Do I need a guarantor or security while availing a car loan? If I already possess a vehicle, can I avail a loan on it?
The security for the car loan is your car itself
Do I need a guarantor or security while availing a car loan? If I already possess a vehicle, can I avail a loan on it?
Dhruv Puranik, Bhopal
The security for the car loan is your car itself. No other guarantor or security is required. Some banks do provide a loan against an existing vehicle owned by you. The rates and other terms and conditions will be similar to a used car loan. These banks will also do an independent valuation of the car to decide on the amount of loan eligibility.