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First things first. To begin with, do some resecrh on your own on the prevailing low interest and affordable car loan, so that you don?t have to commit your hard earned money to undeserving lenders.
Tap your home equity. You can actually use your home equity to lower the interest in your car loan. When you use a home equity line of credit or get a home equity loan for your car, you can get a lower interest rate when you apply for your car loan. This is because of the security that a bank can get out of your home equity when you are unable to pay them back.
Go with an independent financer. Always keep your options open. Doing business with an independent loan lender can get you a lower interest rates as he is more flexible. In most scenarios, car dealers make more profit out of your monthly payments because of the high interest rates that they give. When you shop for a car and they ask you how much you can afford every month for the payment, they may bump the interest high enough based on your financial abilities.
Be cautious of zero interest car loans. Though the zero interest car loans are more attractive, there would always be a catch with these. For example, when you purchase a car worth Rs 5 lakhs and have the option of not paying interest for three years, or instead getting a rebate on a 5 percent interest rate, you would end up being able to save more on the second option. Do your math and do not be deceived by advertising gimmicks.
Up your credit score. A high credit score translates into a lower interest rate. For you to ensure that you will not be burdened by your finances, do your best to improve your credit score before you apply for your car loan. This has a lot of effect on your evaluation and assessment.
Car financing is the in thing now and most of the car dealers will hawk you more towards the car insurance or car loans than your purchase of the car itself as it is very lucrative.
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