Ask an Expert
Although our portal is chock-full of articles and other write-ups that simplify loans for you, there are bound to be occasions when such content is just not enough. You have a specific, personal issue that can only be solved by specific, personal answers.
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Date : Jun 19, 2007 Question What are the interest rates for car- loans for new cars and old cars? Which is the lowest rate available? Answer Interest rates on new cars loans vary very widely depending on the car and the model since it is usual to club manufacturer discounts into the car loan rates. Though banks look at a minimum returns of around 12-13% for themselves (net of their sourcing charges), the actual cost to the consumer can be lower depending on the manufacturer and dealer discounts available. Shop around to get a deal at the lowest interest rates. You may want to approach www.apnaloan.com for a car loan because here is where banks compete for your loans. Click here to apply for a car loan: http://www.apnaloan.com/car-loan-india/rates.html The best way to get a good car loan rate is to follow the following process: 1)Freeze on which car you want the interest rates vary from car to car so what is available on one car may not be available on any other. 2)Fix the amount of loan you need. Suppose the car costs Rs. 8 lacs on the road and if you are ready to make a down payment of Rs. 2 lacs then freeze your loan requirements at Rs. 6 lacs. The interest rates also depend on the loan amount. 3)Ask around for preliminary quotes for the given loan amount for the given car. Freeze on the lowest EMIs offered. 4)Negotiate on the processing fees. It can be waived, most of the times. 5)Start negotiating for cash discounts that can be adjusted against your down payment. The DSAs/Dealers will offer to reduce the EMIs but resist the temptation , insist on a cash discount. Also the dealer/dsa will offer accessories in lieu of cash discount , again resist and insist on cash discount 6)Once you find that the cash discount limit has been reached then you can try for a small freebie on car accessories such as car mats, boot mats etc. 7)Remember to claim your no claim bonus on the insurance policy for the new car if you have a claim free record on your existing old car. For details on this read the relevant section on the Apnaloan.com site. |
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