Are you planning to buy a new car amidst a pandemic? Are you waiting for the best time when you can try your hands on the steering wheel? The pandemic has changed the experience of everyone, whether you are a customer, an employee, or a business owner. Now that the government has initiated unlock, the mobility in the country has started rising. Daily traveling and the use of cars have resumed for everyone across the country. In all this scenario, if you are planning to purchase your dream car, you are required to carry out an extensive research about every possible aspect so that you can make an informed choice and get the best deals.
As you may already know, commuting through public transport is not recommended during the pandemic. So, if you are thinking of buying a new car but do not have adequate funds, a car loan is what you need for financing your dream car.
A car loan is a type of loan that is granted against the vehicle you wish to purchase; it means that the car serves as collateral for the loan. A car loan includes a variety of fees and taxes, which are added to the total loan amount. Compare the different rates of interest that are being offered by various banks and financial institutions before you opt for a car loan. The rate of interest will differ from floating to fixed and from one lender to another.
Mentioned below is a list of steps by which you can finance your dream car amidst a pandemic:
Self-Assessment
This is the basic step when you think of buying your dream car. Ask yourself some basic questions like what are your requirements, can you afford your dream car in the current situation, how do you plan to repay the car loan, etc. You should be clear about the funds that are available with you.
Your credit score also plays a significant role in getting your car loan approved; if you have paid off your EMI’s on time, you will have a good and healthy credit score, and you will get a loan at a lower rate of interest. You should aim for a good credit score and then try to finance through the best car loan.
Make an Extensive Comparison
Before opting for a car loan, you should make a thorough comparison by visiting different banks’ websites and getting the average rates that are being offered on car loans. You should go for an affordable interest rate and keep an eye on charges levied by the banks.
Pre-approved Car Loans
These days the majority of the dealers provide pre-approved car loans to the buyers quickly. These agencies have tie-ups with NBFC’s (Non-Banking Financial Company) and banks that offer loans at high card rates.
Timing of Your Purchase Plays a Crucial Role
In India, there are two festive seasons- Diwali and Holi. Various banks and NBFC’s provide special rates on car loans during the festive season. If you decide to purchase a car during the festive season, you can make some amazing deals and get a number of additional benefits and discounts on your purchase.
Finance Your Dream Car with the Help of a Car Loan
Your financial discipline is an important factor to consider when it comes to financing your dream car with a car loan. You can seek guidance from reputable banks like Axis Bank; they have introduced a new car loan interest rate that offers a loan amount up to 100% on the car’s on-road price. The charges associated with the new car loan interest rate are completely transparent and kept to a minimum. Therefore, choose your car wisely, do proper research, and choose from the best available option.
Have a safe drive!
