If you don’t have the money at hand for the down payment for a car in Sri Lanka, a vehicle mortgage loan is your best option. However, this can be an overwhelming process for many.
In this article, we share all that you need to know to apply for a vehicle loan in Sri Lanka with confidence.
Vehicle Mortgage Loans -Sri Lanka
First, let’s understand what is a vehicle mortgage loan or commonly known as a vehicle lease. When you don’t have the cash to buy a new car outright, a car loan can help you purchase it. With a vehicle loan in Sri Lanka, you can borrow money from a lender to purchase an automobile, new or used.
You can repay the cash plus any fees and interest accrued over a specified time period in monthly installments. Thus, you could easily buy your dream car without having a large sum of money at hand.
Moreover, you can obtain a vehicle mortgage loan in Sri Lanka for personal vehicles, including cars and motorbikes, as well as for commercial vehicles.
What are the requirements to apply for a vehicle loan in Sri Lanka?
Below are 2 basic requirements that you need to fulfil to obtain a vehicle lease in Sri Lanka.
- Between 18 and 58 years of age.
- Permanently employed
However, different financial institutes may have slightly different age ranges. Additionally, there can be other requirements that you need to fulfil, such as specific net monthly income requirements.
Mainly there are two ways you can obtain a vehicle lease in Sri Lanka. Namely from a reputable bank or a leasing company in Sri Lanka. When you are obtaining a vehicle loan plan, there are few things you need to pay attention to, which includes
- Repayment plan
- Repayment period
- Need of guarantors (Some loan plans doesn’t require guarantors)
- Vehicle interest rates
Below are the documents required to submit when applying for a vehicle loan in Sri Lanka.
- Documents Required – Application stage
- Valid National Identity Card / Driving License
- Letter of employment and Salary confirmation
- Evidence of Income: Last three months’ salary slips & Bank statements of last three months
- Copy of marriage certificate (if joint with a spouse)
- Billing proof (utility bills)
- Sole agent’s invoice for brand new vehicles
- Invoice & Valuation from a panel valuer for unregistered vehicles
- Copy of CR book & valuation from a panel valuer for registered vehicles
- Duly completed application
Compare Vehicle Leasing Rates in Sri Lanka
When you are selecting a bank or a leasing company to obtain your vehicle loan, you must compare leasing rates to find the best deal in the long run. To understand how much you have to set aside for your loan before anything, you can try an online vehicle loan calculator in Sri Lanka. To find the best vehicle loans with attractive vehicle leasing rates in Sri Lanka, visit Ikman.lk today.