Car Loan tips; Taking a car loan has become the easiest in today’s time. Many private and government banks or institutions of the country are providing car loans with easy paperwork for purchasing a new car. Along with this, many car manufacturing companies also keep offering various types of offers to the customers for giving them car loan. But do you know, it is very important to consider some things before taking a car loan. So that you do not have to face any kind of problem in car loan in future.
So let us know through this post what things should be kept in mind before taking a car loan. So that taking a new car loan proves to be easy as well as beneficial for you.
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Know these 5 things before taking a car loan, otherwise you may have to pay high interest.
1. Select a good bank or institution for loan
Before taking a car loan, keep in mind that the bank or institution from which you are thinking of taking a car loan should have a good service record. For this you can take help of YouTube or internet. Where the review of these banks or institutions is posted. If possible, try to take a car loan from a government bank only.
Let us tell you that many private companies or banks giving car loans have a partnership with the car dealer organization, you can take a car loan from them also. They pass the car loan to you in less time but do check their document charges once, it is as per your loan.
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2. Take car loan for short term
Before taking a car loan, you should choose the loan tenure carefully. You should choose this according to the car EMI repayment every month. You choose an EMI that you think you can afford to pay every month.
If you choose a car loan for a short period only, you will have to pay less interest. If you choose a car loan for a longer period, you may have to pay more interest on it. If possible, select the loan tenure of 3 to 4 years. Due to which you will get less interest on car loan.
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3. Calculate the car loan amount
Before taking a car loan, you can calculate the car loan amount yourself. In this, you get an accurate idea of the amount to be taken in the car loan. While calculating the car loan amount, account for service tax, processing fee, foreclosure penalty. Do the calculations and also be well aware of the additional hidden charges. This will give you an accurate idea of your car loan amount.
If you are facing any problem in calculating the car loan amount, then you can also get information about it from any expert or knowledgeable person. This information can save you a lot of money.
4. Pay attention to schemes and offers
If you are buying a new car through loan, then you should also pay attention to the schemes and offers available on car or car loan. Because many car manufacturing companies and car loan giving banks or financial institutions keep bringing many schemes and offers for their customers from time to time. So that customers can take advantage of these schemes and offers and buy a car.
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If you want to take advantage of these schemes and offers, then you can check by visiting the official website of the company from where you have applied for the car or the car loan. This can save you around Rs 56-60 thousand.
5. Do not give extra documents
To take a car loan, keep all the necessary documents with you like Aadhar card, PAN card, copy of electricity bill, CIBIL score certificate, 5-6 cheques, copy of address proof etc. etc. If someone asks you for extra documents for a car loan, then first ask him why other documents are being asked for. If necessary then give it, otherwise you can also refuse it.
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