Buying a car is the dream of many people growing up. However, due to the expensive nature of the four-wheeled automobiles, many people need to avail a car loan to purchase a car. But you have highly beneficial vehicle loan products to rescue like car loans and two-wheeler loans

With a car loan, you can buy a car escaping any significant financial expenditure. You can also get a car loan without ITR in India. There are many other benefits of taking a car loan.

You can rest back and repay the car loan in EMIs over a duration of time. However, after you have taken the vehicle loan and checked your car loan interest rate, you must ensure that you make timely payments. 

There are two ways in which you can make repayments towards a car loan:

  • If you manage your financials efficiently, you can increase your EMI value and pay less interest. Experts recommend that you keep shorter car loan tenures
  • Alternatively, you might want to decrease the value of your EMIs. In this case, you end up paying more interest towards the end of the loan

In both situations, you need to know your remaining car loan balance.

Car Loan Calculator

You must have used a car loan calculator to know your monthly EMIs and your total interest towards the vehicle loan at the time of the purchase. The car loan calculator can help you check your car loan balance as well. Again, interest rate is crucial in your car loan balance check. 

The use of a car loan calculator helps ascertain the EMIs at the start of the loan as well as during the repayment of the loan. So, you can use a car loan calculator to check your remaining car loan balance or alternatively, you can check your car loan balance online.

How To Check Car Loan Balance

Knowing your car loan balance allows you to consider paying the remaining loan in advance. However, first, you will need the exact remaining balance. While you can use a car loan calculator or check your car loan balance online, there is another simple way if you are still wondering how to check your vehicle loan balance.

It can be found out by simply contacting your lender. Additionally, your lender may also provide you with monthly updates regarding the loan balance. However, if your lender does not offer you a monthly loan balance update, then you can simply request for it to be sent every month.

Instant Car Loan Up to INR 5 Lakh

If you are thinking of buying a car, then the first thought in your mind could be to go to a bank. However, if you have ever applied to any bank for a loan, you may have experienced the prolonged processes for documentation and approvals. Furthermore, the car loan interest rate offered by the bank is not very low. Additionally, many banks do not even provide 100% of the showroom or on-road price. 

If you want to escape all this hassle associated with taking a car loan, then the best option for you would be to apply for a car loan with PaySense. PaySense offers car loans for self-employed individuals as well as salaried individuals. 

You can take instant personal loans of up to INR 5 lakh that are guaranteed to be approved instantly. Moreover, the car loan interest rate will depend on your credit score and annual income. So, download the PaySense instant personal loan app and apply for a car loan with us.

FAQs

How do I find out the balance on my car loan? 

– You can find out the balance on your car loan in many different ways. The easiest way is to contact your lender via phone. Make sure you have your car loan account number and other details ready when you do so. 

If you are tech-savvy, you can log on to your account with your lender online and check your car loan details like car loan balance. You can also ask your lender to provide you with monthly updates of your car loan balance via text message or mail.

How do I find out my loan balance? 

– If you can’t access your loan balance online or on an app, you may call your lender’s customer service number to find out your outstanding loan balance. Keep your vehicle loan account number and your registered mobile number ready to quickly find your loan balance.

Can I balance transfer my car loan? 

– Yes, you can transfer the outstanding balance of your car loan to a different lender. If you think you can get better benefits like competitive interest rates and flexibility to extend your car loan tenure, you can transfer your car loan to another bank. Alongside, you may also get a top-up loan to meet your working capital needs. These are the top things to know for a car loan balance transfer.

How can I check my car loan balance online?

– If you are wondering how to check your car finance balance, below are the steps by which you check it online:

  • You can visit the official website or app of your lender
  • Log in with your credentials
  • Enter details like your car loan account number and other details
  • And check the status of your car loan balance online