Buying a car is now easy process with minimum documents required. If you want to uy a cheaper and affordable car loan, then you have to plan attentively to get loan at a very low rate and affordable EMIs. Here are some important measures:
Negotiate car's amount
The first method is to negotiate car price. Always visit at least 4-5 dealers to get cheaper deal.
Choose a shorter tenure
To avoid more interest, always go for shorter period to repay your EMI. If you can't pay a large amount of interest, then go for longer tenure.
Pay higher down payment
The interest is calculated on the principal amount, therefore, make a higher down payment.
Take loans from your existing bank
If you are already a customer with some bank, then always consider the same bank account to buy car loan.
Check for NBFCs from car manufacturing companies
The NBFC offers good loan deals which can save your money. Therefore, always wait for their offers and then tell what you want.
Look for a lender with no or less processing fee
Always enquire for processing fee while going to a lender. It might not affect your EMI but can reduce the cost of your ownership.
If you have money, it's highly advised to pay half or full payment to repay your loan. Bankers allow to make half payments to prepay your loan.