It is everyone’s dream to buy a new car the procedure is something which people think is very difficult. Purchasing a vehicle is always fun and exciting you research different models of different companies’ colors, then you go and buy a car for yourself. However, it is very challenging, like your financial history will be checked, your credit score, and many more. All this is shit because the bank has to see whether you are capable of bearing the loan amount or not. Most people think they cannot get a loan without a license, and that is true one can get a car loan without license.
How to get a car loan without license?
For getting a car loan you don’t need a license, when a person does not have a driving license many things have to be looked upon as finance registration of the car and especially who is buying a car.
You should remember that a loan of a vehicle and financing is two different things, for the financing of a vehicle, you don’t need any driver’s license. To get an auto loan with no driver’s license is a matter of a few steps. You have to understand the financing process, then there will be no trouble for you to get a loan.
One of the main reasons why you can finance a car without a driver’s licenseis that there is no such rule of getting a loan only when you have a driver’s license because that sounds very illogical. So it is very much possible to finance or buy a car if you do not have a driving license. This type of rule exists because there are various reasons for the person buying a car, maybe the person is learning to drive or is buying for some business. Furthermore, it is quite an easy process for buying a car.
Also Read: How to Get Your Car Insurance Quote without Revealing Personal Details?
Can you buy get a car loan with no income?
Having a secure income is necessary for buying a car but doesn’t say that a person with no income can not buy a car. A car loan with no income is possible depending on various factors such as revenue, credit score, etc. There is always a question, will I get a loan if I don’t have income and the answer is yes?
The eligibility to buy a car depends on the lender some banks need income requirements while some do not. There are some criteria for getting a car loan
- you have to be above 21 years and not more than 65 years
- They are must be a study income in the family
- Good credit score
- Stable occupation
If you are unemployed, then all these will be seen within the family home you are dependent on. Then only finance will be granted.
For getting finance from a bank or any lender, it is very important to show income proof. If not that you have to keep any security deposit to get a loan.
- Car loan against FD
- Car loan with co applicant
- Large town payment options
- Loan against your existing car
- Loan against property
- Loan against gold
Therefore, there are many alternative sources of getting alone if you want to get it without any driving license or any source of income all your need to have is a good credit score because that is what bank checks and alone is always granted on your credit score.