Nowadays, buying a car by taking a car loan has become a trend. There are varied car loan options in the market like SBI car loan, HDFC car loan, Axis Bank car loan, etc. While applying for the loan, it becomes important to give due care towards varied finer points of the loan, including the selection of the right lender. However, before selecting the lender, it is required that you give due considerations towards certain facts. Let's have a look on those facts-
Interest rate-One of the main factors in car loan is the rate of interest that is being charged by various lenders. There are varied loan options in the market, which has made the entire sector competitive. You should here note that the low interest rate means you would be required to spend less. However, you should pay close attention towards the method which is being used for calculating interest rates.
Loan payment structure- You can find varied lenders in India which are offering highly competitive interest rates, so, it is necessary that you deeply understand the car loan payment structure. You should choose that payment mode which is convenient and you can easily afford.
Down payment-At the time of applying for the car loan in India, you would be required to pay down payment, which may be different from one lender to other. If you will make a high down payment then you would be required to take low car loan.