Are you tired of commuting in those jam packed buses, metros and local trains and think of buying yourself a car but can't afford to shed off a lump sum amount from your salary for your comfort?
If this is what is on your mind, then a good news is awaiting you at PaisaWaisa.com

We give you the access to the various leading and prominent financial institutions of India, from where on you can have a detailed glance at the loans offered and choose the one that suits you the best.

That could be better than this that you get to find the details like rate of interests, eligibility criteria , repayment schedule, etc under one single roof of PaisaWaisa that not only introduces you to these renowned banks and institutions, but also allows you to compare the rates and other factors as per your requirements because we understand the value of your hard earned money.

Now all that you have to do is just need to know the car that you want and that's it!Rest all would be taken care of by our dedicated team that is constantly working so that you get the best loan option. You might still consider going to a bank and filling in an application for yourself , but that is not only time consuming but also holds a chance of being rejected and hence putting all your efforts to a waste.

Then why do you need to go through a rigorous regime when we offer you an easy way out.
To avail our services all that you need to do is just register yourself with us online for free with no hidden charges or fees. Just simple, convenient financial services.

Few tips that would help you in striking a fruitful deal for your car finance : First things first, decide on the car you want, and try to make sure it suits your estimated budget. Now zero down your options for the car to, two to four. Also try to locate for different dealers in the market who can offer you the right best price that suits your pocket. Now, compare the rate of interests of all the banks and try getting the best rate. While this all seems a very easy task, it's actually a bit complicated, as many intricacies are involved. While applying for any new loan, banks do look at the previous credit history though every bank has a different criteria altogether but if they don't find you in their good books, often there are chances of your loan application getting rejected or you might get a loan but at of course at a higher rate of interest . The loan is to be repaid in Equated Monthly Installments (EMIs). Your EMI is dependent on your loan amount, rate of interest and your tenure of the loan, i.e., the duration for which you hae taken the loan.

While many might think that the best loan is the one that offers you the lowest interest rate is the best, very often that is not the case. The best deal should not be evaluated on the basis of monthly EMI, but is rather to be calculated how much is being paid by you in total during the entire loan tenure. This in turn is governed by both interest rate as well as the time period of the loan.

Interest rates are governed by two methods, namely flat rate and reducing balance method.

In the flat rate method, the principle amount remains the same for the tenure and the total interest is divided over the number of installments to derive the EMI.

In the Reducing Balance method, the paid principal amount gets reduced from the outstanding loan amount, and hence, the interest then paid by you is calculated on the outstanding principal amount.

Car loans generally don't require a guarantor unless your income is not sufficient to meet the criteria of the lending institution. For the latter, the guarantor can be your spouse, employer or any third person such as a friend or colleague that the bank deems fit to be the guarantor.

The processing fee is a one time charge at the beginning to take care of all the legal formalities, and can range from 0.5-2% of the loan amount.

One must inquire also about the pre-payment penalty in case if one wishes to pay off entire the loan amount before the tenure ends. The criteria for each bank is different in this case again. Also, be clear about the options they offer you in terms of pre-payment and part-payment because a bank offering the prepayment option doesn't give the flexibility in part payment.

To drive an uninsured car is against the books of law, that is punishable. You ought to get an insurance policy at least for a year after the which it has to be renewed again. The amount of insurance of your car is decided on the basis of its market value.

So that's it, these are the points one must keep in mind while financing a car. We sincerely hope that these have helped you in your endeavors to find the right car for yourself. Do put up a question at our Q&A section in case you have any more queries.

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