Easy Tips To Get Hassle-Free Bad Credit Car Loans in 2022

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Check your car loan eligibility

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The interest rate on the auto loan determines the total cost of your bad credit car loans and the EMI payments.

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Volunteer for a Higher Down Payment

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Title 1

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Apply for a Pre-Approved Loan from Your Bank

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Go for a car model that fits your budget

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Rent a car instead of buying one

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Choose wisely when raising funds from NBFC or other lenders

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Read the documents carefully

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Easy Tips To Get Hassle-Free Bad Credit Car Loans in 2022

Check your car loan eligibility

Getting a car loan with a low or bad credit score can be more expensive compared to those with a good credit score. Get a free credit report from one of the credit reporting agencies in India.

The interest rate on the auto loan determines the total cost of your bad credit car loans and the EMI payments.

Check Current Car Loan Interest Rate

Volunteer for a Higher Down Payment

When you make a hefty down payment on your car, the total cost of the car loan goes down. A higher down payment also means lower interest payments and processing fees.

Title 1

Borrow based on your ability to repay

EMI payments should not exceed 50% of your salary. Keep a low debt-to-income ratio. A high debt-to-income ratio means a greater chance of defaulting on loan payments.

Apply for a Pre-Approved Loan from Your Bank

Some banks offer pre-approved loans to existing clients based only on their KYC paperwork. APPLY HERE

Go for a car model that fits your budget

Go for a car model that fits your budget

Applicants with a bad credit rating may not get a large car loan.

Rent a car instead of buying one

Lease payments are comparatively lower. This is an option only if you don't get too many miles in the car.

Choose wisely when raising funds from NBFC or other lenders

Car dealerships will recommend few financing options, but you need to be careful when ruling them out.

Read the documents carefully

Go through all the formalities related to the application and processing of your car loan with a fine tooth comb.