
- When you go car shopping, car dealers offer you a loan through a pre-existing tie-up with a financier. Remember, dealers usually get 1-2 per cent commission on your loan.
- It makes sense to shop around by checking out what other lenders are offering—your bank, other banks, and NBFCs.
- Many times, your bank may offer you a pre-approved loan. Find out if you have this offer. You can negotiate with your bank to give you a better rate on such a loan.
- Use your pre-existing relationship with your bank to get a car loan at concessional rates.
- Remember, interest rates can differ for different car models even if the loan is taken from the same bank. This can impact your overall budget.
- Bank employees have to meet month-end targets and may get frantic to close the deal around that time. Use it to pressurise them to give you better terms — a processing fee waiver, perhaps.
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First Published: Fri, November 15 2019. 12:39 IST
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