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Three tips for availing new car loan
Posted on: 10/Jan/2015 3:39:52 PM
There are many people who dream of having a car which they can call their own - to ride to their work place, market and other places and enjoy the comfort and convenience it delivers. With manufacturers offering different types of cars to suit different budgets and moods with exciting offers, deals and discounts, buying a new car is now within the reach of the common man. Besides, even Car Loan Chennai agencies have started to provide relaxed lending norms to their customers, which have further increased the sales of new cars. Ardent car lovers can find the time to be just perfect to have their favorite car to be brought home.
Tips to obtain Car Loan Chennai
No more has the individual to worry about Car Loan Chennai agencies rejecting their applications. By following three vital tips, it is possible for the person to secure new car loan with great ease.
Creating a budget: The car is considered to be the next big thing after a home. Therefore, with every increase in prices of the vehicles, it is necessary to spend the money wisely. Hence, one should create a car budget. This would help them to manage the loan in a much better way. Also, the person should begin listing down the expenses and monthly income. The monthly payment amount is to be ascertained. The Car Loan Chennai term is to be decided upon, since it would assist the person to calculate precisely the total loan amount to be paid back.
Down payment planning: Down payment is regarded to be quite ideal for the new car buyer, since it helps to lower down the loan amount, thereby, making car buying affordable. Generally, 10% of total car value would be sufficient to make down payments. However, approval chances can be improved by enhancing down payment amount. There are also other down payment ways like:
- It is very much possible for the individual these days to buy cars without making down payments. This is because, car manufacturers have been offering huge incentives. Such cash incentives can be used as down payment and is the best way to make down payments without needing to part ways with the savings.
- Also, one can have their old car exchanged. Its value is calculated and the dealer reduces the amount from the new cars total price.
- Apart from this, the individual can apply to financial institutions for personal loans at affordable rates.
Obtaining quick Car Loan Chennai quotes: Besides manufacturer incentives, present rate of interest on the new car loans are very low. In order to take benefit from this situation, there is a need for finding quick auto loan. There are plenty of sites that allow the individual to apply for instant quotes on the web. Most online auto financing sites are known to have lenient lending formalities. Moreover, they also tend to believe to provide new car loans to their clients, since new cars do have much longer life than that of the used ones.
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