Hello friends, I welcome you all in today’s article, friends, we will give you information about how to take a car loan. Friends, when you have your own house, then you have another wish of buying your own car. Nowadays, car is not just a hobby but has also become a necessity for every house. You want to fulfill your wish of buying a car but due to lack of money, you are not able to fulfill it. There is no need for you to worry about this because you have the option of taking a car loan. If you wish, you can fulfill your desire by taking a loan from a bank. Today’s article will cover this in detail so that you can easily obtain a car loan. To do this, you will need to read this article carefully until the end.
How much car loan can I get?
Regarding car loan, this question must be coming in your mind that how much loan can be obtained from the bank for buying a car. Let us tell you that for buying a car, you can get a car loan of 80 to 90% of the total cost of the car. One thing worth noting here is that you can get a loan of only 80 to 90% of the showroom price. You are provided loan on the on-road price of the car. You will not get any loan for registration, insurance and tax of any parked car. Additionally, the amount of your car loan will also depend on your ability to repay the loan. Your monthly income and any other loan arrangements will also affect your ability to take out a car loan.
car loan interest rate
If you want to take a loan for your car, then there are two types of interest rates available for you – fixed interest rate and floating interest rate. You can choose any of these as per your convenience. The interest rate of car loan keeps increasing and decreasing and is also affected by the price of the car, model and the tenure of the loan. You can check the interest rates of car loans by visiting the official websites of different banks.If we talk about SBI car loan, then you can get a car loan at an interest rate ranging from 11.305 to 14.80%. But if you want a cheap car loan, then you should contact 2-3 finance companies and banks and get more information about car loans from them and then you should take your car loan from the one which you find cheaper.
What things should be kept in mind while taking a car loan?
- Before taking a car loan, you should negotiate the car price with several sources. Dealers often cheat people in their haste. Car dealers earn a substantial commission, so you can pressure them to discount the loan amount.
- If no dealer is ready to give you cash, then you can try to get maximum loan for the car accessories that come with the car like seat covers, music system etc.
- When taking out a car loan, keep in mind to try to reduce the cost of the car. Try to get as many free accessories and services as possible.
- Often people get their car insured from the same place from where they buy it, but you will be surprised to know that getting insurance from a car dealer can be a bit expensive for you, hence to save your money you should get your insurance done online or from some other place.
conclusion –
Friends, in today’s article we have given you information about how to take a car loan. We will tell you all the details about it in detail so that you can take a car loan very easily. Friends, if you all liked today’s article then please share it.