Which loan should you consider while buying a car? Car Loan or Personal Loan

By: admin01 comments

It makes complete sense in going for a personal loan for buying a car. As it is an unsecured loan although you pay some extra amount as interest, the processing time is faster and there are no restrictions on specific spending.

These are specific facts which educate us about why it is better to take a personal loan in Delhi NCR for buying a car as compared to car loan:

  • FACTS ABOUT CAR LOANS

  1. SECURED

Car loans are secured and thus if you default in your payments. Then the finance company or bank can forfeit and auction your vehicle.

  1. LOWER INTEREST RATES

As car loans are secure loans they come with lower rates of interest than personal loans

  1. RESTRICTIONS

With a car loan, you can only buy a vehicle and not do anything else with the loan amount.

  1. LONGER PROCESSING TIME

The processing time for a car loan is longer as compared to personal loans. And you also have to furnish many documents and proofs to avail of a car loan.

  • FACTS ABOUT PERSONAL LOAN

  1. UNSECURED

The best part of taking a personal loan in Delhi NCR is that they are not secured loans. And thus no property of yours is under risk. Even if you default you can get extra time to pay back your loan and will not have to bear any loss of property or any other physical assets.

  1. SHORTER APPLICATION TIME

The application time for personal loans is very less and thus you can get money easy and quick. You don’t have to go for complicated paperwork and you get your loan within a couple of days or on the same day.

  1. NO RESTRICTIONS ON USAGE

There is no restriction of usage for a personal loan in Delhi NCR as you can spend the money as and when you like, be it for a wedding or repairs or a vacation or any other personal expenditure.

Loan Kumar is your answer for all your finance and loan needs and whether you want to take a home loan in Delhi NCR or a personal loan in Delhi NCR or a business loan in Delhi NCR, loan Kumar will provide you the best loans with the most competitive interest rates.

Read More – All About Personal Loans Provided by Loan Kumar

Related post

Comments

  • Should You Take a Personal Loan for Wedding | Loan Kumar

    October 12, 2018

    […] Read More – Which loan should you consider while buying a car? Car Loan or Personal Loan […]

Leave A Comment

WhatsApp chat Live Chat