FINANCING THROUGH THE MOST IMPORTANT MOVING ASSET – YOUR CAR
A car loan is availed by the borrower against the vehicle which is intended to be purchased. The car usually serves as collateral for the loan. If your credit rating and profile are good you will get a loan with a lesser rate of interest, tenure, and repayment period. Car loans are highly beneficial in many ways. But there are a lot of people who are opting for a car refinance loan over a usual car loan
Car Refinance is all about availing finance against one of your most valuable assets – our car. A car refinance loan can only be availed if your car is less than 7 years old, if your car is more than 7 years old car refinancing is not possible.
Answering one of the most frequently asked questions, which is why should one opt for a car refinancing loan and not any other personal loan? Let us break it down for you.
A car refinance loan is more of a secured loan wherein even if some of the income documents are not available the loan can be processed. Even if one has a low credit score or less eligibility, Auto refinance loan can be availed with better auto finance rates because of the security of the loan. Whereas in other regular cases when one borrows a personal loan, there are a lot more norms applicable like eligibility, good credit score, etc. Hence to avail a car refinance loan most of this is not compulsory hence making it a quicker and a hustle free process. You are eligible to avail loans at the lowest auto refinance rates.
One more major benefit of availing of a refinance auto loan over other loans is that facilities available in car refinance loans can be availed as an overdraft facility. Car finance can also be availed more than 100 percent of the value of your car.
For Example, if the worth of our car is Rs. 5 Lakhs, You are entitled to avail of a loan worth Rs. 10 Lakhs which is 200% more than the value of your car if your credit rating and profile are really good. Even if your profile is average you are entitled to 100 percent of the loan amount matching the value of your car. Hence this makes car refinance more approachable and most opt for it.
Existing automobile assets that are loan-free can be used to raise funds. In other cases when your track record of paying Auto EMI is good you will be entitled to get more funds on the existing loan
There are car showrooms available in the market which also offers car refinance loans. It should be noted that car showrooms have lesser tie-ups with a lesser number of banks and NBFCs. whereas car loan refinance companies have better options with suitable banks and NBFCs.
We at Moneymax have a huge and varied link with all the banks and NBFCs. we are also, at the same time, completely brand independent and give in completely customizable options with best auto refinance rates. We then freeze on options that are suitable to our clients and take them forward from there. We will also guide you to make your loan experience smooth and friendly. You can write to us at email@example.com or call 9092090817 for more details.