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Buying a car is certainly the dream of many individuals and it is also a symbol of status. When you want to own a car and do not have enough money, your dealers may arrange a lender for you to finance the car. This means the necessary amount will be paid to the car dealer by a financial institution. You need to repay the amount to the lender at an agreed interest rate and tenure.
Car financing is also known as car loans. To become eligible for car financing, the borrower must fulfill certain requirements. The financial institution will evaluate the borrower’s creditworthiness based on credit score and employment. Having a good credit score may make the borrower eligible for a higher loan amount at a better rate of interest.
The loan amount should be repaid month-on-month. Failure to repay the loan amount can result in the hypothecation of the vehicle. Henceforth, it is important to repay the financed amount without fail.