Need Money For Car Down Payment? Try This Solution

You’ve recently selected your dream car and are about to buy it. ?????, you decide to take a car loan to buy the car. But when you apply for the loan you realise that it would pay for about 80% of the car’s value and not the entire price. This means that you must pay the balance amount, and it must be paid first to book the car.

Don’t panic – you can still buy the car. Apply for an instant personal loan online to make the down payment.

What is a personal loan?

A personal loan is a sum of money approved by a lending institution against your personal and financial credentials. It is an unsecured loan that does not seek any physical security or collateral. Rather, the lender approves the loan based on your credit score, income from a salaried job, and repayment history.

Any Indian over 18 years of age residing in India and having a salaried job may apply for a personal loan from lending institutions such as banks, NBFCs and personal loan apps.

Buying your dream car but don’t have enough cash? Take a personal loan perhaps

A quick loan taken from a personal loan app is the answer to your dilemma about how to make the down payment/booking amount for your dream car:

You can apply for it using your smartphone. There is no need to go to the lender’s branch office to fill out paperwork or submit payment cheques

The app processes the loan in double quick time, as compared to traditional lenders like banks. Leading loan apps follow stringent credit checks, but they have more intuitive methods to check your financial behaviour and credit worthiness while processing the loan request. Your chances of getting a loan approval with a good app are much higher than with a traditional lender

The loan is disbursed within a few hours of applying for it, provided your credit score and documentation check out satisfactorily. Thus, you can make the car down payment easily and proceed to apply for the car loan without further delay

Once disbursed to your account, you can pay a broken interest for the days between the date of disbursal to the time of the first EMI in the following month. Thereafter, the loan is repaid in a series of monthly instalments from your salary

What to do before applying for the loan

Ensure that you install a reliable lending app with a proven track record and impeccable credentials

Check your personal loan eligibility. It is an essential first step: if your eligibility is low, you must think of another avenue to raise the down payment

Check the interest rates, processing fees and late payment fee schedule.

Get your documents in order (address proof, personal ID proof, bank statement, income proof and personal photo) before applying

Get the loan and pay for your car

Once you have the personal loan in your hands, you can inform the car dealership and have them process the payments, if you are taking the car loan from them. If not, you can pay the booking amount to the dealership and apply for the car loan with your preferred lender. The lender checks to see if the down payment is made before approving the loan.

Conclusion

Buying a car is easier and hassle-free when you use a personal loan for its down payment.