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Every one of us, must have dreamt of owning a car at some or the other in one’s life. Thanks to the advancement made in the field of banking sector, dreams have become closer to reality nowadays. Thanks to easily available loans, the dream of owning a car does not seem that elusive any more. Various banks, financial institutions and financial companies are readily giving auto loans. Thanks to the large number of finance issuers, there is a healthy competition between them. This is a bonus for the finance seekers as they get a variety and can settle for the one best suited for them.

The entire application process for auto loans would hardly take you a few minutes. Either you can fill up the form at the bank, financial institution or financial company’s office or you can ask them to send their representative at your place to aid you to fill up the form, or you can even fill up your auto loans application form online. The entire online application process, would hardly take you a few minutes. All you need to do is feed in a few details like your security number, your driving license number and so on. Then you would need to fill in details about your tax payments, your salary details and the kind of auto you would want to go for. After you fill in all the details, you can simply submit the form online. The finance issuer would get back to you in say about fifteen days time. They would go through your entire process, see whether you can really afford to take loan for buying a car or not. They would check your present financial status and determine whether you can service their loan or not. Their biggest criterion is to make sure that you have the ability to service their loans.

Thus, it becomes prudent on our part to understand that what exactly do we mean by servicing a loan. Servicing a loan means making sure that the installments of the loan are timely paid. The interest payable on the auto loan is timely paid and so on. People who have successfully serviced loans earlier are given preference. Banks do this in order to prevent any kind of bad debt. In order to verify your financial status they may even ask

you to furnish details about your credit history. There is a very thin line between good and bad debt. A good debtor may turn bad due to instable financial conditions or bad monetary decisions. The finance givers try their best to make sure that they give loans to only the financially stable people, who can service their loan.

Thus, if we see what is contrary to popular belief that, you need not have an

account with the bank, from whom you are taking the auto loan. However, you can take auto loan from anyone, whose terms and conditions meet your requirements. Moreover, you can also apply for more than one loan. In fact you can apply for as many loans as possible. However it is the bank, financial institution, financial companies call, to accept or reject your credit application. Although, there are a few banks, financial institutions and finance companies giving auto loans who ask for property papers as collateral securities. Moreover the auto loan issuer would evaluate the property papers and consider whether they are fit enough of being taken as Collateral Securities. Some other finance issuers may even ask for a lump some down payment. These policies are adopted in order to prevent incurring bad debt.

Just as it is important from the credit issuers’ point of view to find out to whom they are giving the loan too, similarly, it is important from the auto finance seekers point of view to know about the company or bank it is taking auto loans from. The finance taker should be fluent with all possible terms, rules, interest rates applicable and all other such technicalities about the auto loan. They should be very clear about the extent till which the auto finance issuer can go in case he fails to service the loan properly. Sometimes if the agreement permits then the finance issuer can take over the collateral securities kept with the finance issuer. In certain other cases the finance issuer might have the power to take over the auto bought with the auto loan. This is specially the case that can happen in case one goes for mortgage loans.

Thus, it is very important that no matter what you might dream of owning. Always be clear about the rules and regulations involved with it. Always read the documents before signing and be aware of your rights.

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