My CIBIL score (as on today is 709 as per TransUnion). I had been part of an organization which had settled loans 5 yrs ago. I am not part of the organization anymore. I am now a salaried person. I have been paying my credit card bills on time and have taken all precautions to increase my cibil. Can I get a car loan ?
Ans: Score between 700 to 900 is considered a good CIBIL Score. However, credit score above 750 or higher is preferable for a car loan. But CIBIL score is not the only factor that is considered for the sanction of the car loan.
Lenders will consider a number of factors when deciding whether to approve your loan application, including your credit score, income, debt-to-income ratio, and employment history. The fact that you have been a part of the organisation is not necessarily an automatic disqualifier, and considering that you have been taking all the necessary precautions to improve your credit score, it will help you to get a car loan.
You can consider multiple lenders and choose based on the best interest rates, terms and conditions or a close family member with a good credit score can be a Co- applicant in your loan, which can improve your eligibility for getting a car loan.