Five Basic Questions about Auto Loans:

Q. Why to apply online for auto loan?

A. Online process results in quick reply that results in confirmation whether the request has been approved for a loan or not.

A. What is the basic criterion to apply for auto financing?

Q. Applicant should be at least 18 years old. Applicant’s monthly income should be up to the mark for a direct auto loan. Applicant needs good residence and employment history showing of at least two years at the same location.

Q. What is the difference between direct and indirect auto financing?

A. Direct financing is a cash voucher or draft approval from financial institution for buying at a dealer of your choice. Indirect auto loan means you get financing from a dealer.

Q. Should I choose my vehicle before I apply for an auto loan?

A. First task is to apply for direct auto loan financing. Once you are approved, you will receive a voucher for a maximum amount of money to spend; based on your current credit standing you can go for auto selection.

Q. What are the factors that determine my auto loan interest rate?

A. First, it depends on your credit history – the better your credit score, the lower your interest rate. Furthermore, your interest rate also depends on loan term and on whether you are buying a new car or a used car.