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Tips on Auto Loans Tips

Bad credit loan Auckland
Jan 09, 2019 05:17 PM 1698 Views

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https://dolbakfinance.co.nz/car-loans


ICICI Bank Is Bad Experience
Sep 12, 2018 01:21 PM 2229 Views

I had taken a Used Car Loan from ICICI bank, Malav parisar branch, Indore.


At the time of purchase, I had clearly stated in my email communication for zero foreclosure charges.


I got written confirmation from Bank employee for the offer which states that there shall be zero foreclosure charges. Also, a loan sanction letter was given by bank which does not states any charges on foreclosure.


After 16th EMI were cleared, I went to bank for foreclosure. I was informed that I have to pay 5% additional foreclosure charges or will have to wait for 24 months from date of loan acceptance from bank.


I want to foreclose the loan without any additional charges after its 16th EMI. I have all documents given by bank which state zero foreclosure charges and did not mention that there is a 2 year waiting period for foreclosure charges to be waved off.( I had to shelve Rs. 40K apprx. on interest for additional 8 Months waiting period from 16 EMI to 24 EMI.)


naik13MouthShut Verified Member
Mumbai
Auto Loan Tips
Aug 25, 2017 05:53 PM 4089 Views (via Android App)

Now a days banks are reasy to provide auto loans to finance your private and commercial vehicles. Before proceeding to bank you should have complete all formalities like what is the value of the vehicle you want to buy and in how many days the dealer can delivery the vehicle. Secondly check how much loan you can get and what margin money you have tp arrange. Never go to a private agent, always talk to bank directly. You can talk to their customer care and take all needed details. After that visit their nearest branch and submit all papers. The agents and brokers who are not part of bank will charge you unwanted and later will harash you. So avoid agents and brokers, check their ID cards if you doubt on them.


Rajni0846MouthShut Verified Member
Delhi India
TIPS ON AUTO LOANS
Feb 19, 2017 02:39 PM 4886 Views

HI today I toking about tips on auto loans I thing in that time some people was wants to auto for drive and a made money so I thing the auto loans is really good for wants auto for really easy in that time the Indian government given a very help for about loans I thing the Indian government it is really good service provide I mean every type of loan given a Indian government is really easy so I thing every like this comment thank you.


tks0846MouthShut Verified Member
Delhi India
Tips on auto loan
Feb 18, 2017 04:28 PM 4849 Views

Hello every one take car home loan and bike loan ect it is good for new purchase a car and very easy to purchase the car and every one buy auto loan it is good and give small mooney but first time give so many money it is based on what car and bike every one purchase but it is good and every one take home loan everything and but every month they take money on based your auto loan I wish every one purchase with loan


New York India
Car Loan
Jan 12, 2017 11:48 AM 6090 Views

When I got a car  loan, I was also in the same question and after discussion with one of my friend who is a banking professional told me, 60% of your monthly gross income+ co-applicant income+ additional income(rentals etc) should be the maximum EMI you pay. Anything beyond that is risky. All EMI's including the cat  loan you are considering to take should be within this threshold.


For calculating EMI on your loan amount you can follow this mathematical formula:


[P x R x(1+R)^N]/[(1+R)^N-1


where P stands for the loan amount or principal,


R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)],


and N is the number of monthly instalments


Source: https://emicalculators.in/


rajugaisMouthShut Verified Member
Hyderabad India
Tips on Car loans
Sep 30, 2016 08:15 PM 8350 Views

In the past, owing a Car was the status symbol for everyone in India. Now a day Car is the basic requirement for everybody. A Family with four persons like a couple with two children should have the Car. Four members cannot be travelled on Bike. So for safety and security owing a car is essential in today’s life. Now a days car loans are easy to take. Before taking a car loan the following points should be kept in mind.


1) Don’t tell to the Dealer that you are taking the car on loan. First finalizing the Car price and after that tell him that you need a car loan.


2) Take the loan only 60% on the total price of the Car. The remaining 40% you pay as down payment, because taking too much loan is not suggestible.


3) Prefer the bank which is giving lowest rate of interest.


4) Enquire about what is the processing fees, any pre closure charges, mortgage charges, go with the lowest one.


5) Go for only the diminishing rate of interest. If it is flat, don’t prefer that.


6) As my opinion always prefer Public sector banks, because there will not be any hidden charges.


7) Take the loan term as long period. Because the installments will be easy to pay and when you get any lamp sum money like bonus, repay/close the loan.


8) If you have the sufficient money also, take the Auto loan only. Because at the time of missing the car also, the finance/bank will take care about the finding of the missed one.


Delhi India
Lonssss
Sep 08, 2016 04:31 PM 7633 Views

Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it. The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people wi .


Raisen India
Loan on auto loans
Aug 28, 2016 03:05 PM 9160 Views

Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it.


The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people with low credit scores.


But thanks to their endless queries, complicated forms to be filled up and norms to adhere to, I was slowly giving up on my dream of driving the car.


Luckily, I heard about No Bull Car Loans during one of my visits to another company, and decided to check it out. Turned out to be the best decision as No Bull Car Loans has made my dream come true.


Hoshangabad India
How can decide for Auto Loan
Jul 03, 2016 12:34 PM 10634 Views

When we are going to take auto loan, we think about some thing some mes or points are




  1. First we think how much I will pay monthly.




  2. What is the interest rate Reducing or Flat




  3. What is the interest amount? which we paid in full time of Loan period




  4. In how much time we can paid easily Loan amount.




  5. What is the Stamp Duty?




  6. What is a processing fees?




  7. Which policy they are providing, are they useful for us or not?






Now if you are ready to take loan then total the sum amount, and compare with your earning and also decide which company is providing better loan to us


Now I want to go with IndusInd Bank in private Sector it's very cheap in interest from other private finance or Private Banks


Kolkata India
Tips to get the best deal on your car loan
Jun 19, 2016 04:42 AM 9826 Views

Cars have become an important part of our life and buying one has become easier. With a number of auto loans on offer, buying a car is now relatively straightforward. However, one needs to keep in mind some simple things before seeking a car loan.


Negotiate the car price - It is often overlooked, but the best way to bring down the cost of a loan is to negotiate the price of a car. Dealers have a sizeable margin on every new car sales and you would do well to get some discount. Approach multiple dealers for your car and check out the offers and discounts available. In the end, if the total price of your car comes down, the amount needed as a loan would also drop.


Shop around for the best rate - Like you do with your car, shop around for the best deal possible for your bank loan. A car buyer often tends to pick up the loan offered by a bank the car dealer has tied up with. Dealers often discourage a car buyer to seek a loan from any other banks, but in most cases the loan deals with a dealer is often not the best available. Talk to different banks and the chances are you will come across a loan that is far more attractive than what your dealer was offering.Do your homework well and try and get a loan lined up before you zero in on actually purchasing your car.


Check your credit reports - Check your credit reports before you think of getting a loan. There may be discrepancies in your credit report that may be affecting your credit profile. This can in turn lead to a bank quoting higher interest rates for you. If you do find out any problem with your credit report, get in touch with the rating agency to sort out the matter. Knowing your credit profile also helps you to gauge where you stand financially and ensure banks do not quote you an unnecessarily high interest rate.


Choose the shortest loan tenure you can afford - Do not make the tenure of your loan unnecessarily long. A car loan is a not a productive debt and you should try and repay it at the earliest. While a longer tenure would mean you EMIs are lower, if you can afford it, try and opt for a loan that is in the range of 3-5 years. This would mean the total outgo in terms of interest would be far lower. Desist from the urge to buy an expensive car and opt for longer car loan tenure. For example car loans for seven years makes very little sense as it increases the total cost of buying the car significantly.


Avoid the extras at dealers - Buying a car may not be the end. Many a times there are a number of accessories that add to the cost of the car. Accessories may include anything from an audio system, to central locking to gear locks. If you are taking a car loan you may also want to factor in the price of accessories and the subsequent down payment you can make for your car. You should never buy accessories from the car dealer since the price at a dealer is often significantly higher. Buying it from a good accessory shop outside the car dealership maybe the smart thing to do.


Worst experience
Apr 30, 2016 11:10 AM 12076 Views

I have bought a bike on 28/03/2016 through HDFC bank loan, I have been informed that the loan amount will be credited to distributor(JSP Honda) within one week but its not credited till now. I have salary account with HDFC from last 3 years and I have submitted cheques to HDFC agent(Ramesh) for loan during my bike purchase.


After 20-25 days HDFC agent called me and said the loan can not be approved for 36 months it can be approved 24 months, when I said just cancell every thing I will look for different loan company then he asked me to resubmit cheques to process the loan, its been more then one week still I am not getting any message for my loan and when I check with distributor the loan amount is not credited yet. Now I can't take out my bike from my house because Temporary Registration(TR) is expired. This is really making me frustrate


Kyliedsouza1MouthShut Verified Member
Noida India
HDFC Auto Loan, Very bad treatment
Apr 25, 2016 03:49 PM 12284 Views

I have a car loan from HDFC, their loan customer service is not at all good.Few days back I got the account number change on my loan account all the formalities


were done by me in order, HDFC committed some mistake because of which they did not have my updated account number, so my EMI could not be debited.


Now, rather then realizing their mistakes, they passed on my number to recovery team, these stupid people used to call me and speak to me in a way as if they are.


Gonna pick up from my home, i was so disappointed and irritated, never thought of such treatment from HDFC at least. They also started calling my parents unnecessarily.


dummy21542MouthShut Verified Member
M India
LOANS NOT PREFERABLE
Aug 05, 2015 01:07 AM 22305 Views

I never prefer loans on automobiles, because I bought Honda active last week with the amount of 64000 plus with road tax, insurance etc.


Behind the real thing is we must buy any vehicle with full amount other than if we buy in E.M.I(equal monthly installments) not easy monthly installments what we think about our self


E.M.I.they make many gimmicks, I faced that the honda dealer prefer me all are buying with down payment of 30, 000 and after equal monthly installments you may pay remaining balance in to equal to divide with months.


We think we go that with least price all over but thy takes by percentage of amount by interest that is not less where we paid amount or a complete months behind matter is that they calculate interest for whole months even we paid of interest along amount for 5 month they does not deduct interest plus principle amount what we paid.


Like that when we wrote on paper we found the interest is calculated for 20 months even principle amount does not less up to last installment. So the interest amount is nearly 40 percent of principle amount


souvagyakummardasMouthShut Verified Member
Bhubaneswar, India India
Compare properly and avail the loan.
Jul 03, 2015 03:17 PM 21940 Views

Auto loan giver handles their customers very smartly to charge some extra fees.


Remember some points to avoid get cheating by those sales person.


1st- Get the ex-show room price from dealer include the road taxes and insurance .


Suppose a Bajaj Pulsar 150 AS cost you around 90, 000 including all taxes and charges.


You are giving down payment of Rs 30, 000


so the loan amount should be RS 60, 000


But in some case in that 30, 000 down payment they have added the processing fees so your loan amount might be more than 60, 000.


Ask the exact amount of processing fees and add that amount in your 60, 000


Then ask for the EMI amount and the term and multiple EMI* the term.


You will be getting the amount which you are going to give them in next 12 or 24 months.


Again deduct that amount with your loan amount and get the interest they charge for the total term.


Compare with 3-4 finance company and get the best suitable to you.


DO not forget t ask about the pre closure charges, as some finance company provide it free of cost and some charges some fixed interest on your capital amount.


DO not get biased what interest they are saying just tell them to show it on paper and calculate your self from the above method.


Auto loan review: My Activa Story
Jul 02, 2015 11:08 PM 21726 Views

In January I bought Honda Activa in full payment. Firstly I wanted to go with auto loan then I decided not to go through loan financing and its better to pay and move on than paying over 20% net interest on loan.


The price was 60000


down payment 20000


Loan amount 40000


charges on loan


Loan initiation charges


Processing charges


interest rate


I calculated the whole payment I need to pay in next 6 months as before that I wont be able to repay my principal loan amount. But it came around 9000 that I was paying as interest and other charges, calculating altogether it came close to 25%.


Please calculate every charges on paper before opting for auto loans.!


New Delhi, India India
Credit Nation for Auto Loans
May 01, 2015 04:11 PM 24883 Views

I recently bought my first car WAGON R, Maruti. I am super happy! I want to extend m sincere and heartfelt thanks to two organisations. Credit Nation which helped me getting my loan approved and HDFC which approved my loan and funded me to buy my first car.


I really admire the way the executives make lay man understand financial terms. which were like Spanish to me before:P Also, their customer service is very good. they answered all my queries and did all the paper work without disturbing me again and again. Also, they gave a good offer from the bank to make my ride a bit easier.


I would recommend Credit Nation to everyone who is looking for loan or credit cards.


vadodara India
Beware of Car Loans
Mar 13, 2014 03:53 PM 41736 Views

Every Indian wants to be a PROUD owner of a Car... Purchasing a Car totally depends on individual's necessity and comfort.. Car Loans, are the loans which are easy to get and quick to repay back to Banks...


But there are some important points to ponder about Car Loans... Similar points are taken care when an individual takes Home Loans... But obviously misses these as the Car Loan amounts are less...


But surely, these points are to be taken care of, as an individual can save money in 1000's....


1) Whenever you take Car Loan, one should always ask for duly filled "Arrangement Letter".


Arrangement Letter is the letter where the details of your Loan is mentioned. Like what would be Rate of Interest (ROI) for 1st year, next 2 years and thereon...


Whether the Loan Repayment is Fixed or Floating...


If Fixed then for how many year and at what ROI.


If Floating then what would be ROI....


2) When you've Floating ROI then it's necessary to check that how much % is increased over Base Rate of Bank...


For eg. currently Base Rate for SBI is 10% (which can be verified from SBI website)... Then in case of Floating ROI you may be charged 2.5% over Base Rate, then in that case your ROI would be 10 + 2.5 = 12.5%...


3) Suppose you've taken initially loan for a period of 5 years and then after 2 years you get some money from some source then whether is it possible to repay the extra amount in your Loan A/c. without any Penalty... Sometimes it happens that in the Arrangement it's mentioned that after 2 years NO PENALTY will be charged for Early Closure of Loan but then Bank charges the Penalty amount for earlier closure of loan a/c.


Hope all these points help you in your future transactions in case of Car Loans or any other Loans...


Cochin India
SBI Car Loan Review for Ford Figo
Aug 02, 2013 07:06 AM 16567 Views

Recently I booked Ford Figo ZXI from cochin dealer, with a booking amount 3k, at the same day I submitted Following details-


1, 2 Photos


2, Pan card copy(without attestation)


3, Passport copy  (without attestation)


4, Latest 3 months salary slip.


5, Latest 2 years Form-16


Actually I submitted the document through car dealer, so they give it to SBI-MPST(Multi product selling team), in the same day had a call from MPST asking personal and financial details, it took around 20 min and they asked me to come MPST office very next day with the original of Pan card and Passport.


Next day I visited the MPST branch, after the verification they said now we will send it  to SBI - CPC(Central Processing Center) branch where fund transfer is happening. The same day evening I got SMS saying'Your AL proposal of Rs.received by us on #/#/## is sent to CPC/taken for processing'


Next day after noon I had call from CPC and fixed and appointment very next day between 3 to 6pm.


It was a nice experience with the SBI staff, she provided an blank printed agreement and pointed me where to sign, there are around 25 times I had to sign. I also add-on SBI life insurance as it is not mandatory, but I took it bcoz its covering the Hypothecation.


There is Another paper for car registration - Form-20 and some fund transfer slip that I had to sign. with in half an hour all process completed, They didn't asked me any cheque leaf. Finally I received Form-20 and letter for Ford dealer confirming that they approved the loan.


Same day I given the 2 papers to dealer, with the following details for registration.


1, 2 Photos


2, Employment Certificate for temp registration.


3, Attested Pan card and Passport copy.


4, Last one payslip with seal.


Next day they started the registration process - its a 2 day process, It took only 5 working dates to compete the loan and registration process.


'So Today am waiting to take the delivery.'


sanjose United States of America
Buying Ford Taurus in Bay Area With Bad Credit
Jan 06, 2012 11:00 AM 20853 Views

https://nobullcarloan.com/ - Ever since I had seen a Ford Taurus at the in-stock unit of a Bay Area dealer of used cars, I was dying to buy it.


The only problem was my bad credit history. For a person like me, buying a used Ford Taurus in Bay Area meant an endless visit to various car loan companies catering to people with low credit scores.


But thanks to their endless queries, complicated forms to be filled up and norms to adhere to, I was slowly giving up on my dream of driving the car.


Luckily, I heard about No Bull Car Loans during one of my visits to another company, and decided to check it out. Turned out to be the best decision as No Bull Car Loans has made my dream come true.


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