While you may be a car lover and have been eyeing that fancy car in the posh malls of Gurgaon, buying that dream car could seem impossible to you. However, with more and more banks offering car loans on even premium luxury cars, it has made even common middle class people to finally afford one. However, just because you become eligible to avail car loan for a luxury car, here are a few tips that you must keep in mind to ensure that you do not make any hasty decisions:
- Make a thorough budget check – While you’re ogling at the Audi and dreaming of driving it with the help of a car loan, make sure that you do a thorough budget check. Luxury cars don’t come cheap and the monthly EMI and maintenance costs involved for such cars are too high. So, make sure that you have enough money saved to not only take care of your monthly expenses, your car loan EMI, but also the maintenance costs involved with the luxury car.
- Consider a Used Car – Going for a second hand car may not be that bad an idea as second hand cars are easily affordable and might fit your budget. Research local dealerships in Gurgaon to find out the cost of a used luxury car and also ensure that a car loan is possible for the car of your choice too. However, bear in mind that second-hand cars also require regular maintenance.
- Look for the Best Rate – Since there are so many banks that offer car loans, it is important to weigh the different car loan offerings to ensure that you find the best car deal. Letzbank is one place where you can make a comparison of different car loans offered by different banks and easily choose the best deal that suits your budget. Also look for banks that offer zero penalties in preclosure or part-payment.
- Car Dealerships – Most car dealerships will persuade you to take their loan offer that they provide through a tie-up with a partner bank. No matter how excising the deal it sounds, it is best that you do your own research and find alternative ways of financing.
- Negotiation – Many people assume that the price that is quoted to them is the final price and do not even know that such prices can be negotiated. Negotiation is the key towards the best loan deal. Once you have chosen the car you wish to purchase, try to deal at the end of a test drive as that is the best time when a dealer has your full attention and will look forward to closing the deal. Although many dealers offer discounts, look for a reduction in the total car value, which will eventually lower your total car loan. The same also applies when you will be looking for a car loan. If you apply for a car loan from a bank that you are a customer of, it is possible that they provide you a better loan offer. Additionally, if you are aware of your credit score, which is high enough to be considered for a better interest rate, negotiate with the bank on it.
These are a few things you must consider while looking for your dream car in Gurgaon. And if you are looking for more discounts and best offers, hop into Letzbank as they provide a comparative list of all car loans, whether for used or new cars and benefit from the service charge waiver that is applicable on all online loan applications submitted at Letzbank.