| Earlier, car buyers had be fully dependant on the loan | | | | term and EMI of Rs. 3,331, the amount you would |
| officer. Thanks to the various options we have these | | | | repay at the end of the three-year tenure would be |
| days, the loan agents have to compete with each | | | | Rs 1,19,916. The extra sum you would have repaid over |
| other for our car deals. We have the | | | | the principal is Rs 19,916. On a yearly basis, the same |
| ‘pre-approved loan’ and ‘loan on phone’. | | | | works out to Rs. 6,638 or 6.6 per cent a year. This is |
| Banks yearn for customers. This article will help car | | | | the flat rate charged by the loan agency. |
| buyers get the best EMI on the car loan. | | | | The reason the rate is so good is because it takes for |
| The car finance rates may be high. Yet, the car buyer | | | | granted the simple interest, which is not appropriate for |
| is the one who gains. Negotiation is the best trick that | | | | our EMI based loan. The flat rate is applicable, if you |
| one can play in the game of car financing. Brush up on | | | | are allowed to pay only the interest at the end of |
| your negotiation skills and you will be amazed at how | | | | every year for three years and repay the principal |
| the interest rate and car loans EMI decrease | | | | after three years. |
| drastically. If a finance agent tells you that the rate and | | | | Most car loans come with monthly payments in the |
| EMI are fixed, ask for the manager. You never know, | | | | form of EMIs that include principal repayment and |
| the EMI may go down. | | | | interest charges. Your principal outstanding decreases |
| Do not forget to do your home work. Use the EMI | | | | every month and the monthly interest is calculated on |
| calculators that are present on most car loanweb | | | | this reducing balance. See to it that you settle for the |
| sites. Calculate the EMI for the amount you would | | | | lowest EMI in order to get the best deal. However, do |
| have to borrow as auto loan. Compare the EMIs from | | | | not forget the interest rate. |
| as many Web sites as you can. It is advisable to later | | | | Today, car finance agents offer loan tenures as long |
| lower down the choice to may be five car finance | | | | as seven years that naturally lower the EMI. However, |
| agents who offer the lowest interest rates and the | | | | such car loans may not be optimal. You may end up |
| lowest EMIs. Don’t be happy though, that | | | | constantly owing more on your car than it’s worth |
| you’ve got the best car loan deal. You need to | | | | as your car is depreciating faster than you’re |
| negotiate on those interest rates. Even very little | | | | paying your loan off. You will not even be able to sell |
| amount saved in margin down payment and interest | | | | off your car midway without losing money. Then |
| counts. There are enough options available for an | | | | comes the pre-payment penalty too. You will be |
| average Indian to obtain an auto loanon sensible terms | | | | happier considering a cheaper car than a longer loan. |
| as long as he knows what to ask for and assess | | | | To buy sale second hand cars or to buy sale used |
| what is being sold. | | | | cars delhi visit angclassifieds. |
| Suppose you take a car loan of Rs 1 lakh for a 3-year | | | | |