How To Get Lowest Rate Of Interest Car Loan

After the basic necessities of food, clothing and shelter

, the first thing that majority of us wish to own is a car. In recent years, this dream has become real for many, thanks to the banks and loan lenders. Easy financing and production of affordable cars within the reach of an average Indian has made dreams come true.

You just a have to agree to pay a small amount every month and the car is yours. Most of us are mesmerized by advertisements while some others are hypnotized by the flowery words of car dealers and loan lenders. There are times when you feel the loan rate is real low. But you may be compromising on the discount that you would have otherwise availed. This article will help those looking to get the best car loan with the lowest interest rate.

Make the loan process simple. You need to first finalize on the car. Different cars have different interest rates. So, you need to be clear on the car you will be buying before proceeding to the loan process. Once this is finalized, you know the car cost. Calculate the amount you will need as loan. This is important as the interest rate is also dependant on the loan amount. It varies based on the amount borrowed.

Browse the Internet. Request for loan quotes for the amount you would borrow. Do not stick on to one web site or one lender. Ask as many lenders as possible. Most web sites have loan and EMI calculators. Use them. Keep your very own bank as an option too. As you are already a customer there, the bank may offer you a lower rate of interest. Also, processing fees and other additional charges may get waived off when you consider borrowing a loan from your bank. A reliable customer is more important for the bank than the extra fees. If youre considering another lender, since youve already collected quotes, go for the one with the lowest EMI and interest rate.

Negotiate further on that amount. You may end up paying at least a little lesser than the original interest amount. Negotiate for cash discounts that can be adjusted against the down payment you make. The lender may tempt you by reducing the EMI. Do not get tempted. Instead, stick on to the cash discount. If youre borrowing the loan from the dealer, he may also offer you a few accessories. Again, do not get tempted. Insist on the cash discount. The accessories will not be of much worth and that is why he tries to sell them to you.

Once the negotiation is done, you may slowly try to get the accessories for free. Car mats, boot mats, etc can be good enough for your car. By now you must have got the maximum discount and the best rate car loan. Last, but not the least, if you have had a claim-free record on your old car, claim your no-claim bonus on the insurance policy of this car.

by: carazoo.com

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