Car purchase

[Deepak goyat]

I am buying a new car in budget around 8 to 9 lakhs
Can anyone suggest best way to buy it. In terms of loan emi, ftom which bank any other effective method

Bonus qstn - also sugest best car in this range

 

[Purwaja pawar]

### Best Way to Buy a Car in the 8-9 Lakhs INR Range:

#### 1. **Loan EMI Calculation and Selection:**

**Banks to Consider:**
- **State Bank of India (SBI)**
- **HDFC Bank**
- **ICICI Bank**
- **Axis Bank**
- **Punjab National Bank (PNB)**

**Steps to Follow:**
1. **Compare Interest Rates:** Check the car loan interest rates offered by different banks. Websites like PaisaBazaar, BankBazaar, and the banks' official sites provide comparison tools.
2. **Calculate EMI:** Use online EMI calculators to determine the monthly installments based on the loan amount, interest rate, and tenure.
3. **Check for Pre-Approved Loans:** If you have a good credit score, you might be eligible for pre-approved car loans with favorable terms.
4. **Understand Fees and Charges:** Besides interest rates, consider processing fees, documentation charges, and any foreclosure or prepayment penalties.
5. **Negotiate:** Don’t hesitate to negotiate with banks for better rates and terms.

#### 2. **Other Effective Methods:**
- **Personal Loans:** Sometimes, personal loans can have competitive rates, but they usually come with shorter tenures.
- **Manufacturer Offers:** Car manufacturers often have tie-ups with banks and offer special financing deals. Check with the car dealer for such offers.
- **Lease Option:** Leasing can be an option if you prefer lower monthly payments and plan to use the car for a fixed term.

### Recommended Cars in the 8-9 Lakhs INR Range:

1. **Maruti Suzuki Baleno:**
- Spacious and feature-rich
- Excellent fuel efficiency
- Reliable and good resale value

2. **Hyundai i20:**
- Stylish design
- Advanced features
- Good performance

3. **Tata Altroz:**
- 5-star Global NCAP safety rating
- Premium build quality
- Comfortable ride

4. **Honda Amaze:**
- Reliable and efficient
- Spacious interiors
- Good after-sales service

5. **Kia Sonet (Base Models):**
- Compact SUV with a modern design
- Feature-loaded even in base variants
- Good performance

6. **Ford Figo:**
- Fun to drive
- Robust build
- Good safety features

### Tips for Buying:
- **Test Drive:** Always take a test drive to ensure the car meets your expectations in terms of comfort and performance.
- **Dealer Discounts:** Negotiate with dealers for discounts, freebies, or better financing deals.
- **Warranty and Maintenance Packages:** Check for extended warranty options and maintenance packages to reduce long-term costs.

By considering these steps and options, you can make an informed decision and secure the best deal on your new car purchase.