Top Factors that Should be Considered while Financing A Dream Car16:45
From the years, having a personal car is considered as the symbol of status among people of all segments whether they are from salaried group or elite group having huge business under their flagship. Going through this desire of driving personal car among everyone, last two decades have witnessed dynamic increase in the number of car owners across the world. From this you should not consider that all new owners of cars are people from business group, on the contrary there is huge segment of new car buyers which is representative of salaried group that receive fix salary per month.
So, now the question arises that have these people found another source of income or there has been an increase in their salary. Well, an answer to both these questions in word is “NO” albeit, there has been an increase in their salary, but it is also the bitter truth of today’s economy across the world that prices of all commodities have also hiked at jet dynamic speed making it difficult for people to manage their financial obligation. This keeps our question of sudden hike in number of car owners at high speed answered.
Anyhow, an answer to this question is availability of easy finance schemes initiated by all car makers across the world, and going through varied luring offers made by car maker’s people of all segments prefer to buy their dream car without doing any mistakes by paying monthly installment according to their financial ability to these manufacturers.
Buying a car on finance not only helps them in driving their dream car, but also helps them in making proper balance between their different financial obligations without any trouble. But, sometimes it is noticed that in desire of buying their dream car at the earliest through finance, people face lots of un-expected problems which on the contrary impose useless tensions on their shoulders. Going through the launches of various new cars in India during coming months if you are also planning to get your car financed by company, it would be better for you to consider following factors:
Comparing Rate of Interest
Today, you can find plethora of financiers offering the facility of finance on vehicles according to requirement of buyers. It would be therefore be better for you to compare the rate of interest charged by at-least six to seven financiers and compare the rate of interest charged by them and after properly assessing your credit score get the final agreement signed by them.
Check Your Credit Score
Financing a car does not mean that you are a rich person who will pay the installment on time. Always remember, before financing a brand new car in India or any other country the financier will always assess your credit score and your ability to repay the loan on time. It would therefore be better for you to get the report card of your credit prepared by some authorized credit bureau. Healthy credit score will help you in getting finance easily from the financier.
Cashback and Discounts
Going through the dynamic shift of buyers towards financing schemes various manufacturers have started offering fascinating offers to their buyers like zero percent interest and other rebates for financing their car. As you compare the rate of interest charged by different financiers, similarly it would be better to go through the finance schemes offered by manufacturers and dealers. Zero percent interest means less EMI. More interestingly, if you have substantial savings with you for down payment, then you will even not be considered for paying any kind of interest on purchase of your dream car, except paying the normal installment every month.
Get Every Factor Mentioned in Agreement
When you buy a car on finance, get everything related with your financial agreement mentioned in the contract. The contract agreement should mention the rate of interest, amount of monthly installment, and other charges that would be charged by you, till the expiry of your agreement i.e, until you pay the last installment of your loan.