Planning on purchasing the much-coveted new car? A car loan is a great way to fund your dreams. The financial product is one of the most sought-after at present and this can be credited to the several benefits it carries. It includes attractive interest rates, high loan amount limit, long repayment tenor and much more. To top it all, a growing number of car companies are collaborating with auto loan providers to bring you better car loan deals.
A car loan through the dealer can be a good option for you. However, you must not make a hasty decision. Here are some pros and cons that you should weigh before going ahead with your decision.
Convenience – Opting for a car loan through the dealership brings with it immense convenience. You do not have to scramble through different banks to get a loan. Without much hassle, you can secure your car and fund it through a loan offered by the same dealer. All you have to do is fulfil some documentation and the dealership will have everything handled for you.
Attractive financing deals – Dealers want to ensure that you do not go beyond their offered deals to fund your purchase. This is because they earn incentives with each conversion. Thus, you are likely to land competitive rewards through this option.
Sales manipulation – Car dealerships can use the loan option to bring you a confusing sales pitch. They have control over the terms and conditions and may also distract you from the total purchasing cost. Having an approved loan through an external financer will help avoid this.
It can be costlier – Financing through the dealership can be much more expensive than getting a loan through a bank. While promotional offers can be money-saving, they may sometimes not run the same. Additionally, dealers may charge a commission for handling your loan process.
Higher interest rates – To an extent, you may be able to negotiate the interest cost with a bank. However, the same may not be applicable to a loan through the dealership. You may find that the interest rates are not as great as compared with a financing institution.
Applying for a car loan through a dealer is a fairly simple process. You are assisted right from the time of applying for the loan to the point of disbursal, making it a cakewalk. As mentioned above, a loan through the dealership brings its own set of pros and cons, and you must evaluate the same carefully. Asses the different factors to ensure that the chosen loan option works well for you.
In today’s world, owning a car has almost become a necessity with the freedom of movement and comfort that it offers. And Car Loan, your dream of owning a car can become a reality with minimum effort.
We provide new as well as used car loans, all tailored to meet your individual requirement with flexible schemes. Additionally, our convenient repayment options, easy processing, and flexible car loan interest rates mean that, no matter what your dream car, we can help you turn that dream into a reality. From planning a big event to facing an unexpected expense, we have a solution to your planned/ unplanned expenditures with our car loans. Simply apply for a car loan online from the comfort of your home or office and get quick loan disbursal with a seamless experience. Avail quality service and instant personal loan instantly in the top commercial and metropolitan cities of India and meet your financial requirements without any bottlenecks.