Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
5 Common Mistakes to Avoid while Applying for a Car Loan
Posted on Thursday, March 25th, 2021 | By IndusInd Bank
Cars are not just a machine with four wheels, it’s an emotion for us. When you buy a car on loan, you are prone to make several mistakes that can shatter your dream of having a car. Always remember to avoid these mistakes while applying for a car loan. IndusInd Bank offers instant and hassle-free car loan to customers. You can apply for a car loan here.
Choosing an irrelevantloan partner can lead to several complications in a car loan. Here is a list offive common mistakes to avoid for a car loan.
- Not tracking the credit score: Your credit score is the key to make your dream of owning a car come true. You can create trust in your lender based on your credit score, and you can check your credit score by using to online credit score toolsto a certain extent.
- Not comparing the loans: Many people directly apply for the loan without comparing the plans. Never forget to compare the interest and benefits from lender to lender.
- No Down Payment: Down payment gives a benefit to reduce the interest rates and loan repayment tenure. Make sure to do some percent of the down payment from the actual value of the car.
- Over borrowing: When you are eligible for a car loan, don’t go for a loan amount more than required. It will always affect your repayment plans.
- Long tenures: Long tenures make you pay more, so always make sure to choose the repayment tenure based on your financial plans.
Are you looking for a vehicle loan at lucrative interest rates? Turn to IndusInd Bank. We offer options for both new car loan and used car loan. Our documentation is minimal, and loan processing is quick and hassle-free. So, get in touch today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
