Which document is important for a car loan?
|Documents Required||Individual Cases|
|Income Proof||Latest 2 Salary Slips & Latest Form 16||1. Latest ITR|
|Bank Statement||Latest 3 months Bank Statement|
|Age Proof||PAN / Driving Licence/ Passport/ Birth Certificate|
What do you need to have for a car loan?
Car Loan Documentation Checklist: The 8 Things You Need
- Proof of identity.
- Proof of income.
- Credit and banking history.
- Proof of residence.
- Vehicle information.
- Current vehicle registration (for trade-in)
- Proof of insurance.
- Method of down payment.
Is salary slip required for car loan?
Proof of address documents: Aadhar card, passport, telephone or electricity bill, Shop & Establishment Act certificate (for self-employed individuals), among others. Proof of income documents: Bank statement of the last six months. Salary slip and form 16 (for salaried persons)
How can I get a 50000 car loan?
There are a few things that you can do to improve your chances of getting approved for a 50k car loan before committing to buy one, including:
- Paying off debts to improve your debt-to-income ratio.
- Making a large downpayment.
- Shopping around with multiple lenders to make sure that you get the highest available loan.
Is it easy to get a car loan?
Having a good credit score is essential if you want to get approved for an auto loan with decent terms. In general, a good FICO® Score☉ ranges from 670 to 739, and a higher score is even better. Auto lenders typically use the FICO 8 or FICO Auto Score models to determine your score.
How long does a car loan take?
This could take a few days to process, and it may take one to three business days for your funds to show up in your account. From start to finish, it can take up to a week to receive a car loan from an online lender. The approval time for car loans from banks and credit unions varies.
Can I buy a car with no credit?
Use a cosigner to buy the car One of the easiest ways to get a car without credit is to have someone cosign for you. This provides lenders with a safety net that your auto loan will be repaid, even if you fail to make payments. Remember, that makes your cosigner legally responsible for your loan.
Is ITR required for car loan?
It is very easy in India for any salaried or self-employed person to get a car loan – even without furnishing an income tax return or any other kind of income proof. However, the person needs to have a good credit score to buy either a new or a used car with the help of a car loan.