IDFC bank initially started its operations in 2015 and in a very short span of time, it has established it among the top leading banks.
Canara bank holds a record of no loss since it was established in 1906, the bank is trusted for a host of financial assistances.
Now take home your dream car with Axis bank’s car loan schemes at affordable rate of interest, flexible tenures & easy documentations.
In this fast moving modern day life, car is the prime necessity of every individual. No matter how hard we try, we all desire to own our dream car parked in the house’s lobby. Earlier, being able to afford a car used to be out of budget thing for most people, but, today the scenario is completely different. There are host of banks and financial institutions offering car loan at affordable rate of interest, so that, you don’t need to compromise with your dreams.
As a matter of fact, several commodities have witnessed the hike in prices since the demonetisation, as a result of which the cost of living has risen noticeably. However, this shouldn’t be a barrier to pursue your dreams. This has enhanced the possibilities of buying used cars affordable even by the lower middle class society. With the availability of buying used cars, people can fulfil their dream to own a car packed with all the same features as of the new one, and that too within a limited budget.
Meanwhile, they need to be very cautious before making a decision to buy a new one or going for a used car as there are several factors that can leave an impact over your financial budget. Here are some of the most common mistakes people make while choosing a Car Loan:
Zero Down-Payment Plan – The lenders attract customers with deals like zero down-payment, though, basically it’s like a “pay less now, but, more later” deal. You pay zero penny as down-payment, which means you are going to pay more on EMIs, which ultimately means you end up paying more as an interest.
Selecting Longer Lenure – Well, most people believe that longer tenure means lower EMIs, but, they apparently don’t understand that longer tenure also means paying more interest. Hence, make sure that you choose the shortest tenure possible for your new or used car loan, in order to minimize the interest outflow.
Heart Over Mind – Going with the strong gut feeling might be a great option in life, but, while taking financial decisions, you need to set a budget to go with the decision. Sales talk is designed to break this iron clad resolve.
Zero Research – As mentioned earlier, there are host of banks and financial institutions claiming to provide best affordable car loan along with added privileges like cashback, festive bonus, gifts, and other perks, but, it is your duty to do a thorough research and make sure that you don’t end up paying more in order to enjoy special perks and privileges offered by the lender. Make sure you read and completely understand each terms and conditions, raise the query (if any), and then sign on the dotted line.
Hypothecation Formalities – Most borrowers would skip this factor while buying a new car, where it is hypothecated to the lender, after which they are liable to seize your car in case of any default payment of the EMIs. The lender’s name will be on the car’s registration certificate and the hypothecation will be removed only after getting a loan closure with No Objection Certificate addressed to RTO.
Hence, make sure you thoroughly understand the terms and conditions and evaluate each factor before buying a car loan online or offline.