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“Refinance means taking loan on the existing property with new Interest rate & for new tenure.”
Unlike Refinancing on other properties (Gold, residential, commercial properties etc...) car refinancing is little complex. As the car valuation decreases with time due to depreciation (Most of the financial Institutes consider the life of all cars only for 10 years baring 1 or 2). So all financial institutions calculate the tenure based on the existing vehicle year model.
Broadly Car refinancing is categorized into 2 types based on existing loan on the vehicle.
1. Simple Car refinance (free hold)
2. Top up loan (with Loan)
1.Simple car refinance: To put it in simple words car refinance means taking loan on loan free car with new rate of interest & new tenure. Car should be less than 9 years old.
2.Top Up Loan: Financial Institute fund up to 200% on valuation for the more details check the Top Up loan section.
Conditions what Financiers Look to Refinance the car:
- Loan free car (If there is already Loan running on the car it will is categorized under Top up Loan- (Which is discussed under separate section)
- Age of the vehicle should not exceed 10 years (Ideally 9 years-for atleast for 1 year tenure)
- Car should not be damaged or should not met with an accident
- Previous car track & other loan tracks (Decent to good credit History)
- Loan free vehicle Or NOC from previous financier
- Profile of the customer (Salaried or self employed)
- PAN card
- Aadhar Card
- Residence Address Proof
- Latest 2 Years ITR (Not Mandatory)
- 6 Months bank Statement
- RC Copy
- Insurance Of the Vehicle
- NOC from previous financier ( If RC is showing Still previous Financier name under Hypothecated To )