Even though getting an auto loan may be easy but some customers that get approved for an auto loan may be faced with some roadblocks in later stages of the auto loan. Thus one needs to understand, forecast and be prepared for such problems should they arise so as to protect one’s own financial interest.
Getting approved for an auto loan should not take long, its relatively easy and shouldn’t take anymore than a week if all the documents are submitted correctly. Most financiers and dealerships will help you get the paperwork ready.
Delayed Sanction In certain situations the borrower may need to be prepared for about a week’s delay in the sanction of the loan. This could be despite the fact that the bank has already indicated its approval in writing to the borrower.The dealer will have to be informed accordingly so that car of the desired model and color is kept ready.
Delayed Disbursement After issuing the sanction letter if the financier fails to make the disbursement of the loan within a week’s time then the borrower must send out a reminder through a written application to the bank.
The delay and its consequences must be brought to the notice of the branch head of the bank immediately with all calculations of losses.
The banker will have to make good the losses through discounts in loan repayment. In case the bank refuses to take action, the borrower is free to cancel the loan and approach the banking ombudsman or consumer court for settlement of the case.
These are some roadblocks for an auto loan that you might face but don’t get discouraged because you can find an auto lender that will help you every step of the way.