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Individual auto loans are loans that are given for various automotive purposes, like buying a automobile, truck, SUV and so on. These days, a lot of lending institutions offer these loans. Therefore a borrower can simply get these loans without having any hassle. But, there are some pre requisite criteria that are required prior to applying for a personal auto loan. These are as follows, You will have to submit your income proof that can be verified Your residential address proof that also can be verified. You need to have a good credit background. You must be a holder of valid driving license You might have to submit individual reference such as items 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 a lot of lenders who offer loans for those who apply for personal auto loans first time. Nevertheless, the interest rate on personal auto loans is depended on the following items: Credit history of borrowers Variety of vehicle- whether or not it is new or second hand Duration of loans Usually the duration of personal auto loans varies from 1-4 year. Personal auto loans can be offered as basic interest loan. In that case, the interest rate will be calculated on the basis of principal quantity. Apart from, if your borrowed quantity becomes much more than ?25,000, then easy interest loans are perfect for you. Right here the term period is determined far more than three years. Individual Auto Loan can be financed in two distinct approaches- 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, individual auto loans are utilized only for automotive purposes. Lenders supply the quantity that is equal to the worth of the borrowers vehicle. Private auto loans are also accessible for borrowers with poor credit. Different online lenders offer private auto loans for bad credit borrowers. Apart from on-line lenders, 1 can get these loans from other traditional lenders like banks, credit unions, dealers and so on. But bear in mind, due to your poor credit score, you will have to pay greater interest rate for a personal auto loans. Of late, innumerable borrowers are availing individual auto loans. These loans are excellent option to fulfill ones automotive requirements. However, needless to say, a bit search will allow you to avail the finest deal. in english