Choosing the Right Car Finance

Choosing the right car is a huge decision, but choosing to get it on finance requires far more consideration. With a myriad of auto finance options available today, finding the right financing partner and choosing the best loan option becomes very critical.

Though car companies have started offering attractive financing options and have opted to become a facilitator between their customers and auto loan providers, there is still much that car buyers need to be aware of.

To help you understand, we have curated a list of things you should consider when choosing a car financing option.

 

Total Car Price

The price of the car you wish to buy is an essential sum. Along with that, the down payment you plan to make. Therefore, it is important to know the purpose of your car purchase. Will it just be used for commuting to and from work, or are you looking to buy a family car? As there are diverse options in the market today, shortlist a car that suits your purpose and budget. It is also recommended that you consider additional car-related costs, such as maintenance, insurance, accessories, etc. Once known, it will be easy to look for loan options for the amount you require.

 

Compare Loan Lenders

Automobile manufacturers typically partner with several financiers who provide loan options to their customers. Once you have decided on a car dealer, they can direct you to the lenders who work with them. These lenders frequently offer customised loans and loan schemes with better deals and festive offers with lower interest rates curated exclusively for that specific car manufacturer.

 

Workout Additional Details

Take into account the loan amount, repayment period, and EMI costs before approaching a lender. Most lenders and automobile companies offering financing options have free online car loans and EMI calculators on their websites. Enter the loan amount, select a loan period, and toggle with the interest rate you wish to choose. It can help you reach an EMI that fits your budget. Knowing these things before approaching a lender can help you negotiate better.

Financing a car need not be as daunting as most believe it to be. Whether you are planning on buying a Maruti Brezza Finance or getting a car loan for any other model, use these tips to find the best car loan for you.