How to Refinance a Car Loan | Droom Credit

car loan refinance

It is quite natural to feel a bit anxious and intimidated while applying for a used car loan. Especially, when you are not too aware of all the banking jargon and processes. Well, tighten your seat belts as it is time to put all your concerns around refinance your car loan at rest to finally take your favorite car home. Now it’s time to be done with all the formalities within few seconds and avail the best of used car finance services.

Now, the question arises, how to refinance a car loan?

To put it simply, it is important to find out your creditworthiness first by taking into consideration a set of information such as total years of employment, household income, age, etc., to generate a score. Based on this score you can avail used car loan refinancing without any hassle.

What are the steps involved in used car loan refinancing?

No paperwork or lengthy discussion talks, a simple 5 step process involving filing up the information and documentation gets you your credit score.

  • Step 1: Fill in the basic information about your Aadhar card, PAN card, office, home, and family details.
  • Step 2: The system generates your credit report for free.
  • Step 3: Check out the various lender source and their respective used car loan interest rates which are generated for your Credit Report.
  • Step 4: Once you decide on the lender, the next is the documentation part wherein you have to upload documents such as salary slips for the last 6 months, Aadhar card, Bank statement, etc.
  • Step 5: The lender connects with you to disburse your loan.

How does refinancing works?

  • When you already have one car loan and you want to take another car loan, you can merge the two car loan by refinancing them with the help of a single car loan with lower interest rate.
  • When you already have one car loan with high interest rate and you want to lower down the used car loan interest rates, you can simply refinance car loan from another bank or NBFC with lower interest.
  • When you are purchasing a used car and the primary owner has an active car loan, you can refinance that car loan while purchasing the car.

With such seamless services, you can pay attention to other aspects of buying a car and not be worried about how you are going to pay for the car. You can simply find the best used car within your budget and requirements and plan to pay according to your convenience.

Benefits of used car loan finance online

Banking benefits

  • Get your loan approved in 30 seconds
  • You get to avail best & affordable credit terms
  • With a Credit Score report, you get to know exactly which used car finance services you can opt for. With this, you are the one leading the discussions and not the lender.

Digital benefits

  • You can find multiple lenders at one place without having to travel from one place to another.
  • The automated Loan Lifecycle Management keeps you in the loop regarding the EMI due dates and all.

It is all about using technology for your own benefit. Gone are the days when you had to travel for hours and conduct a discussion to even know the basics of the used car loan. You can do it all and more within the very confines of your home.

Why wait when you can enjoy life in the fast lane?

Nobody likes to wait. So, once you are relaxed with the car loan with Droom Credit, you can find some of the top-notch branded models available at the best prices at Droom. All these cars are put through proper quality and performance checks to make sure that you get worth for every penny that you spend to buy them. So, don’t wait when you can avail top price and the best used car refinance deals to buy your dream car.

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