What is Car/Vehicle Loan?

It is a type of short-term loan, where the car of a borrower is used as collateral security to a bank or financial companies. It is generally for less than 30 days. The borrower act as a lien holder and he do not repay the money in specified time, the lender can acquire that car and can sell it for recovering his money.

Different types of Car/Vehicle Loan

  1. Margin Money Scheme.
  2. Security Deposit Scheme.
  3. Advance EMI Scheme.
  4. Hire Purchase Scheme.
  5. Lease Financing Purchase.