Car Loan
A car was once considered a luxury item. In today’s economically developed world, a car has become a necessity to get from one part of the city to another.
Although not everyone has enough money to buy a car with a lump sum payment, there are many lenders that can help you realize your car-buying dream through car loans.
It’s easy to apply for a car loan online. Nearly every bank / Financial Institution offers car loans with attractive interest rates. It is possible to get a car loan based on your ability and then pay EMIs without affecting your finances.
Feature & Benefits
Simple & Fast Process
The process of borrowing a car loan is simplified. Both the application and processing take place in a short time. The centralized system streamlines all loan applications and allows for fast approval.
Up to 100% Finance
Fincave can provide funding up to 100% of your car’s value. Customers can also apply for customized car loans that are tailored to their needs. Many times, accessories, insurance, and gadgets are included in the loan amount.
Up to 7 Years flexibility
Bank to bank, the repayment term varies. It generally runs between 1 and 7 years. Fincave can help you get Car Finance at a comfortable term and within the time frame that is available.
EMI Calculator
Fincave EMI Calculator is a simplified and interactive calculator that allows you to calculate the amount of interest on your loan without doing any math.
0
0
0
FAQ's
Is it possible to get a loan for a car that is used?
Yes, pre-owned cars can be financed with a car loan. However, the interest rate on a pre-owned car loan will be different from that for a new one. The loan would not cover other costs such as registration transfer, but only the cost of the car.
What is my maximum loan amount can be borrowed for a car loan?
Each bank may have a different maximum loan amount. Banks typically approve loans amounts between 80% and 90% of the car’s actual on-road value. A few banks will only lend 100% of the car’s ex-showroom value. These criteria are not the only ones. The percentage of financing available will also depend on the car’s price, model (standard/premium) and whether the car is new or pre-owned.
What's the average term of a car loan?
A car loan tenure can be from one year to 5 years. For longer loan terms, the EMI payable is higher. A few lenders offer car loans with a longer term of up to 7 years.
Any tax benefits to a car loan?
No. A car loan does not have any tax savings like a home loan. Car loan amounts should be determined by your actual needs.
What's the difference between a fixed-rate and a floating-rate car loan?
Fixed rate car loans have a fixed interest rate. This means that the rate of interest on the loan will remain the same for a set period. Fixed rate car loans have a fixed EMI payout requirement. This is because market conditions do not affect the EMI payout requirements. The floating rate car loan’s interest rate changes periodically depending on the lender’s decision. The EMI payable on a floating-rate loan can change from time to another.
© 2022 FINCAVE FINANCIAL SERVICES- All Rights Reserved. I Privacy Policy