A financial goal that many individuals set for themselves is that of owning a car. Owning a vehicle saves you from the hassles of waiting for hours to get a proper means of communication and also travelling in overcrowded buses or metro. In addition, a lot of people are also avoiding using public transport in the current scenario, which makes owning a vehicle a necessity rather than a luxury. However, a major concern that most people have when it comes to buying a car, especially if you are unemployed, is financing the car. But even if you are unemployed and need an auto loan to buy a car, there is no reason to despair. Though getting approval for a car loan for an unemployed individual isn’t easy, it isn’t entirely impossible. Here are five smart ways through which you may get a car loan:
Keep a Good Credit Score
An applicant’s credit score and history are of paramount importance in securing approval for a loan. To lenders, a sound credit score with no outstanding dues or bankruptcy records reflects your creditworthiness and ability to fulfil your debt obligations with care. A healthy credit rating can greatly up your chances of having your car loan application approved.
Furnish Residential Proof
As an unemployed applicant, you may show your current residential proof or any property registered in your or your spouse’s name. This will assure the lender that you have a financial backbone to fall back on. Besides, residential stability is an important consideration for having your car loan application approved.
Get a Co-Signer
You could request someone – with a stable income and good credit score – to be a co-signer on your car loan application. This could help you gain faster approval. But do keep in mind that a co-signer will be equally responsible for your car loan wherein a missed EMI will adversely affect both your credit scores.
Make a Substantial Down Payment
If you have savings or spare funds, you could make a sizable down payment to increase your chances of car loan approval. A larger down payment can help bring down the overall cost of your car loan. Lenders are typically more inclined to approve a car loan with such a down payment.
Apply for a Car Loan Online at IndusInd Bank
While many top Indian banks extend car loans, IndusInd Bank offers car loans tailored to individual needs. If you are in need of a car loan, availing of one at IndusInd Bank comes with benefits like flexible repayment tenure, quick & easy loan processing and documentation with doorstep assistance, range of EMI options, and attractive interest rates. You may even apply for a car loan online from the comfort of your home, without having to visit the bank.
Bring home your dream vehicle with a car loan from IndusInd Bank today!