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Individual auto loans are loans that are given for diverse automotive purposes, like purchasing a car, truck, SUV and so on. These days, a lot of lending institutions offer these loans. Therefore a borrower can effortlessly get these loans without having any hassle. But, there are some pre requisite criteria that are essential before applying for a private auto loan. These are as follows, You will have to submit your revenue proof that can be verified Your residential address proof that also can be verified. You should have a great credit history. You really should be a holder of valid driving license You could have to submit private reference such as products like your phone bills, bank statements, tax returns and so on. If you are a very first-time auto buyer, then do not get nervous as there are several lenders who offer you loans for those who apply for private auto loans very first time. Nonetheless, the interest rate on individual auto loans is depended on the following factors: Credit history of borrowers Variety of vehicle- regardless of whether it is new or second hand Duration of loans Typically the duration of individual auto loans varies from 1-4 year. Personal auto loans can be obtainable as basic interest loan. In that case, the interest rate will be calculated on the basis of principal amount. Besides, if your borrowed quantity becomes far more than ?25,000, then simple interest loans are excellent for you. Here the term period is determined more than 3 years. Private Auto Loan can be financed in two different techniques- direct and indirect. In direct financing, borrowers avail loans from any bank or other lending institutions. Whereas, in case of indirect financing borrowers obtain private auto loans from dealers. Normally, private auto loans are utilised only for automotive purposes. Lenders provide the quantity that is equal to the worth of the borrowers vehicle. Individual auto loans are also offered for borrowers with bad credit. Various on the internet lenders provide individual auto loans for negative credit borrowers. Apart from on the web lenders, 1 can get these loans from other standard lenders like banks, credit unions, dealers etc. But bear in mind, due to your poor credit score, you will have to spend higher interest rate for a personal auto loans. Of late, innumerable borrowers are availing private auto loans. These loans are excellent choice to fulfill ones automotive wants. Even so, needless to say, a bit search will enable you to avail the finest deal. how to refinance a car loan