2. Am I eligible for a car loan?: Many financial institutions offer up to 90 percent of the car value as auto loan. But later the final value might vary with lender. Before deciding on the loan amount, the banks will check on several factors like vehicle cost, type and value in second hand market. Even some banks are there that might even lend you up to 100 percent of the car value. Your lender can answer more accurately once you submit the initial application.

3. Can I apply for a car loan by phone or online?: No, you cannot apply for a car loan by phone as banks follow certain guidelines. It is better to apply for car loans online as it is much easier, faster, and more secure because the application is on a secure server. Don’t worry, you don’t need to pay for applying online, it is absolutely free. It is advisable not to send your personal details through an e-mail or to any pop-up sites.

4. What is the amount of down payment?: Whenever people hear of down payment they think it might be a huge amount. Therefore, it’s time to shed such wrong conception. Many financial institutions are there that provide with a variety of down payment options that may suit you. The fact is the greater your down payment, the lower will be the cost of your loan and the sooner you can pay it off. But, in case, if you don’t have money to make a down payment, there are still many options available.

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