12/25/2023 0 Comments Barcleys used car loan calcIf you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher. A credit score of 750 and above is considered to be a healthy credit score by most lenders. Credit score – This is an important factor that every bank, including Barclays Bank, considers when finding out your eligibility for a car loan.Therefore, the bank may be reluctant to lend to you. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. It might give an impression to the bank that you do not possess the ability to pay the loan. Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan.Hence, they will be more confident to give you the loan. Loan amount – Your eligibility for a car loan from Barclays Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. To be eligible for a Barclays car loan, your yearly income should be at least Rs.3 lakh. This is because a higher income indicates a higher repayment capacity.
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