Car Loan

A car loan is a loan that allows a buyer to pay for the car through monthly instalments rather than making a payment one time. The buyer has to pay part of the price as a down payment while the rest will be financed by the lender. Banks offer loans for a tenure of up to 7 years. You have the flexibility to choose the tenure at your convenience.  Many banks and lenders offer loans on used cars these days. Although the interest rate will be higher than the interest rate on a new car loan. 

How Ensure Mortgage Can Help 

If you choose Ensure Mortgage to help you with the process of a loan, you will be able to avail the following benefits: 

• Low interest rate 
• Fast loan processing 
• No need for using personal savings 
• Flexibility to choose the tenure 
• No additional collateral required 
• Prepayment facility 
• Availability of different repayment options 

Documents required for taking a car loan

You will need the following documents while applying for your loan: 

• Duly filled application form
• Photographs
• Identity proof (Voter Id, passport, ration card) and address proof (electricity bill, phone bill, passport)
• Income proof- latest salary slip
• At times banks may also ask for employment stability proof

The tenure of the car loan will not only decide your total interest outgo but the interest rate. Generally, banks charge a higher interest rate on shorter tenure loans and a lower interest rate on the long tenure of loans. Car age and model will also be one of the factors that is taken into consideration while deciding the car loan interest rates. Call us Contact Us for more info.