1) When you are sure of your budget and the kind of car you can afford then you are ready to avail a car loan. You need to access your car insurance cost, car registration cost and car maintenance cost before going for car loan.
2) Plan monthly EMI that you will have to pay to pay back the loan amount. Calculate the interest rate and EMI beforehand to choose the tenure for repaying the amount.
3) Get your car loan approved before buying a car so that at the time of car delivery there will be no shortcomings in the process.
4) Research the market and choose the best EMI plans and interest rates offered. Watch out for offers and waivers offered during the festive season that makes it a best time to buy a car.
1) Check your credit score as it is an important aspect in getting your car loan approved in one go.
2) Choose your desired bank and open up the application form available there. Fill the form with all the required information and provide all authentic documents.
3) The bank will verify the documents and gives you an approval on your car loan.
4) After the approval, loan amount will either come to your account or directly to the car dealer from whom you will buy the car.
1) Always go for short loan repayment tenure as this gives you a benefit to pay the loan quickly. You will not be burdened with EMI amount for many years and interest amount will be low too.
2) Choose a plan that will be easy on your monthly budget and it should not clash up with your daily expense routine. Proper planning of paying EMI on time will also save you from being a defaulter.
3) Paying a loan before time is a good idea but some banks charge penalty on such a condition. So read all the terms and conditions before going in for early repayment of the car loan.