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How To Get The Best Car Loan Deal...

21 August 2015, 10:05 AM

Here are a few steps that can help you understand how to get the best car loan deal for used cars as well as new cars.

  1. Look For Loan Separately From The Car: For used cars as well as new cars, car loans can be shopped separately from the car. So, as you are finalizing the price for your car, see if you can find some car loan independently and put up your application for it. Apart from the banks, there are a number of lenders who would like to help you with financing options at a reasonable rate. If you have a great credit history, it is the best time to encash it and negotiate the deal on your terms.

  2. Fix A Time Limit For Your Loan Shopping: It is an unsaid rule that every single time that you apply for car loan your credit score takes a dip. It is difficult to acquire the best rate next time. However, if you can manage to submit all your application within a week or two, they take it as a single enquiry and might extend some cooperation in relaxing the rates.

  3. Analyze Your Own Credit History: There are a number of online portals that can help you in analyzing your credit history. Get these reports from some trusted sources and take them with you whenever you go to negotiate the car loan interest rates.

  4. Look For The Total Amount And Not For EMIs: The only time when you should considers the EMIs when you make calculations inside your head. Post that, it is not a good idea to discuss these with anyone. Some lender may ask you to borrow more amount by extending the total time for which you will be paying back the EMIs. That is their shortcut for earning more interest. So, it is in your best interest not to discuss the EMIs with anyone else.

  5. Be Practical: Banks and organizations leading this industry will never be obligated to offer you reasonable car loan interest rates. So, whenever you go to discuss the car loan, let the lender know that you have been considering multiple options and plan to consider the most reasonable option. Do your homework well and try to know all terms and conditions of the lending organization you are going to ask the loan from. It is one of the best ways to get the best car loan deal in India.

  6. Don’t Get Tied Down: Your car dealer may offer you some extra discounts or other perks for taking car loan from him. But it is in bet interest of the buyer not to fall for such tricks and look for better options independently. 

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