Car Loan

Car Loan

The interest rate for a new car can be as low as 0% and rates typically start at 4.9%for used vehicles. For those individuals with bad or no credit looking for a car loan, interest rates will generally start higher than 4.9%.

Used Car Loan Interest Rates Comparison, Lowest EMI Jan 2019, Best rates.

ICICI Car Loan Interest Rate Feb 2019

ICICI Car Loan

Features	New Car Loan	Used Car Loan
Processing Fee	Min Rs. 2,500 Max Rs. 5,000	2.00% Min Rs. 2,500 Max Rs. 6,000
Loan Tenure	Upto 7 years	Upto 5 years
Lowest EMI	Rs. 1,699 per lakh	Rs. 2,162 per lakh
Loan Amount	Upto 100% of ex-showroom price	Upto 80% of market value
Prepayment Charges	5%	5%

Bank	Car Loan Interest Rates	Lowest EMI per lakh for Max Tenure
SBI Car Loan	12.60% Floating	Rs. 1,798 for 7 years
ICICI Bank Car Loan	15.50% Fixed	Rs. 2,405 for 5 years
Kotak Bank	17.00% Fixed	Rs. 2,485 for 5 years
PNB	11.20% Floating	Rs. 2,184 for 5 years

Several, if not most banks offer car loan. But most often it’s the private lending companies that are offering higher loanable amount  auto financing. With the wide range of car loan options we have, we are struggling with a number of concerns such as where to apply and how to get approval fast.

Another concern troubling a car buyer is whether or not the loan offer you’ll get from the first bank or lender is the best you can get. These worries need not remain on your mind since our in-house loan advisers have given us tips on how to speed up your car loan application’s approval

Pay off your other credits

Having existing, unsettled credit is a major turn off for providers. Lending money to someone who doesn’t seem to show good payment behavior is such a risky move. Preferably, you should aim to show a good credit history to the lender. But if you really have an existing credit you just can’t pay off soon, just make sure to submit documents showing your capacity to pay. Making the lender see that you’re capable of paying the loan on top of your current credit is the most important thing.

Choose a car within budget

Lenders will evaluate your application based on the total cost of your car and whether or not you can afford it with your current income range. To guarantee fast approval, research and do the math first. Use car and loan comparison tools online and get help from loan advisers at lonesolutionPH.

3. Submit necessary documents

Submit all documentary requirements the lender requires. Primarily, these are your proof of residence, identity, age and source of income. Make sure to bring along the original and a photocopy of any 2 valid IDs. Applicants should be within the ages 21 to 70 years old and who’s earning at least PHP 15,000 per month. Self-employed entrepreneurs may also apply, especially those who’re running a business with good cash flow for at least 3 years.

4. Get pre-approved

This tip might seem counter-intuitive, considering that this is an additional step to an already long, time-consuming process of loan application. However, the best thing about getting a pre-approval is that it makes the negotiation easier. Plus, it will encourage you to stay true to your initial budget.

5. Getting expert help 

 Loansolution  isthe Philippines largest network of lenders. And it follows that applying through them, gives you more access to providers you wouldn’t probably have the chance to connect if you apply on your own. Plus, the company has a team of authorized loan advisers you can call on to facilitate your application, help you choose the best provider and guide you through the negotiation process from start to finish.

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