Get Instant Auto Loan for New Cars

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Get Instant Auto Loan for New Cars
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• How difficult is it to get a loan on a new car?
  It is not as difficult as everyone thinks. Keep
  all information ready so that it gets easier.
  Getting a auto loan will help you manage expenses
  more easily as you do not have to put in all the
  money you have into the car investment. However,
  the loan will still remain as a burden until it
  is completely paid off. This article contains
  tips and useful info that will help you get the
  loan instantly.

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• If you are salaried, you should be 18 years old.
  If self employed, you must be 21. At loan
  maturity, your maximum age needs to be 60 years
  if salaried and 70 if self employed. Also, you
  need to have worked for at least one year in the
  current company to get the auto loan. If self
  employed, you need to have been in business for
  at least two years. Individuals satisfying the
  above criteria are eligible to get a minimum car
  loan of Rs 1 Lakh.

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• The following documents must mandatorily be
  submitted for your auto loan approval. The
  interest rate, however, varies from one bank to
  the other or financial institutions. Additional
  documents too may be required based on the source
  of loan. Address proof, photo identity proof and
  income proof are the three mandatory documents.

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• House lease agreement, driving license, ration
  card, voter ID card, telephone bill or wireless
  landline bill, electricity bill, post paid mobile
  bills or credit card statement is usually
  accepted as address proof. For photo identity
  proof, you may submit your passport, photo credit
  card, PAN card, voter's ID card, employee ID
  card, driving license, local panchayat ID card,
  form 16 or notary certification with your photo.
  The latest salary slips with form 16 may be
  submitted as income proof. Self-employed
  individuals, however, may submit their latest
  income tax return documents as income tax proof.

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• Partnership firms and private limited companies
  too can avail auto loans for new cars. The same
  proofs will be collected in this case also. As
  address proof, the organization will have to
  submit any document that would reflect the
  current address of the concern or firm. For
  identity proof, partnership deed, shop and
  establishment act certificate, latest sales tax
  assessment order or sales tax registration
  certificate may be given.

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• Memorandum and articles of association with
  registration certificate can be submitted by
  private limited companies to prove their
  identity. For income proof, partnerships firms
  and private limited companies may submit the
  audited balance sheet, profit and loss account of
  at least 2 years and the IT returns of the firm
  of the last two years.

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• Keep the above mentioned documents ready. Next,
  check for loan rates online to get a fair idea.
  Loan calculators too are available. If you find
  the rates quite low, contact the bank or loan
  agent right away. Since you have already kept the
  necessary documents ready, it will surely not
  take too long for the car loan to get approved.
  The next thing you need to be careful is the
  fancy words used by the loan lenders. The auto
  loan has not been designed to benefit you alone.
  The lender too gets his interest. The interest
  too will be beautifully distributed among the
  EMIs making you feel that the EMI or your brand
  new is quite affordable. Be aware of the extra
  amount you may be paying on your new car.

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Source http//www.articlesbase.com/loans-articles
/is-it-possible-to-get-approval-for-car-loan-after
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