Are you planning to buy a used car for your daily commute? But shortage on funds? Stop worrying about it as a used car loan can be a savior in this scenario. When you are ready to buy a car, then there are plenty of loan options available in Kolkata and you can easily get a used car loan to purchase your required 4-wheeler. Car loans in Kolkata are easy to get when you know where to look. The availability of finance companies, lending institutions, and those that charge high-interest rates all make it easier for you. In this article, we will discuss everything that you need to know about getting approved for a used car loan in Kolkata.
How to Get Approved for a Used Car Loan in Kolkata
Once you decide that you want to apply for a car loan in Kolkata, then it is time to start looking for financial institutions. If you decide to go the online route, it’s recommended that you do a comparison before proceeding further. This will make your search easier and help you find the best options available. You will also be able to compare the different deals and choose the best one for you. Before you start applying for loans, you will need to look for a few things.
First, you will need to have an accountant who is able to give you a final tax return. Once that is done, it is time to focus on your application. The application process will vary from lender to lender, depending on their requirements. You will need to provide details like your income, source of credit, and the amount that you want to borrow.
The next thing you will need to do is to secure a car loan. This is where you will need to make impromptu trips to your favorite car dealerships. There, you will need to look at their used car inventory and choose the best model for you. Once you have the car that you want, it is time to get the loan process moving. This will be a lot easier if you arrange for an appointment with your lender. Once that is done, you will be able to get started with the paperwork and the underwriting process.
Also Read: Procedures to Get an Instant Loan With Low Credit Score.
What are the Requirements to Get Approved for a Used Car Loan in Kolkata?
Before you start your application process, you will need to make sure that you meet all the requirements set by the lending institution. Some of the requirements that you will need to meet are as follows. You will need to have a good credit score. This means that you will need to have a credit score of at least 660, and a debt-to-income ratio (DTI) of less than 40%. Another requirement that you will need to meet is that the lending institution will want you to have a physical branch. Once you meet all these requirements, it is time to start applying. You can apply online using a financial website. Alternatively, you can apply with a car loan broker or an agent.
Also Read: The 5 Cs of Credit and Their Importance
How to Choose a Reputable Company for a Car Loan in Kolkata?
As soon as you start looking for a used car loan in Kolkata, you will notice that there are a lot of companies out there. The trick is to find one that is legitimate and has a good reputation. This will make it easier for you to get approved for the loan, and will also ensure that the loan is repaid. There are a few things that you will need to keep in mind when choosing a company for your used car loan. First, you will need to make sure that the company has been in business for a while.
This will help you establish that they are legitimate and that they are able to offer you the loan. You will also want to look at the terms and conditions of the deal carefully. This will help you choose the right company for the loan. Something else that you will want to keep in mind is customer service. You will want to call in and talk to a representative and see how helpful they are when you talk to them.
Find an Automated Credit Agency for a Car Loan in Kolkata
If you are looking for a fast, hassle-free way to get a used car loan in Kolkata, then an automated credit agency may be the best option for you. When you use an automated credit agency, you will need to provide basic details about yourself and your financial standing. The information will then be sent to a credit score provider, who will give you a score. This score will then be used to determine your eligibility for a car loan in Kolkata. There are a number of online credit score providers that you can use for this purpose. The best part about using an automated credit agency is that they do not charge any fees, so there is no cost to you. They will also process your application quickly, so you can get the loan quickly.
Compare Used Car Loans Online
|Lender||Loan Amount||Interest Rate||Loan Tenure||Processing Fee|
|HDFC Bank||Up to 85% of the value of the used car||11.50% to 17.50% p.a.||1-7 years (the age of the car should not exceed 10 years by the end of the loan tenure)||Rs.5,000 or 2% of the used car loan amount, whichever is lower|
|ICICI Bank||Up to 80% of the value of the car||10% to 17.65% p.a.||2-3 years||Rs.6,000 or 2% of the used car loan amount, whichever is lower|
|TVS Credit Services||Up to 85% of the value of the used car||13.1% to 15% p.a.||1-5 years||Rs.999 + GST|
|State Bank of India||Up to 2.5 times your net annual income||12.60% p.a.||1-5 years||0.5% of the used car loan amount + GST (minimum Rs.450 + GST, maximum Rs.9,100 +GST)|
|Sundaram Finance||Up to 85% of the value of the used car||12% to 14% p.a.||1-3 years||Rs.2,500 (a one-time processing fee)|
When you want to get a car loan in Kolkata, it is important to know where to look. The availability of finance companies, lending institutions, and those that charge high-interest rates all make it easier for you. Once you have found a lender, you can easily get approved for a used car loan. You will need to meet certain requirements, such as having a good credit score and a good DTI. Once you have these things, it is easy to get approved for a used car loan in Kolkata.