Before taking a car loan transfer, take care of these 5 things.
Before transferring a car loan, make sure to calculate your current EMI and the EMI to be done after loan transfer. Because all banks and finance companies have different interest rates.
- January 15, 2021, 5:57 PM IST
Check eligibility before loan transfer- Whenever you think of transferring your car loan, make sure to check your eligibility. Because all banks and finance companies have different rules for giving car loans. In such a situation, talk to both from where you have taken the loan and where you are going to transfer.
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Must assess EMI- Before making a loan transfer, you must calculate your current EMI and the EMI that happens after the loan transfer. Because all banks and finance companies have different interest rates.Before transferring the loan, please check the service- Before transferring your car loan, you should gather complete information about the service of the old lending institution and the new lending institution. So that you do not face any problem in future.
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Know the interest rate and eligibility- According to the CEO of Bank Bazaar.com, many banks and finance companies decide the interest rate based on your credit score. In such a situation, keep your credit score above 750 points. If you score is less than 750 points, then do it better before transferring the loan.
Documents required for car loan transfer- Before transferring a car loan, gather the necessary documents. If you have all the necessary documents, then your car loan will be transferred very easily.