• Things To Remember Before Applying For A Car Loan This Diwali

    Banks and Non-Banking Financial Companies (NBFCs) offer several offers on car loans during the Diwali season. Discounts, exchange bonus, and loyalty bonus are offered by lenders during the festive season. However, several things must be considered before you buy a car on loan during the festive season. Some of the reasons that must be considered are mentioned below:

    • Remember to compare car loans: It is very important that you compare car loans from different lenders before you opt for one. Banks and lenders offer customers different car loan products during this Diwali season. You can visit a financial banking portal like BankBazaar to compare the interest rates and features offered by different lenders.
    • Making a down payment: There are some banks that might offer up to 100% of the on-road price of the car. In most of these cases, the bank or lender will insist that you make a considerably large down payment towards your car loan. If you have a large chunk of money that you can use or if you have received a good bonus at work, you can use this money to make the down payment. It is a good idea to avail this offer if applying for a car loan during this festive season was part of your agenda.
    • Reading the offer documents carefully: When we get a great deal, most people tend to sign and accept the offer without reading the offer documents carefully. There might be a hidden clause that you would have skipped if you do not read the "Terms and Conditions" of the policy. It is crucial that you read everything related to the car loan carefully. Car loans that are offered on low interest rates may cost you more in other aspects of the policy. Ensure that you read the smallest print on the document to ensure that you are well-advised on the car loan that you are willing to purchase.
    • Staying within budget: It is quite important that you stick to the budget when you avail a car loan this Diwali season. Since banks offer lower interest rates, you might get tempted to exceed your budget and purchase a more expensive or a luxury car. It should be noted that a car is a depreciating asset which means that you might end up spending more than what you would earn if you sell the car that you have purchased.
    • Considering additional fees: When applying for a car loan, ensure that you read the offer documents carefully to ensure that you have taken into account any additional fees that could accompany the car loan. Some banks and lenders would waive off the processing fee levied on a car loan, while others may decide to remove another additional fee. This could help in saving money in the long-run.

    This Diwali season, be prepared to not get taken for a ride when choosing the right car loan policy. Keep the above-mentioned points in mind before applying for a car loan during this festive season. With the help of a car loan, you can make your life easier when it comes to commuting from one place to another.

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