a business for more than two years.
- One should be an adult of above 18 years. But he should not be over 65 years.
Buying a car is a costly affair. It may cost you 20 percent of your earnings. Every month’s installments can be a tension. One should check a few things before taking car loans for low income families. Check the following questions.
- Interest rate
- What will be the initial amount paid?
- How much is the bank going to finance?
- Check the final price of the car after adding installments.
- Duration of EMIs (Easy Monthly Installments)
- Are there any prepayment charges?
The banks perform some documentation. Before proceeding with the car finance with no drivers license, arrange the necessary documents. The basic document that you need for the auto loan are:
- KYC(Know your Customer)
- Statement from bank
- Salary slip
- Proof of ownership of the business
- Identity Proof
When documents are ready, banks take less time disbursing the loan amount. Many financial websites can guide you on car loans. The showroom owners can also advise you about various options. Go through all the details online and offline to get a fair deal.
What is the wait for? Fulfill your dreams. Gift your family the pride and comfort of the car. Plan your next road trip with your loved ones in your own car. Happy Ride!
