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Act Smart While Purchasing Car with Car Loan

Smart Financial Decision on Your Car Purchase

Compare Between new Used Car LoanThe car market is on hot wheels in India. Every brand is tailoring manufacturers to fit the needs of every section of the people to grab the buyer in every financial pie.  Added to this the relaxed car loan climate has raised the demand for purchase of car during recent times. As the lender are promising that they would make the car loan process easy and simple, the buyer is moving ahead with the confidence that fetching a new dream car would never have been this easy. However one needs to consider few tips to act smart while making financial decision to buy a car.

Outweigh costs

The first thing you should do when you purchase a car with the help of car finance is to outweigh carefully. Check if you can afford to buy your dream car. Not just purchase cost, you should take everything like maintenance cost and fuel cost if you hold it. If you can think that you can afford all the expenses related to your car comfortably, go ahead driving your dream car on roads.

No for impulse purchase

People who have strong intentions to own a car this year choose to go for car loan either being trapped by the new interest game or go for a longer duration to get hands on next segment car.  Before you get tempted by these attractive offers from the seller, you should check your financial capabilities to own a car.

Leverage options

There is no doubt that car loans are easily available today with simple processing and documentation. A wise financial decision in buying the car during these scenarios is to leverage all the options, make use of existing relation with the lender, shop for the best deal not only in the terms of EMI but also in terms of lowest outgoing price on the whole. You should carefully examine the fine print of the agreement before committing towards the deal.

Check for offers

Dealers do offer discounts on the car sale during the specific times of the year like festive season or year end sale. Huge discounts may be available on specific variants or across some dealers at times. Cross shop all the available options before you lock the deal.

No accessories on new car purchase

Dealers tend to market car accessories along with the new car. Purchasing them at the dealer store while buying a new car will rise the price of the car on the whole and you may have to avail a high loan amount to purchase a car. Instead, you can purchase them from trusted aftermarket vendor which saves you a good deal of money.

Used car

Going for a purchase of a used car with the help of auto loan can be an option when you cannot afford a new one. 3to 5-year-old cars have a lot of time left in them and they can be owned at a fraction of a cost of a new car.


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