The vast majority of cars isn't bought by consumers at all; they're purchased by banks. Very few buyers pay cash outright. A car loan is a loan in which funds are given to purchase a car and the car so purchased is kept as security. Subject car is hypothecated in favor of the financial institution. It is given to new as well as used cars.The buyer can repay the loan in the form of equated monthly instalments for a maximum tenure of five to seven years. Shopping for a loan isn't as fun as shopping for the car itself, but it's not as difficult as securing a mortgage, either. It is recommended that you must shop around for a loan before you go to a dealership. Before you can shop for a loan, though, you must compare the car loans with lowest EMI available. You can compare these loans provided by different banking and non-banking institutions online with the help of EasyLoansIndia.com, which is a web portal which helps you to compare among these loans and choose the best one for you.
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