These days buying a car is not any more a lifestyle statement but is an utmost necessity for family who are under tight work schedule. But there is a big difference between buying a new car and a used one. Despite of having sufficient money, getting your car loan sanctioned from the bank is never an easy job. This is because the bank needs to ensure that you are at least in a position to repay back the bank debt. The very first criterion for any kind of loan is hence the proof of income.
Income Proof From Corporate Employees
You know that your car loan will be sanctioned when there you could provide a document of your income from your employer. With big companies and big banners, it is never a problem for you to get a car loan. One is least likely to leave the job of big companies or brands, and based on such assurance the car loan is very easily sanction. In many cases, it is the company that initiates this car loan processes. It is again a smart idea to go for car loans from the bank where your company has an account as the chance of getting your loan sanctioned is much higher.
Income Proof For Freelancers
Getting an employer’s income certificate is impossible when you work as a freelancer. In that case most banks ask for the tax payment documents of the individual. For many government and private banks, submission of tax payment is considered as equal in importance to that of employee’s income certificate. This is where many free lancers cannot go for car loans for brand new cars as many do not go proper tax submission. Hence every freelancer should employ an accountant for such purposes.
Bank Statement As Income Proof
Car loan amounts can easily be repayed within a couple of years and hence the rules pertaining to car loans in some banks are not that stringent. Hence many banks even consider the bank statements as a proof of income. For freelancers this is indeed very welcoming because most of their payments take place through online payment medium like Paypal where all monetary statement are explicitly given in the bank statement. If you have fixed clients with whom you have been working for the past couple of years and you could generate bank statement of it then getting a car loan is not that difficult.
The banks are always inclined to give car loans to those who have a constant and fixed income for the last couple of years which makes an individual eligible for the repaying the bank debt.
Hi i am Alice working as an independent staff reporter in a local newspaper. I was looking for easy car financing as i had a bad credit history, my friend told me to go for the several dealers who provide bad credit car application to help you own a car easily. All i needed was my income certificate and today i have a car of my own.