subject: Car Loan Or Four Wheeler Loan For New Vehicle [print this page] There are so many options available for purchasing new cars in todays market. There are as many options as the number of car models available. The problem comes when it comes to the car loan. Though there are many options here too, not many are aware of the same. This article intends to help viewers get the new four wheeler loan easily in the right way.
First of all, anyone who intends to borrow the loan will have to do his/her homework thoroughly. Half the work is done once the research is done. Even for the research, one does not have to run places. It is easier to choose the best loan from the comfort of the living room. You just have to use any search engine to get web sites of lenders who are ready to offer loans for the car you would want to purchase and for the amount you want to borrow. Most lenders have a nationwide network, so that wont be a problem.
Go through these web sites carefully and get quotes. Most web sites offer the quotes for free. You would also see the EMI calculator. You already know the amount you want to borrow as loan. Now use this calculator to calculate how much you would have to pay every month. The amount varies depending on the new vehicle that you have chosen. It would also depend on the amount you are borrowing for the car loan or four wheeler loan for the new vehicle. Repeat the same process on as many web sites as you can. Since the process is online, the reply too reaches your mailbox in no time.
Next, you need to streamline your search. Select the loan lenders offering the least interest rate and EMI. You may contact them for the final rates. Negotiate as much as you can. Make it very clear that you would finalize the deal only with the lender offering you the least rate. You never know, the rates may automatically go down drastically. Once this is done, be careful to check the loan papers carefully before offering your signature on any of them. Do not sign on anything you do not understand. Get it clarified as there may be a number of hidden charges. See that you do not end a lot of processing fees too. Get everything clarified in the beginning itself.
You may easily get pre-approved for a very big amount. But, if you have some cash ready, pay it off. Borrow just as much loan as you want. Remember, you will have to pay back the entire amount and that too with interest. So, do not borrow more than you require. Also, remember to ask about the pre-payment penalty. You may want to pay off the entire loan amount all at once for some reason or the other. Most lenders charge a penalty for such early payments as they lose out on interest for the remaining amount which you pay as lump sum.
