Any car buyer before buying a vehicle checks everything, whether it is the mileage or the features available in it. You are all familiar with the fact that at present a large number of people buy cars on finance. Though you have done a lot of research to buy the right car for you and your family, do you always take a loan from the financier provided by your dealer?
If yes, then it is a matter to think about, because many times dealers provide you financiers according to their advantage, but now there is no need to panic, because we are going to tell you, how you can get a good car loan. .
How to check the right loan
The most important thing is that you buy the car from a dealer who has ties with a bank. Next, make sure you understand all the costs and charges that may be incurred at the time of loan. Check specifically about processing charges, prepayment charges and the type of interest (fixed or floating, reducing balance). After knowing about all these, you can also compare the facilities available in two banks. After which you yourself reach a better deal.
Contact your existing banker
Getting a loan from a bank where you already have an account can save you time, hassle and money. To take an example, HDFC Bank offers its existing customers a host of benefits with its car loan, which include loan in 10 seconds through netbanking, zero documentation and attractive interest rates.
Used or New car
When it comes to new or used cars, most banks have different rules. So, if you are buying a pre-owned car, make sure your bank will finance it or not. Apart from the standard norms, different banks have different rules for granting loans based on the model and condition of the car. In which many banks give loans up to 100% on used cars. Whether you buy the car from a dealer or from an individual owner.
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check credit score
Before applying for the loan, make sure you have a credit score of 750+. If you are a credit-worthy customer, you can get maximum amount of finance at better rates.
get the right amount
Is the bank asking you for a huge down payment on the car before giving you the loan? Is the loan being given at on-road price or ex-showroom price? These will make a big difference in the amount of car loan you get. For instance, many banks offer car loans at on-road cost with lowest down payment. Talk to the bank openly on this subject before taking it.
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