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When Applying for a Car Loan

Buying your dream car can become a lot easier with a car loan.

Here are the top 3 factors to keep in mind before applying for a car loan

1) Get your own credit report Apply online at https://www.cibil.com/creditscore/ and follow the instruction given there to get a copy of your own credit report. Check your credit report thoroughly to spot errors. If need be, use our advisory services on CIBIL Report to get any errors corrected. Remember any errors in your credit report can reduce your chances of getting a good car loan offer.

2) Negotiate smartly to get the best car loan rates

Here are suggestions by Harsh Roongta, Former CEO, ApnaPaisa on how even a layman can negotiate a good car loan rate.

3) Opt for fixed rates of interest : Car loans are available at completely fixed rates of interest for the entire tenure as well as floating rates of loan. Make sure that the car loan that you are taking is also fixed for the entire tenure of the loan.

4) Be aware about the Processing fees and Pre-payment Charges : Most car loans have processing fees ranging from 0.50% to 1% of the loan amount . Most car loans will also charge you a fee if you wish to pre-pay the loan of between 3-5% of the loan amount repaid. Some lenders will not allow pre-payment for the first 6 months and some lenders do not allow partial pre-payment.

5) You do not have to necessarily buy car insurance from the Car dealer : If this is your second car and you are selling off the first one and have had a history of no claim bonuses on the last car then you can transfer the no claim bonus to your new car. Use our car insurance section to compare the deals available on new car insurance with no claim bonuses.

Do not sign blank application forms or documents and keep a copy of all documents submitted to the lender for your future reference. Any promise made by the DSA or even an official of the lender has no value unless it is in writing or at least on email.

So if you are basing your decision on any such promise make sure you get it in record in some form.

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