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Have a Car Loan Already?
If you have taken a loan to finance your car it is possible that you would have taken it at a higher rate of interest. It may also be possible that you have taken it at a fixed interest rate. You have read that interest rates have come down. In any case, it is the right time to review your used car loan and examine possibilities of transferring the loan to a lender who can give you better terms. We at Tata Capital assure you we will give better terms to you if you transfer your existing loan to us.
Things to consider before Car Loan Transfer
Before you decide on used car loan transfer you need to consider the following
- The balance tenure of your existing loan
- The change in EMI after looking at the offer from the transfer
- The total balance payment to be made in the existing loan - EMI x balance tenure - for instance, if your EMI is Rs 8000 and 40 months is the balance tenure then total balance payment to be made is Rs 3.2 lakhs. This amount can be compared with the new lender's terms
- The processing charges and other fees charged by the old and the new lender to effect the transfer
- In case you need additional funds you could consider transfer and negotiate for a higher loan amount which is like killing two birds with one stone
After you consider the above you can decide to transfer the used car loan if it is advantageous to you. We would be glad to provide you with an offer that is beneficial to you and meets your requirements.
|Parameters||Refinance of Vehicles||Switching to Tata Capital|
|Nature of Offering||Tata Capital offers a cash loan on the existing car which is free of loan||Under this offering, Tata Capital will take over the existing car loan from the other financier and provide additional cash loan on the said car depending on the eligibility|
|Loan Eligibility||Up to 85% of the valuation of the car||Up to 2 times the existing car loan serviced or up to 80% of the valuation of the car whichever is lower|
|Minimum Income||2 lakh - SEP |
3 lakh - Salaried
|Tenure||Up to 60 months||Up to 60 months|
|Documents Needed|| || |