The Car of Your Dreams is Parked in Your Phone

By BankBazaar | August 6, 2015

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Before you pry open your phone looking for the car, think back to when you were a kid and you promised yourself that one day you will have a car that’s your soulmate and it’s something that makes you feel like a kid again. Now that you are all grown up, it’s time to make good on that promise, but there is just one thing that stands in your way; how do you pay for this car? You may have set some money aside but it may not be enough and you are going to need the help of a car loan to pay the rest of the price of your car.

In a jet set age, where everyone is always on the move and no one really has the time to sit and go through the tedious research and applying phase for a car loan, you need something that can get the job done really fast. This where the BankBazaar Android app comes into the picture. It is an app that has been designed keeping just one thing in mind and that is, making car loans easier to find and apply for.

How the BankBazaar Android app works

One of the main things that the app does is to simplify the whole process of finding a car loan, applying for it and then tracking the applications status. Here is what the process looks like:

  • If you already have the app on your phone then just start it up and select the option labelled “Loan”.
  • Once you do that, you can chose the option for car loans which will start the whole process and ask you to provide some information.
  • The first thing you will be asked to enter will be the amount that you earn each month. This is your pay without any deductions.
  • The next step is to select the car that you plan on buying. Just enter the name of the car and select it from the list.
  • Now you need to talk about where you live. Is it an apartment that you own or rent and how you rent it (living with your family or with friends)?
  • Once that is done you can select the bank in which your salary is credited and enter your contact details (optional).

At this stage the system will take the information that you have entered and calculate how much you can borrow. Once all that is done, you will see quotes from various banks and financial organisations offering you a loan. It will also show you the amount you can borrow, the interest rates, the EMI, processing fee and even the repayment period.

All you have to do now is to choose the loan that suits you and apply for it.

What’s the advantage?

To say that the advantage of this system is that it makes it convenient to apply for a loan would be an understatement because there is so much more to it than just being able to apply for a loan.

  • The app will allow you to conduct day’s’ worth of research in just a few minutes.
  • Comparisons between various loans becomes easy because it gives you the interest rate each loan comes with.
  • You have access to special offers that help you save money on the car loan.
  • You don’t have to leave the app to apply for the loan and you can even get questions answered by directly chatting with the experts through the app.
  • If you want to edit the loan amount or the tenure, that’s also possible.
  • Once you have applied for the loan, you can track your applications status using the app itself.

Wait, there’s more!

The advantages of this app don’t end with finding and applying for a car loan. It serves a dual purpose of being a research tool too. This research is facilitated by the EMI calculator that is available in the utilities section. Here is what the Car Loan EMI calculator does:

  • It can be used to calculate the exact EMI for any loan amount.
  • You can select the loan amount, the tenure, the interest and the processing fee.
  • Once the information is in, the app will show you how much you will pay back and of that amount, what will be the principal, the interest and the processing fee.
  • It will also provide amortization details to help you see what the loan will look like year after year.
  • If you plan prepayments, those too can be entered in the app.

Smartphones that get you cars? Wonder what they will think up of next!

Download the Bankbazaar Android App to get the car you’ve always dreamed of.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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