Loksabha Election 2019 Mhekam Circular

Compare the rates of interest offered by various banks or financial institutions before actually getting a car loan. Since there are no standard rates in the market, even a slight difference of a few points in the rate of interest could play a huge impact on the amount that you have to repay the lender. The rate of interest differs from floating to flat and varies from lender to lender. Obtain quotations from different dealers of the desired vehicle. Every car dealer has a tie-up with different lender and hence you might receive various quotes on interest rates and other charges. This can help you in evaluating the deals available while helping you the best deal for your car.

Accurate and complete documentation. Every lending institution follows the KYC (Know Your Customer) norms for granting loans. There is a certain set of documentation that needs to be completed and verified along with your credit record to fulfil the approval of a car loan. Prior to shopping for a car, it can help to get a pre-approved car loan car financing officer from the lender of choice. This guarantees faster processing of the car loan but most importantly, a pre-approved car loan also works as an additional leverage while negotiating with the car dealer. You will be in a better position to bargain for more add-ons or fewer fees while closing the deal.

Loksabha Election 2019 Mhekam Circular

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