The coronavirus pandemic and the nationwide lockdown have badly impacted economic activity, compelling many people to re-plan their day-to-day finances. These unclear times have instructed individuals many new methods of earning, saving as well as preparing funds. One such method is taking lending against the car.
Financial institutions and loan providers offer finances against automobiles at the rate of interest starting at around 14 percent.
Under this, users can Pledge a Car on finance [รับจำนำรถยนต์ติดไฟแนนซ์, which is the term in Thai] so that they can get a car loan to meet the instant monetary requirements.
- No Files Called for
There is no need for an earnings file to obtain a loan against the automobile. Likewise, the disbursal takes place promptly into the checking account.
- Flexible Payment
Those that desire reduced EMI can choose longer payment alternatives which can go from one year to five years.
- More Affordable Interest Rates
The rate of interest on EMI is more affordable than for personal financing. For finance against the vehicle, customers are called for only to pay 14 to 18 percent interest whereas for personal lending, which is more challenging to obtain, would bill rate of interest as high as 20 percent.
- High-Value Funding Amount
When one selects financing against an automobile, s/he is liable to obtain as long as 200 percent of the worth of their vehicle as the lending amount.
- The Auto Remains with The Individual
Even though individuals are utilizing the car as a possession for availing of finance, they can continue using it for an individual wheelchair. It is not like one needs to lose their vehicle to obtain a loan.
- Existing Car Loan
The existing car loan will be paid in full to the existing vehicle loan investor as well as the auto loan will be taken into consideration closed. As long as individuals pay 12 EMIs, they are qualified for lending against the vehicles.