How does debt impact my ability to start a small business?

Debt can impact your ability to get a car loan in India as it affects your credit score and creditworthiness. Lenders look at your credit score and credit history to determine whether you are a good candidate for a car loan. If you have a high amount of debt, it can negatively impact your credit score and make it harder for you to qualify for a car loan or get a good interest rate.

Having too much debt can also affect your debttoincome ratio (DTI), which is the percentage of your income that goes towards paying off debt. Lenders may be hesitant to lend to you if your DTI is too high as it indicates that you may struggle to make your car loan payments on time.

To improve your chances of getting a car loan in India, it is important to pay off your existing debt, maintain a good credit score, and keep your DTI low. This will show lenders that you are a responsible borrower and increase your chances of getting approved for a car loan with favorable terms and interest rates.