Finance your next vehicle with competitive interest margins, quick document processing, and flexible repayment tenures for new and used cars.
Buying a car represents an exciting milestone, but choosing the right auto financing package can be confusing. Lenders offer various rate margins, processing fees, and foreclosure conditions that affect the total cost of ownership. Navigating dealer-end financing can also result in hidden dealer commissions being bundled into your loan package.
At MLG Finedge, we help you bypass the retail markup. We analyze financing options across leading nationalized banks, private banks, and NBFC channels to bring you low-interest auto loans. We consult on both **new car financing** (with up to 100% on-road funding options) and **used car financing** (with higher LTV structures and flexible tenures), ensuring you drive home with complete peace of mind.
Choosing bank-backed car loans offers several financial advantages:
Most banks limit used car financing to vehicles that are less than 5 to 7 years old at the time of loan application, and specify that the vehicle's age plus the loan tenure should not exceed 10 years.
Generally, a guarantor is not required if the applicant satisfies the bank's income and credit score criteria. A co-applicant or guarantor may be requested if your score is low or income thresholds are borderline.
Banks send an independent surveyor to inspect the vehicle's condition, manufacture year, mileage, and registry history. The loan amount is capped at 80% to 90% of the value determined by the surveyor.