Car loans often come handy as an affordable and convenient financing option to purchase your dream car. However, while you are repaying your car loan, you might discover a new loan from a different lender with better terms. In such a situation, transferring your car loan may result in a lower monthly payment.
Bajaj Finance provides the facility to transfer your existing car loans while also giving you access to additional funds. You can get a high-value top-up loan that helps you to address a wide range of financial requirements.
Here are five compelling reasons why choosing a car loan balance transfer may be a smart decision
- Affordable interest rates
If you are paying high-interest rate on your current car loan, transferring your balance to get a low interest rate can be helpful. It will help you save money over the tenure of the loan. Even a seemingly insignificant decrease in interest rates over the loan tenure can result in huge savings.
You can avail of a Bajaj Finserv Car Loan Balance Transfer with interest rates starting at 10% p.a. - Savings on loan costs
A car loan balance transfer can lead to an overall reduction in the cost of the loan beyond interest rates and repayment terms. Factors such as lower interest rates, favourable repayment schedules, and more can help you reduce your loan cost.
- Improved loan features
Lenders often provide you the option to make prepayments on your car loans. However, some lenders impose penalties for such prepayments, which can limit your flexibility.
In such a case, you can opt for a Bajaj Finserv Car Loan Balance Transfer and Top-up with the Flexi facility. With this, you have the option of prepaying as many times as you want without any extra cost. - Top-up loan amount
Some lenders also offer the option of availing of a top-up loan amount when you are opting for a car loan balance transfer. This feature allows you to access additional funds on top of your existing loan amount.
Bajaj Finance not only allows you to transfer your existing car loan but also provides you with a high-value top-up of up to 190% of the car’s value with a limit of up to Rs. 52 lakh.
Choosing a car loan balance transfer can be a wise decision due to its potential advantages. However, it's crucial to exercise diligence by carefully examining the terms of your existing loan and comparing them with those offered by the new lender. This thorough evaluation ensures that the benefits of the transfer align with your financial requirements, ultimately leading to a more informed decision.
