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For a car loan, banks ask for a CIBIL Score of 750. If you have a CIBIL Score of 750, your car loan will not get rejected. If you are an individual who has a low credit score, and applied for a car loan, then you will not be granted a car loan easily at first. Later on, even if you have been granted a car loan, you will have to pay a rate of interest that is higher.
Basic Criteria to Apply for a Car Loan
Following are the eligibility criteria for an individual to be able to apply for a car loan apply for a car loan.
- Stable Monthly Salary
- Good Credit History
- Minimum Age – 21 years
Factors that Affect a Car Loan Approval
Following are the factors that are considered while a car loan is in the process of getting approved.
- Type of Car
- Segment of Car
- Price of the Car
How Creditseva Can Help You
Creditseva will help you in understanding the details of all the components of your credit report so that you completely grasp the particulars that are required to maintain and improve a good CIBIL Score so that the car loan you have applied for does not get rejected and you also get eligible for new loans in future.
CIBIL Score and the Relation Between a Car loan
It often happens that many people approach the banks for a car loan, but only a few of them are usually able to get their car loan approved. One main reason for a car loan to get rejected is the low credit score.
Impact of Low Credit Score on Car Loan
If you have a low credit score, your car loan will not be approved by most of the banks. If some bank has approved your car loan, then you will have to pay a higher rate of interest because your credit score is low. Banks sometimes approve a car loan to the loan applicants who have a low credit score also. This is because a car loan has car as collateral. Therefore there is the lesser risk for the lender when compared to other loans.
Ways in Which CIBIL Defaulters Can Get a Car Loan
If you have defaulted a loan and you want to take up a car loan, then you need to specify the reason for the default you had made earlier. If you are able to give the bank a genuine reason for the default, then you can get a car loan easily.
- Co-operative banks: While taking a car loan, co-operative banks are chosen as these banks also grant loans to the individuals who have lesser salary.
- Financing By Private Lenders: If you are an individual who has applied for a car loan and the loan is rejected, then you can opt for financing by private lenders. These lenders charge the higher rate of interest when compared to banks.
- Car Loan against an FD: This is the most appropriate option for those who are willing to take up a car loan against an FD. It has less amount of paperwork and the interest rate is also low.
Nowadays car has become a necessity for the living is not a part of luxury for living as it was considered in the earlier days. Therefore every individual now wants to buy a car. Individuals are buying the car with the help of the money they have been saving for years or taking up car loans.
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