Can I buy a car on my name (Currently I have no source of income). My sister_in_law is a state govt employee salary 40,000/- and is willing to be my co-applicant. Vehicle cost Rs 4.50 Lakh. Can I get joint car loan?
To take a car loan, you need to have an income and submit ITR, income proof, bank statement and such relevant documents. If you are not able to provide any of these documents then you will not be eligible to apply for a car loan. In that case you cannot be the primary applicant. However, you can make your sister-in-law as the primary applicant and you can be the co-applicant.
Eligibility differs based on the criteria set by the lender taking into account the borrower’s profile. You can check with your respective bank if they have any additional requirements since policies may differ from one bank to another.
Factors Affecting Car Loan Eligibility?
Income levels: Higher the income, better the chances of getting a higher loan amount
Income regularity: Regular income improves chances of loan approval
Kind of Car: New cars are more easily financed than used cars; a high-end model will be expensive, which means the borrower has to be able to pay the required down payment.
Longer tenures will enhance repayment capacity
Here is the general eligibility criteria for getting a Car Loan.
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