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Car Financing Myths You Should Know...

12 December 2014, 02:16 PM

Getting a car has become a necessity nowadays. Whether a person wants to go on a road trip, or he just wants to spend some time with his family at some random hill station, a car is needed. This has caused an increment in car buying options in India, with car financing being the foremost method of driving a car out of the showroom. But quite obviously, there are a few car financing myths or unsolved facts that lead to the people taking wrong decisions. Some of these myths have been solved underneath:

  • Restriction from getting Car Loan due to Poor Credit History: This is a rumour that lessens the number of loan applicants in the country. Everyone is afraid that their car loan application might get rejected because they didn’t have a good credit history, but this isn’t entirely true. Auto Finance loans are not rejected so easily. Interest rate and down payment may vary, but there are large numbers of chances of the loan getting approved.
  • Financing can be done only on a New Car: Many people in the country are afraid to buy a second hand car due to lack of funds at the moment. They need financing option for buying a car and have a misconception that they can’t get finance over an used car, but as a matter of fact, getting a car finance in India is not that difficult, even if the application is for a second-hand car. The only problem is that most of the loans are restricted for only those cars that are not more than five years old.
  • Only an Individual can apply for Car Loan: This is one of the very prevalent car financing myths in the Indian background that if a car loan has to be applied, it has to be done only on the behalf of a single personality. The loan cannot be in the name of two people, but as a matter of clearance, more than one person can be applicants of the same loan, as far as the terms and conditions are met.
  • No Relaxation in Terms: If you are getting bewildered by the terms and conditions, then you need not worry, as one can always talk to the loan providers and get a rectification or come up to a common decision, if a certain term cannot be met. Relaxation is there in terms, as per the allowance by the authorities.   

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