Purchasing a car for you and your family's commute is becoming necessary in today's world. If you are also planning to get one, this article is simply for you.
Car is asset if used for buisness and liability if used for personal use. As it has depreciation as it gets old. Car loan is secured loan, so Lender can seize the car once loan amount is not paid. So whenever Going for Purchasing the car, You should study your actual need and the budget precisely.
Thumb Rule to Decide budget of the Car, which is to be purchase should not exceed 50% of Your annual
Income. For Example you are having annual Income of 20 lakhs, you should go for a car price of maximum 10 lakhs.
It is very Important to go for a budget as per own comfortable budget, one should not go just because of some other of your colleague or friend having this car, or just tempted by its features or advertisement campaigns. Or Just by getting influenced by swanky showrooms, and elite selling agents.
Here, We are Proving all the Tips for your Car purchase.
1) As we suggested, First Decide budget of your car, which should be 50% of annual income.
2) Throughly check online about cars, about to lauch, running models, Features, Fuel Type, milage, pri
cing, after sale service and reviews. Like this, you will get 3-4 car models in your shorlisted list.
3) Carry the shortlisted list to the Car showroom, have actual look of the car, take test drive, ask as much quries to the sales agent. Carry some mechanic or technical person along with you, so it would be beneficial to understand technical things in a better way.
4) Don't book imdetiatly, Just Finalize the car model which you wish to go for, and start to see if any discount is upcoming on the same model, may be due to festive season, or due to clearance sell, which generally comes in December month, if you have time, this way you can get INR 30,000/ to INR 1,00,000/ Discount. Simulteniously, Just Look around in your circle for the same car owner for his feedback. Everything must me satisfying till now, You can go and book your dream car.
TIPS for going for car loan:
If Some body ask me the question, Should I purchase the car with own funding or should I go for Car Loan....My answer always remains " Car Loan"
The reason is very simple I tell you,
In India, Many financial institutions gives car loan at intrest rate of 6.5% to 9% depends upon Individual's cibil score and earnings.
If you have funds available, You can better Invest in secured products like MF or Govt bonds, which on an avarage, pays ranging from 15-18%, which is higher than car loan intrest. This way you can make money if you have fund available with you.
If you are going to avail Loan for your car always follow 20/4/10 rule.
20/4/10 Rule:. In this rule 20% down payment, 4 year tenure, 10 for monthly emi, which should not exceed 10% of your monthly salary.
The intrest paid of your car loan can be claimed under income tax rules.
The Best Car Loan Provider banks are:
1) SBI: https://sbi.co.in/web/personal-banking/loans/auto-loans/sbi-new-car-loan-scheme
2) HDFC Bank:. https://v.hdfcbank.com/amp/car-loan/overview.html
3)) ICICI Bank : https://www.icicibank.com/personal-banking/loans/car-loan
Congratulations for your future cars....May this Car shopping journey will be fulfilling and delightful for you.
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