Plan your car purchase and take it on finance. Buying a car includes new car price comparison, hosting features, reviews, and hot discounts as an offer for it. Similar is car financing, which includes more than 70% of the car component to work on interest rates, down payment clause, fees, the turnaround time for approval and disbursement, and most importantly, the lowest deal.
Car financing in India is offered by more than 25 leading banks and non-banking finance companies that command 90% of the car financing market share. Start your finances by comparing mainly 4 factors – loan approval and disbursement time, interest rates, documentation, and hidden fees like upfront fees, and loan processing fees.
The best way is to ask online or send an offline inquiry to several leading banks, you will soon be flooded with offers and offers. Make sure you read the fine points in terms of additional charges so that you can make an appropriate comparison. If you have a downward repayment history with a good CIBIL score, chances are you will tend to negotiate a better interest rate with the respective financier.
If you are a business, you can also consider the option of leasing, which can prove to be economically advantageous for you while maintaining the tax advantages in relation to car financing. In addition, the maintenance of the car, which the leasing company takes care of for the lessee, would also be trouble-free.
Car financing should not be ignored as part of the research when planning to buy a car. A car like Honda City with an interest rate differential of 50 bps – 100 bps can cost you over Rs. 15,000 in 5 years in terms of extra interest outflow. Dealing, negotiating, and researching went into buying a car, and a similar effort went into getting the best car finance deal. Remember that auto finance is part of the service sector and the number of financial institutions is so high that they all want a piece of the pie when it comes to higher volumes. Be aware that negotiation is part of car financing and the deal can be tailored to the customer’s basic requirements