If you are looking for a car loan, there are many factors to consider such as the loan amount, the tenure, the interest rates, the EMI repayment options and other additional features on the car loan. So, it is essential that one does his/her research before choosing which lender to borrow from as different lenders provide different features on their car loans. Based on personal needs and requirements, one can pick what is best suited.
Here are some of the best ways to shop for a car loan:
1. Visit lender websites:
There are many banks and Non-Banking Financial Companies (NBFCs) that provide car loans. All lenders have their own websites, wherein one can check all the credit products they offer and the respective features of the various credit products offered. So, you can just visit different lender’s websites and compare car loan amounts, tenures, interest rates and EMIs and pick what is best suited for you.
2. Visit lender in person:
Some banks and Non-Banking Financial Companies (NBFCs) offer better deals if one visits in person. Interest rates can be negotiated in person if one has a good credit score and a good relationship with the lender. So, visiting different lenders in person and speaking to their representatives can help one can get clear idea on their features and the advantages of borrowing from them.
3. Visit a finance portal:
Companies such as CreditMantri have loans from over 40+ lenders and can easily help you compare the features of different lenders and pick what is best suited to your credit profile. This reduces the chance of a car loan rejection which can negatively impact your credit score. Logging into CreditMantri to apply for a loan ensures easy loan approvals and the best offers matched to one’s credit profile.
4. Check with the car showroom:
Most automobile showrooms have tie ups with certain lenders to ensure that the customer can get the loan and the car at the same place. This is done to help the customer purchase the car with minimal effort and time. So, you can check with the car showroom and see if they can help you with obtaining a loan for the car you are planning to purchase.
To apply for a car loan, click here.