Are you thinking of buying your dream car this festive season? Or Are you Seeking funds to get your dream car & confuse between a car loan & a personal loan? If your answer, yes, then you’re in the right place.
This article will help you make the fruit decision because you’ll know the core difference between personal & car loans at the end of it.
More than 90% of consumers apply for loans to get their dream car. It could be an auto or car loan & a personal loan in some cases. Since personal loans are collateral-free, they are the most preferred credit facility among consumers. But it is wise to apply for a personal loan instead of a car loan? Let’s find out.
The most crucial factor is the ease of getting to the facility as quickly as possible. If you already have a savings or salary account with a lender, then it’s quite easy to get a personal loan. The reason, your lender already verified your profile and you don’t even need to visit. You can apply for a personal loan with the help of a few clicks.
A common misnomer is that high interest rates are paid on personal loans. It also deters individuals from taking advantage of personal loans. It would help if you recognized that several variables depend on the quality of interest delivered. Ensure your credit score is strong, and your existing loans are within a fair limit to get the highest possible interest rates. If you take account of these variables, you can quickly take advantage of a personal loan that promises stability and a great interest rate.
If you purchase a car with the help of a personal loan, you become the immediate owner of it. But it isn’t the same in the case of auto or car loan. Your lender is the owner until you repay the entire outstanding. Also, you need to apply for a change of ownership through RTO when you get the no due certificate.
If for some reason, you default on a personal loan, you are still the owner of the vehicle. And your bank can’t possess it as the personal loan is unsecured. But when you default on an auto or car loan, your lender has the right to sell it through auctions to recover the money.
Owning your dream car is no longer a distant dream. By using a personal loan, you can quickly turn it into reality. It is advisable to reach out to a reliable lender to get a customized offer.
Fair Fincorp is one of the leading Personal loan consultants in Dehradun. Feel free to reach out to our friendly financial advisors to make the most of the credit facilities curated only for you.
[ Also read: How to Get the Most Suitable Personal Loan for You? ]
Whether you’re a serviceman or public servant, at times, you need urgent access to cash. You don’t want to bother your relatives or friends. A personal loan can fulfill all your desires in no time. Don’t get stuck with the lengthy procedure; reach out to Fair Fincorp for speedy approval & quick disbursal in no time.