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How To Finance An Auto Purchase?...

07 October 2014, 05:30 PM

For those who have never bought a car from dealership or are not really aware of the criteria of financing, here are some helpful tips for them. Because of a rapid increase in car prices, auto financing in India has become one of the most beneficial businesses of the time. Car finance is certainly a convenient method of buying a vehicle without much concern of quoting for a specific car.

After home, buying a car is probably the biggest expenditure that one makes in his life. Because of this, almost every bank has started to provide consumers with car loan in India. Before financing an auto purchase, it is important to understand the length of loan and its annual percentage rate; rather than focussing only on monthly payments. Auto loan interest rates in India have been fluctuating over few years but now settled at an affordable value. Auto financing in India is quite favourable for those who cannot afford to pay the entire amount at once and can pay monthly instalments.

Before going for car finance, always look for all available options. For auto financing in India, a major aspect to keep in mind is the down payment. To attract with you with special auto loan interest rates, dealers might ask for heavy down payments. While talking about auto loan interest rates, it is to be mentioned that these might vary according to variants of models of different car manufacturers. Making car finance can be a little excruciating as the salesperson will be looking for his commission and would ask you for several packages and add-ons for your vehicle.

Several factors are to be considered that determine the approval of vehicle purchase request. It is advised to have a thorough research about the offers and current rates of vehicles from competing companies before going for an auto purchase.

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