How to get a car loan with low CIBIL score

A car loan is approved by the bank or other companies on various factors such as CIBIL score, income, existing debt, employment status, and down payment.
 

The lenders have their own criteria for evaluating car loan applications. Generally, a CIBIL score above 700 is considered good for getting a car loan. 
 

The CIBIL score is based on a customer’s credit history, including their repayment history for loans and credit cards. 
 

Borrowers with a higher CIBIL score are often offered loans at lower interest rates. While customers with lower scores may get loans with higher interest rates. 
 

If your CIBIL score is below 700, you can still obtain a car loan, however, you will have to face higher interest rates and stricter conditions. 
 

If you have an extremely low CIBIL score, then it may become challenging for your to obtain a car loan. For obtaining a loan comfortably, build a good CIBIL score. 

For a achieving a good CIBIL score, pay loan EMIs on time, reduce outstanding debts, and improve the credit utilization ratio.