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How to Make Better Financial Decisions When Buying a Car?

Currently, the car market in India is booming.

Every manufacturer of quality products always works hard to put forward their best products to catch as much of the buyer's financial pie. Underlying this is relaxed financing conditions, in which lenders are willing to make the financing vehicle loan agreement  process as smooth as possible for the consumers. Therefore, now you have got a situation where you can easily purchase your dream car.

The vehicle loan meaning

A vehicle loan allows you to buy any vehicle for personal use. The lender is known to make a direct payment to the dealer on the buyer's behalf while the buyer pays back the loan in EMIs over a specific time period.

Here are a few tips on how to make better financial decisions when buying a car:

  • Before buying a new car, bear in mind that the decision should be made carefully, whether you can afford it or not. In addition to the actual buying price, there are several other expenses which will affect your monthly budget like Insurance, Maintenance, Gas.
  • These days, getting a vehicle loan has become a simple process. Basic questions you might think about are How much car loan can I get on a 40000 salary? What will be the vehicle loan interest rate? etc. Several people nowadays are becoming unworried and consequently paying a lot more than they should. Some people handle the expense of the car and other upfront charges while others realize later that they had misjudged their financial capabilities.
  • When it comes to buying a car, smart buyers power their existing relationships with lenders; they shop around to get the best deal, not just in terms of the lowest EMI but in terms of the lowest outgoing overall. They make sure to inspect every detail with care before committing to a deal. Union Bank of India offers a vehicle loan EMI calculator to help you make a wise choice.
  • One more smart decision you make is protecting yourself during the buying experience. For instance, most consumers are unaware of the fact that they can easily save nearly 40% on their new car insurance by shopping for it directly instead of going buying it through a dealer.
  • Another money-saving tip for consumers is purchasing vehicle accessories via an independent vendor, saving as much as 20-80% off on the original cost.

Last of all, numerous three to four-year-old cars still possess good on-road life. Usually, such cars can be restored at an affordable price compared to a new car. Therefore, you can enjoy them for a few more years. So considering buying a used car or second-hand vehicle on loan is also a good option.

It all comes down to individual decisions; therefore, one should always choose wisely.

It only gets better if you are a Union Bank of India customer, since we assist you in making wise financial decisions. Visit our professionals at the nearest branch. Enjoy quick disbursement of loan, lowest interest rates, and much more. Obtaining a car loan in India has never been so simple! Apply for a vehicle loan easily by using Union Dial facility or an online loan application facility to become a PROUD CAR OWNER.

So, get the perfect vehicle and the perfect financing the way you want.