INDIA PEER TO PEER LENDING FOR CAR PURCHASE INDIA P2P CAR FINANCE
In India, a P2P (Peer to Peer) car finance is defined by a loan which helps financially to purchase car and which is granted through Indian investors using a P2P platform for an Indian consumer who is looking to buy a vehicle.
In India, a P2P car finance is dedicated to help an Indian car driver who wants to replace his old vehicle to access to a new one, particularly in cases where Indian banks are rejecting his credit application.
In Indian, a Peer to Peer car loan asks for higher interest rates than what is proposed through a classical Indian bank, but the P2P car loan option has a crucial advantage that the credit facility loan will not be collateralised by the car.
In India, a P2P car finance has one inconvenient in comparison to bank’s car loan which are the terms and matrurity of lending, being shorter, maximum five years while banks are offering longer maturities.