What are the ways I can borrow responsibly for a car loan?

  • Know your credit score going in.
  • Shop for a loan before you go to the dealership and use those offers as leverage to get the lowest APR possible.
  • Keep the term as short as possible and put money down.

Can I get a car loan with another car loan?

Credit scores are two major factors that have to be considered when a potential loan is about to be provided. ... Indeed, you can certainly take out one loan when you already have another one out.

How much loan will I be eligible for?

A lot of financial institutions offer up to 90 percent of the car value as an auto loan. However, the final value might vary with the lender. They check factors such as vehicle cost, type, and value in the second-hand market while deciding the amount of loan to offer.

What are the documents required?

You would require submitting your identity, address, and income proofs along with the loan application. The mode will be online.

What is the processing time?

After submission of the documents online, it takes about 3-6 days for processing the loan and getting it approved.

Can interest rates be negotiated?

Yes, interest rates for car loans are not fixed. They can be negotiated.

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