The Most Ideal Time To Buy A Car In India

Ideal Time to Buy a Car in India

Ideal Time To Buy A Car In India

when it comes to buying a car we have to think a lot that which car we need we have to ask from our family and we also seek advice from other people and after that still we think we should buy it or not, or we think what will be the time to buy a car? Buying a car is hopefully the biggest personal purchase for a person, after a home. there are my chances that we can get our dream car. The year-end is undoubtedly the perfect time to get the best deals on car purchases. It is, generally, a down period in car sales as most wait for the new year before buying a new car. But if you want to save good savings on your car purchase, please buy it in December.

The reason being, dealer and manufacturer both make their efforts to clear present year stock. Customers do not prefer the old model for next year (starting Jan). Year of manufacturing for a car, though not matters in terms of resale, is considered a factor by many customers. that’s why Manufacturer and dealer will give huge discounts in Dec – Its a benefit for you as well as to them.

Feature
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Interest Rate
8% - 8.4 %
8.5 - 9.5 %
11%
Min Loan Amt
Metro : 1 Lac & Non Metro: 75000
75000
75000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
Upto 7 Years
Upto 5 Years
Upto 5 Years
Processing Fee
1999 - 4999 + Tax
0.25% to 1.50%
0.25% to 1.50%
Preclosure Chgs
2%, Nil after 24 months
2%, Nil after 36 months
Nil
Loan to Value (LTV)
Upto 100% on Ex- showroom
Upto 95% on Ex- showroom
Upto 90% on Ex- showroom

  • Reliability

A car loan is secured against the vehicle you are interested to purchase, which means the vehicle serves as collateral for the loan. If you fail at the time of your repayments, the bank can seize the car. The loan is paid off in fixed installments throughout the loan amount. .More like to secure the lender have the right to take away until you complete all the payments

  • Check out your pocket before going for a car loan

Buying a car is not easy for the middle-class person  According to statistics, in India, most of the new cars are sold on a car loan because they are unable to pay the installment. A car loan is a common way to get finance for your car. Getting a loan is easy from banks. Just take care before you go for it. A higher down payment and regular EMIs can cut your car loan burden, and you can save enough money to cherish your life. Avail the best car loan according to your needs. Consider this point before applying for a car loan. funding amounts, interest rates, loan tenure, and eligibility.

  • Calculate your Financial Health

Before availing a car loan, make a proper budget. Calculate your expenses, income, and savings. Exclude your EMI amount and start saving. If your financial health is pretty good and you can afford the Car Loan EMIs, then this is the ideal time to buy a car. Purchasing a car should not hit your financial health.

  • Interest Rates

Given that the lender has financial control over the car—it’s a secured loan—the debt is deemed a lower risk, which generally translates to a  less interest rate for the borrower. The rate of interest is fixed so borrowers don’t need to worry about it before applying for a loan.

  • The Terms

Car loans are fixed at 36, 48, 60, or 72 months. Similar to personal loan the shorter the time period the higher the monthly payment vice versa. You can get a car loan even when your credit score is lower, this will not affect your credit score much on your interest rate.

  • Special Considerations

Its on you what you choose car loan or personal loan rates are different in every bank. you can sit at home and find the best deals for you from home only. Find banks and other sources find the best deal for you compare interest rates and affordable EMI.

  • Use Festive Discounts and end of year sale

India is the land of festivals and celebrations, and in every festival, companies give discounts and offers. Monsoon is the season in which the leading automakers used to launch new cars, and also when the year comes to an end that is also considered the best time as companies are in a race to clear the old stock.

  • The debut of New Cars

The auto industry of India is growing at a good rate. The Indian market is tempting the auto companies and making them launch new and exciting vehicles. Mostly the auto companies launch new cars on the occasion of festivals and in the new fiscal year. If you are waiting for some specific car, you can wait for the ideal time. Use the festive discount offers or new car gift vouchers and buy your dream car.

There is no ideal time to buy a car as such. It solely depends upon the model of your car and the current market situation. So, calculate the ideal time for buying your dream car. Check your financial health, decide your car, apply for the right car loan, and purchase your car at the ideal time. Ride your dream car and cherish your life with your loved ones.

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