Car Finance without CIBIL check

As a thumb rule, banks consider a CIBIL score of 750 or higher credit-worthy. A score of 650 or less is deemed too low to be given a loan. The CIBIL score is based on your payment history across loans and credit cards. So how do I improve my car loan credit score?

Individuals with bad or low credit score can apply for car loans, if not from banks then at least from loan aggregators. However, this move could prove costly as loan aggregators are bound to charge a higher interest rate. So, the logical option would be to improve your credit score before applying for a car loan.

Getting a personal loan without a CIBIL score is not possible. As personal loans are unsecured forms of a loan, it is difficult for a lender to determine the risks associated with lending to a borrower with no credit score.

During the car loan underwriting process, lenders look at various factors when deciding on a loan applicant's credit-worthiness. Now, one of the most important factors is your CIBIL Score and Report. A high CIBIL Score of 750+ is an added advantage in getting you a faster, easier car loan approval.