Streamlined loan processing – Most car manufacturers have a streamlined process where the loan application and processing are done on a tight timeline. Their centralized system processes all loan applications effectively and enables fast approval.
Easy documentation – The documentation for availing car finance is quite simple and easy. The manufacturer checks the repaying ability of the borrower and thus gathers evidence in the form of documents to ascertain your steady income.
Quantum of loan – For in-house brands, the manufacturers offer funding up to 100% of the car value. Customers can also get customized car loans based on their need. Often, gadgets, insurance and accessories are included as part of the loan value extended.
Tenure – The repayment period varies from lender to lender. However, it generally ranges between 1 year to 7 years. The borrower can choose the comfortable term within the available tenure.
Prepayment – The borrowers can also prepay the loan when they have enough funds to close the loan. The terms vary from lender to lender. Some car finance companies allow you pre-close the loan only after completing a specific period.