CAR LOAN Requirements
One can avail car loans not only for buying brand new cars but also for buying the used ones. As a used car is cheaper, the car loan amount required is lower, and so does the car loan EMIs. But the fact is, used care required higher upkeep cost and there might be additional re-registration costs associated with it, neither of which will be covered by the car loan.
So, for most of the car purchasers, approaching a bank or NBFC for new car options is preferred over used car loan options. Another factor is that the car loan approval is much swifter for a new car.
- Identity Proof
- Address Proof
- Bank Statements
- Signature Verification
- Business Stability proof / Ownership proof
- Employment Stability Proof
- Partnership deed and Letter signed by all partners authorizing one partner