Firstly, always make it a point to have a negotiation with the lender on the price of the car. Therefore, always make it a habit to look out for more than one lending institution or more number of lenders before you apply for the car loan. This way you can have a certain idea on the costs and expenses offered by service lending institutions. There is always a chance to get yourself with certain free offers, for example, you can have a look at some of the free accessories that contain seat coverings, or a laminating for the car engine etc. These are offered because they are not much of a cost to the lenders or the people into service type of business. And it is their marketing scheme to provide you with these, so that in case you like it, you may return to them and opt for more which might increase their business value.
Also, one more thing to remember is that car loans are available online and it is to be noted that car insurance that is available online is presented at a much lower price when compared to whatever the lender is offering you with. So always make it a point not to just blindly visit a lender and get yourself with the car insurance, because this way you are wasting the money. Therefore make sure to browse through the online platforms for the insurance on your car.
Banks should not be considered alone as the only sources which are available to lend the borrowers with the car loans. There is a wide number of non-banking financial companies that offer the loans on a car similar to that of the banks and one should also make a point to reach out to these non-banking financial companies because they are known to provide some great deals and offers on the car loan which can help the borrowers and the customers to save lots of money. Therefore always make it a point to look for these kinds of sources which bear some good amount of deals on the loans. And coming to the negotiating part with these lending institutions, you should make it a point to hear them out first before you demand your price, so that way the discussion might go smoothly and everyone can be at a benefit.
One more tip is that also consider the option of down payments because these might help you save the money in various ways. Therefore, if one opts for the down payment scheme they will eventually have a lot of reductions on the cost of EMIs. Therefore we advise the borrowers to pay at least half the cost for the down payment which can lead to shortening of their EMI periods. For instance, IDFC First Bank Car loan offers a percentage of 12% on the maximum loan amount and people who opt for the down payment can save a lot and gain more profit out of this.
Also, search and look out for lenders who do not charge with any kind of processing fee, because this might be added to the cost rather than the savings of an individual. This may not impact your cost on the EMIs but overall you can save some amount of the money without just paying it all up for just the sake of the processing fee.
