Ready to Buy a New car?
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.
Get Money for your New car
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 new car or a used car
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.
Pledge an asset as collateral
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.
Car loans for on-road price
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.
Market price of the car
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.
Which bank is best?
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?
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.
Online comparison of the quotes
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 for the common man
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.
Recommended Read :
- How to Apply for a Car Loan?
- What is the Car Loan Eligibility?
- Car Loan Eligibility - Important Points
- 7 Factors That Make Car Loan Simple
- Advantages of Car Loan
- Pros and Cons - Car Loan
- Smart ways to Reduce Car Loan EMI
- How to get Loan for a Used Car?
- Why Used Car Loan Interests Higher than New Car Loan?
- Car Loans in India
With increased purchasing power of people and easy financing options, everyone now wants to own a car that fits best in their budget. More and more people are now opting for car loans to buy their dream car. A car loan is a type of personal loan with a specific purpose i.e. To buy a car (new or used). If you are planning to take a car loan, it is advisable to calculate your income and expenditure first and act accordingly. All checked and you are good to go!
The trend to take car on loans is rising at much faster than expected pace. Its also one of the strategies to save income tax and hence businessmen prefer to buy cars on loans. Also, the quest for luxury has increased thanks to the increased spending power of the consumer due to high profile jobs. This has increased their tendency to buy costly stuffs. EMI payment thus gives them a feeling (though false) of easy management. The main disadvantage is the benefits which are forgone when vehicles are bought on loan since thats the primary condition in many products. So all the costs needs to be properly weighed before falling in the trap of loans for everything
Every one wishes to have his or her own car. Thus market is also full of buyers and car lovers. People want new models to add up in there collection. With the passing days new cars with new facilitates are launched. Market is flooded with buyers and people who once thought of having a car in there budget, which is luxurious and full of facilities too. The policy of car loan is good for those people. Thus people before going for a car loan should always try to gather as much money and do the down payment, afterwards pay the loan amount. This will help them not to have much pressure in paying the loan amount.
To have an own car is a dream for every person in which he can take his family for an outing and enjoy his life. Car loan in India is not a big deal now.The article describes about the criteria one should follow to know which bank is the best,credit requirement etc. Now-a-days it is even possible to compare the policies of various banks online and thus apply for the best.