Car is the prime necessity in today’s high paced modern living. Every high class and middle class person wants to have his or her own dream car. These days, prices of each and everything are booming. It is not an easy job to own a car in one-time payment for most of the people. So, facility of Car Loan is the one thing which can help you to achieve your ride.

There are several vehicle financing companies like HDFC Car Loan, HDFC Used Car Loan, Axis bank Car Loan, ICICI Car Loan, etc. available in the market. These loans are available both in offline mode and online mode. If Borrower actually wants the fast approval of the Loan, then he or she has to choose online mode. In this mode, consumer while sitting in the office or home can select and compare within the different lenders with an ease.

Consumers go for a lender who offers low car loan interest rate. Borrower can opt for either fixed interest rate or floating interest rate. One should also have some information about Secured auto Loan and Unsecured auto Loan. Car Finance is of two types:

Secured Car Loan:  Secured Loan is a Loan in which borrowers has to keep their newly purchased car or any valuable asset as collateral to the lender. So, if one could fail to pay their regular EMIs, then lender recovers their Loan Amount by selling that valuable asset. The person can calculate his or her EMIs, through EMI calculator.

Unsecured Car Loan: Unsecured Loan is the loan in which borrower don’t have to keep anything as security to the lender. The only thing, which creates the difference between both the loans, is the Interest Rate. One should pay high rate of interest in unsecured Loans. But mainly people prefer to choose secured loan as they can lend big amount at a cheaper rate of interest.

Car Loan is approved after some documentation either it is online or offline. Documentation includes some paper formalities like ID Proof, Residential Proof, Income Proof, etc. If someone fails to satisfy the income needed, then he or she can involve their family member as a guarantor to sum up the income. This will help them to meet up the requirements of the lender.