What are the major issues we should consider in taking Car Loan/ Auto Loan?
- By admin
- 23/02/2016
- 0
Owning a car for private use or family use is not anymore a matter of luxarious life style. people are trying to purchase car with borrowing money from banks and other finacial institutes. Car Loan/Auto Loan is getting very popular in our country as it ensures lots of convenience for general people. Nowadays, it is very easy to get a car loan from the banks and other lending companies. But a borrower can be in trouble if they don't consider few important issues regarding car loan/auto loan.
In nut shell a person should consider the following issues with utmost care. These are -
- What is the rate of interest?
- Rate of interest plays a very significant role for any loan or borowing. It is most important because the monthly installment amount depends on this major covenent.
- Does the financial institution charge any processing fee?
- Processing fee is also very important. Normally it ranges from 1.00% to 3.00% of the loan amount.
- The Loan amount for Brand New and reconditioned car.
- Tenure of the Loan
- Any other charges by the banks.
- What are the required Documents?
- Repayment procedure of the Bank
- Registration procedure of the Car (Very important).
- Is there any early settlement fees?
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