There are only a few requirements which you need to make sure of before applying for the car loan; the generalized category includes some official documents such as your identity card, family income certificate, your proof of residence and a copy of your bank passbook. Apart from these, there is one more requirement called the credit score, although one can always apply for low rate car finance for bad credit.find out here now and know more about it.
What is a Credit Score?
A credit score or commonly known as CIBIL score is a number which is based on an analysis of a person’s credit file records, this number represents his or her creditworthiness. The CIBIL score is primarily based on a credit report, which is based upon the information typically sourced from some credit bureaus. Since this depicts the creditworthiness of a person, so there is minimum values of credit score, one person must be having to ensure the car loan company that the person is trustworthy to be able to pay all the loan installments on time. A normal credit score of 700 is required by most of the companies providing the facility of car loans. But it is recommended to have a credit score of about 750.
Even If you have a bad credit score, you can still apply for a car loan; there are many companies which provides low interest auto loans with bad credit, these companies fill both criteria you desire, no down payment with low credit score eligibility.