Keep in mind - The car finance rate you get on an auto loan can drastically affect a car's ultimate cost.
Hence, you need to make sure that you get the best rate possible. You can read the followin to get the best rate for your dream car -
- Figure out your budget. Think- how much you can comfortably pay per month or in other words figure out the EMI that you can pay per month for your auto loan, then think about the length of the car loan you can go for and how much down payment you can make for getting your vehicle.
- Check your credit score. Your credit scores do matter. Get copies of your credit score from CIBIL @ www.cibil.com. With a nice CIBIL score you can bargain hard with the car finance company.
- Inquire for loans from several company but apply at one place only. It's useless to apply for one car loan at several places. Better select the company that offeres you the best auto loan rate. Most of the car financing companies - HDFC Bank auto loan, SBI car loan, Axis Bank car loan, etc . offer almost the same rate.
- Negotiate. Once you get your auto loan financed - BARGAIN HARD, with the credit manger to provide you further discount on the lending rate. However, do not waste to much of time. They can offer only a minor rate cut further.
To know the prevailing rate of interest on Auto Loans, c