If you have decided to take a car loan, it is advisable to take your time and compare car loans before homing on to one.
This would not only help you in getting the best deal available but also help you in saving a lot of money, both in the short run and the long run.
While comparing car loans there are various things that you need to consider. Given here are a few points that you should keep in mind.
Loan term: Find out the term of the car loan. Most car loans have a term ranging from one to seven years. This will determine the monthly payment that you will need to make.
Interest rate: Review the rate of interest being charged on the car loan. With a lower interest rate, you can save a lot of money. In case you have a bad credit history, inevitably you will be charged a high rate of interest. Also find out whether the interest rate is fixed or variable.
Other fees and charges: There may be various other fees and charges such as establishment fees, annual fees, etc. that may be mentioned only in fine print. Ensure that you check the fine print for such fees.
Repayment options: Find out what all payment options are available to you; whether you can make repayments weekly or fortnightly or pay more than the monthly installment and pay off the loan early. Find out whether there are any early-discharge penalties and prepayment privileges.
In case you have a bad credit history, it is good idea to fix your credit score before you go for a car loan as the interest charged will be higher and it will be comparatively more difficult to get a good deal. You could compare car loans by visiting your local bank, checking car dealerships or checking online. You may find it easier to compare car loan online as it could save your time, effort and money. Remember, you can get the best deals only by comparing car loans.
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Compare Car Loans to Get the Best Deal