The car loans can turn out to be a cheaper affair if you know the insider’s story

HYDERABAD, India - Dec. 30, 2013 - PRLog -- Buying a car has been the status symbol for years and that has not yet changed even after so many cars entering the market. The small cars have still made the cars available to all classes of society but yet the car loan interest rates have kept the car out of reach for many. The car loan can now turn out to be a cheaper affair if you know the insider’s story. The below points can surely help you get your dream car loan (http://saverable.com/car-loan)at cheaper interest rates.

Check for the car models that have profitable loan offers

Some car companies may have negotiated special interest rates for their highly selling car models. This can be actually due to the volumes they offer to the car loan bank. These negotiated rates can pull even more customers to the car company and the cycle goes on. Thus, if you are the first time car buyer and the interest rates really bother you then try for the popular models with negotiated rates for better deals.

Negotiating the processing charges and other applicable charges is your birth right

Don’t just agree to whatever the bank asks from you. The interest rates and the processing fees are the negotiable parts. You may check for the lowest or zero processing fees so as to reduce your initial payment. The interest rate can also be negotiated to some extent or you can also check for the lowest interest rate by comparing the rates offered by different banks. Don’t forget to check for the hidden costs as the loan that seems to be cheaper may not be actually cheap in some cases.

Try to pay more down payment so that you can save on your EMIs

If you can afford then pay more down payment to avoid higher EMIs. Every car company also comes out with different models in different price range. So, opt for the one that fits well in your budget to pay more initially and keep the EMIs affordable. The models may differ in the features like music system, seat covers etc. These things can be bought later but don’t compromise much on the safety features as these are the key features.

So, you can now have your car in your own budget with little bit of research and adjustments.

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