Can I apply for the loan online or do I need to visit a branch?

Typically, banks, Non-banking Financial Companies (NBFCs) and credit unions offer the ability to apply for used auto loans both online and in person at a branch. The option to apply online provides additional convenience for customers.

• When applying online for a used car loan, you would visit the bank or NBFC's website, locate the auto loan application page, and fill out the application details, including personal and financial information.
• The online application form collects all the standard details, including your income, employment details, expenses, and debts, car details like VIN number, mileage, etc., and the loan amount you need.
• After you submit the online application, generally within 1-2 business days, a loan officer reviews it and contacts you for any other documentation needed. This may include proof of income, ID, and proof of auto insurance.
• The loan officer processes the application and if approved informs you of the loan terms like interest rate, repayment period, payment amount etc. Overall this online process can be relatively faster and completed in 2-3 days after you submit complete documents.
• Alternatively, you can also apply in-person at a local branch. By meeting the loan officer, you get personalised service and advice regarding used car loan options and terms. The overall process may take 3-5 business days after you submit all documents.
• Generally, interest rates, approval criteria and loan terms do not differ between online and branch applications. NBFCs and banks aim to provide a consistent experience.