Auto Car Loan

An auto car loan offers a person the freedom to get a car that might last them longer than a junker they can pay cash for. Financing is available through all types of financial institutions and with many different choices to choose from. It is important for you to decide what type of loan is best for you. The goal is to pay the vehicle off with the least amount of money in the least amount of time.

The first thing to do is clean up any problems with your credit report. This means that you want to get a free copy of your credit report so you can look at it before talking to a loan officer at the bank. Auto car loans work the same way as any other financing option; you will have many more auto car loan choices if your credit is good and you will pay less for this kind of financing.

Once you clean up any problems with your credit you need to evaluate your budget. If you have never developed a budget now is the time to do so, even if you don't have problems with money. Knowing how much you can afford to pay for your auto car loan is a great place to start when looking for a car. auto car loans have a variety of payment plans and finance charges. The key is to find an auto car loan that fits into your budget and that you aren't paying a lot of interest or finance charges for. It doesn't really matter if your payment is $50 a month if only $10 of that is going towards the principle of the loan amount.

Vehicle financing is available for every type of person and every type of budget. With so many financing, it makes it difficult to find the one that is right for you. Just make sure you understand how much you can afford and how long you want to be paying. There might be several 'right' auto car loans out there for you, but once you find one that completely fits your needs you should feel safe going with it. auto car loans can be refinanced so don't think you are locked into a loan once you sign. Having said this, it is important for you to understand how long of a waiting period the bank will make you wait before refinancing. Above all, make sure you are comfortable with the payment you will need to make each month towards your auto car loan. Many people finance their vehicles and find this to be the best way to buy a car. Other people swear that buying a car upfront is the best way. Depending on your financial situation you can make a confident decision for your needs.

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Transfer the balance

If your HFC is not offering you any better option, you can always look at various other home loan schemes. With rising competition among the HFCs, you can use your good payment record to your advantage and do a balance transfer (BT), wherein the unpaid portion of your home loan is transferred to a new HFC at a lesser interest rate. This, however, depends on your personal liquidity position and other mid-term and long term requirements. "You should find whether the discounted cash flow is higher than the interest rates. Also, watch out if the new HFC includes your pre-payment amount and processing fee to your overall loan amount," says Amitabh Singh, partner, Ernst and Young. Analyst advise that you should find out what is the paperwork required, if you can use the original EMI cheques or have to issue fresh ones for making payments towards your loan. Also, remember BT is not an advisable option at the end of your loan-term, and you may check with your current HFC if it can offer you any better deal. Increase the tenure If the present inflationary trend, now compounded with an increase in interest rate, has put you in a cash-flow crunch, you can increase the tenure of your home loan. Take the case of Sahay, who was paying Rs 33,000 EMI on a tenure of 20 years. Now, with the increase in rates, he’ll have to pay 38,000 for the same period. But if Sahay extends his loan period by five years, his EMI at the new interest rate will be Rs 36,000. "If you’re at the early or mid-stage of your home loan tenure, you can exercise this option. This is advantageous for those who’re on a floating rate because as and when there is a decrease in interest rates, you can re-set your options and for the time being ease out of this pressure," says Singh. You should, however, realise that with the increase in the tenure, the total interest that you’ll pay over the life of the loan term also increases. For example, in the case of Sahay, at current interest rates, he is paying Rs 74 lakh in interest for a tenure of 25 years. But if he was on a 20-year loan term, the total interest that he’ll pay will be Rs 56 lakh.

Communicate and re-negotiate

If you’ve been a good customer, then there is always a possibility that you can negotiate with your bank on your home loan term period and the interest rate. Explains Amit Suri, CEO, AUM Financial Planners: "The interest rate that any housing finance company (HFC) charges to you is around 2-3% less than the PLR. In India, this benchmark for every bank is different. It doesn’t necessarily mean that every time there’s a hike in PLR, your interest rate will go up. If you’ve been regular with your payments, you can explore this with your bank." Analyst say that you should keep a watch on the interest rate your HFC is offering to new customers. Generally banks offer different schemes to new customers with various discounts. "If your existing lender is doing so, it clearly indicates that there is a cushion. And you should also benefit from it," says Harsh Roongta, CEO, Apnaloan. Besides, an HFC can only reset the floating rates once in every quarter. And if recently there has been a raise, make sure that you should be impacted only when the bank reviews it in the next quarter.