How to get the right car loan. For this it is necessary to take care of some things.
How to choose right car loan: Before buying a car for yourself, you do a good research about it. You care about whether he is right for you and your family. But you take the first loan offered by the dealer. With the right car loan, you do not have to face any problem. So how to get a right car loan. For this it is necessary to take care of some things. Let’s know.
find the right deal
It is important that you buy the car from a dealer who has a relationship with the bank who can offer you the best finance deals. Make sure you understand all the costs and charges. In particular, check the processing fee, prepayment charge and the type of interest (fixed or floating).
Contact your existing bank
Taking a loan from a bank that you already have a relationship with can save you a lot of time. With this, there is no hassle or obstruction in this and money is also saved. Some banks offer a host of benefits to their existing customers with a car loan, such as getting a loan through netbanking in seconds, zero documentation and attractive rates.
Check Your Car Eligibility
Most of the banks have different eligibility criteria. Separate norms have been set for new cars and used cars. If you buy a pre-owned car, ensure that your bank finances it. Along with the standard criteria, different banks also put in place additional parameters to calculate eligibility for a car loan. This includes things like the age, model and condition of the car.
Make sure you have a good credit score
Before applying for a car loan, ensure that your credit score is above 750. If you have a good credit score, you will get a higher loan amount. With this, car loans will also be available faster and at better rates.
Take loan of right amount
Is the bank asking you for a higher down payment before giving you a car loan? What is the loan being given at on-road price or ex-showroom price? This can make a big difference in your car loan amount. Therefore it is very important to take care of it.
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