Car loan: save money on car loan by selecting right bank or financer | know the Eligibility , Rate of interest , Documents , Processing fee & more Buying a car involves too much research especially the pricing part. But many people often forget that little bit of more research on car loan is also essential. Planned research is very important while seeking vehicle financing as it can save good amount of money.
Here are some pointers on saving money when taking a car loan:
1)Do market research & compare prices: while taking a car loan
Always do price comparison check at multiple banks or finances. And select lender offering best rates. While doing this – check for interest rate, processing fee, pre-payment fee and others.
2)Bargain on interest rate:
This tip works best for existing loan customer. If you are a regular EMI payer, then chances of bank reducing the interest rate are higher. Even if you are not an existing customer, you should still bargain for lowering the interest rate at the time of applying the car loan
3)Do not every time trust on dealer:
When you buy car, dealer will offer car loan as per his/her choice. However this deal offered by the dealer may not be the best one. So always compare rates and select loan which is at your advantage in terms of money.
4)Choose shortest tenure:
Earlier you repay the entire loan amount, higher would be the savings. By choosing the shortest tenure, you can save good amount of money on the interest as total money outgo will be on a lower side.
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