How to use a loan app to obtain a car loan? 

Like many people, you imagine walking into a car dealer’s showroom, paying upfront and driving off the car you want to have. You wonder how you would turn it into reality. You can! You don’t have to wait to save enough money to buy your own car. A car loan can help you with flexible repayment and loan tenure options. 

Buying a car for you and your family is not difficult anymore. There are innumerable apps offering car loans, and one of the prominent apps is the IDFC FIRST Bank – Instant Loans App Online. With it, you can get the best car loan you are looking for. Here are some uses of the instant loan app to get the best car loan for both new cars and pre-owned cars.

You can apply for IDFC FIRST Bank car finance through the instant loan app and enjoy a hassle-free application process and doorstep loan assistance from the bank. The app helps you know the car loan eligibility and affordable EMI repayments for the loan tenure up to 10 years.

Before going ahead with the car loan application, you can use the IDFC FIRST Bank Loan app to check the following aspects: 

Interest rate

You can find the best car loan interest rate on the loan app, which is a floating interest rate and starts from as low as 7.25 percent. Nevertheless, the rate of interest depends on several factors such as the credit score, car model, repayment capability, and so on. If you are an existing customer of IDFC FIRST Bank, you can download the instant loan app from the Play Store or App Store and log in to apply for an instant car loan online. The app also helps you apply for preowned car loans at the most reasonable interest rates.

Know your CIBIL score

A CIBIL score demonstrates trustworthiness of an individual. For this reason, when you apply for a car loan through the app, the bank requires you to provide your PAN Card details and mobile number to check your CIBIL score and eligibility.  The loan eligibility depends on your credit score, where a credit score of 750 and above is required to avail a car loan. With a credit score below 750 you may need to pay higher interest to eliminate risk factors. 

You can check your CIBIL score to know your car loan eligibility and apply for a quick car loan online on the IDFC FIRST Bank Instant Loans App. 

EMI affordability

Before considering a loan, you should know what your eligible loan amount is. If you are not eligible for a hundred percent loan amount, you may need to make a down payment for your car loan. However, it is advisable to check your repayment capacity and decide how much you can repay as EMIs using the IDFC FIRST Bank car loan EMI calculator. 

The above-explained features of the app can help you get the best car loan for both new or preowned cars using the IDFC FIRST Bank – Instant Loans App Online. 

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