CAR LOAN for new car

[jixxtesh]

So I’m looking for a car loan to buy MARUTI SUZUKI S-PRESSO ( 4.9 lakhs ) & currently my CIBIL SCORE is 722 & i filled my first ITR this year on 23 June , 2024 of 2.75 LPA of self employed & i have bank accounts in HDFC & SBI.

So towards which bank should I go ? And what steps should I follow to get a confirmation on 5 years of car loan of 4.9 lakhs?

 

[TaxWiser]

So I’m looking for a car loan to buy MARUTI SUZUKI S-PRESSO ( 4.9 lakhs ) & currently my CIBIL SCORE is 722 & i filled my first ITR this year on 23 June , 2024 of 2.75 LPA of self employed & i have bank accounts in HDFC & SBI.

So towards which bank should I go ? And what steps should I follow to get a confirmation on 5 years of car loan of 4.9 lakhs?

Based on the 20/5/10 rule, your EMI(interest rate @ 8%) of ₹7950 is roughly around 35% of your monthly income, which is quite high.

Currently, you're not in an ideal situation for a car loan, if you want to keep your finances healthy.

But, buying a car is necessity for you instead of a Want/desire, then try checking 2nd hand cars especially those evicted by banks & other institutions.

Hope that makes sense

 

[jixxtesh]

Thanks for the guidance

Just one more doubt sir/ma’am

So a second hand car may have some issues in it & for sure maximum it will remain fine for next 3,4 years but the new one will be fine for at least 6 years so i think that only investing in new car will be worth

And sir/ma’am actually buying a car is currently a necessity for me also my father & mother both are ready to help me to pay the monthly EMIs so please guide me which exact steps should I follow to get the loan & please do tell me which from which bank I should take loan ?

 

[TaxWiser]

Thanks for the guidance

Just one more doubt sir/ma’am

So a second hand car may have some issues in it & for sure maximum it will remain fine for next 3,4 years but the new one will be fine for at least 6 years so i think that only investing in new car will be worth

And sir/ma’am actually buying a car is currently a necessity for me also my father & mother both are ready to help me to pay the monthly EMIs so please guide me which exact steps should I follow to get the loan & please do tell me which from which bank I should take loan ?

Firstly

Secondally,
I personally consider all loan bad loan if I already don't have total amount except for Education & Home Loan. So I can't recommend any.

Since you have already made up your mind, here are some points you should follow, suggest by GeminiAI & BankBazaar website:

For financing your Maruti Suzuki S-Presso, you have several good options:

• Maruti Suzuki Smart Finance: This platform offers a one-stop solution for all your car financing needs. You can compare multiple bank options, customize your EMI, and track your loan application in real-time.
• CarDekho/Zigwheels: They provide an EMI calculator to help you find the best car finance options.

For choosing the Right Car Loan:

1. Compare: Online Platforms like BankBazaar can help you compare the various car loan options available to you.
2. Interest Rate: Choose a loan that offers you the best interest rate along with the loan amount you need.
3. Keep it Simple: Choose the car before applying for the loan and make sure the cost of the car fits your budget.
4. Hidden Fees and Charges: Sometimes what appears obvious will have a hidden component. It is important to check for any hidden fees and charges.
5. Special offers: There could be special offers available when you are applying for your loan. Make sure you take advantage of them.
6. Insurance: Check the insurance premium for the car as this is a recurring cost.