What a Vehicle Loan is and How it Works? A Thorough Guide
Have you ever daydreamed about cruising down the highway in your dream car, windows down and music blasting? Or perhaps venturing on a weekend road trip with your loved ones? It's undeniable that owning a car can bring a sense of freedom and adventure to your life. But let's be real, the price tag of a car can quickly put a damper on those dreams. So, have you ever considered taking out a vehicle loan to make your dream car a reality? How can you ensure that vehicle loans are a smart financial move? Let's dive in and explore the benefits and considerations of financing a car. What is a Vehicle Loan? A vehicle loan , also known as a car loan, is a secured loan offered by banks and NBFCs (Non-Banking Financial Companies) to help you finance the purchase of a new or used car. You borrow a specific amount of money from the lender, which you repay over a fixed term with interest. The car itself serves as collateral for the loan, meaning the lender can repossess the vehicle if y