Are you ready to buy a New Car? New car models are lauched in India almost every 6 months. You may be in need of a new car now. The thoughts of buying a new car would always bother you again and again, but your financial situation for the dream car may be the limiting factor for you.
In India, for a common man, it is not possible to purchase a car with a down payment (full payment). He certainly needs a finance for his new car. This money help can be provided by car loans.
A Car loan can help the borrower to purchase any car that he wants in India. He can get the car or any vehicle get financed for any purpose whether it is personal or commercial. The car loan is available for a new car or a used car.
In India you can get a Car loans as secured or unsecured car loans. To get a secured car loan, the borrower is required to pledge an asset as collateral for the loan. He can pledge his house or the car itself can act as the collateral. It can helps the borrower to obtain at a lower rate of interest. For a unsecured car loan, the borrower is not required to pledge any collateral. The repayment term for car loans is 5-7 years depending on each bank in India.
Before taking a long we should decide beforehand what car he wants to buy. It can help to apply for an exact amount through the car loans. Now a days Indian banks are providing car loans for on-road price, which includes everything like Road Tax, Insurance, Extra fittings etc.
To find the cost of the car, we should research for the market price of the car, especially if he wants to buy a used car in India. There are many authorized used car dealers in India, who can provide certified used cars with guarantee. Maruti has its own division to handle a used car market.
After the car loan gets approved, we should approach the car dealer to make the car deal. In India many car dealers are already tied up with banks, who provide bank loans. You can approach the car dealer to find which bank is best. An advise from the car dealer about an Indian Bank will help you further.
Do you have a bad credit? You too can apply for car loans. Banks may charge a comparatively higher rate of interest to cut the risk factor, these rates can be lowered by proper research and comparison.
You can use internet to find an online comparison of the quotes sent by numerous lenders present online. This can help the borrower to obtaining the lowest possible rates of interest. Rates are lowered due to the cut throat competition in the online market.
Car loans in India has now become possible for the common man to purchase a car and fulfill the needs of himself and his family.