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How-To-Get-Best-Auto-Loan
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#How-To-Get-Best-Auto-Loan

Harshala Chandorkar of CIBIL will offer tips on how to negotiate with banks...  more »
Harshala Chandorkar of CIBIL will offer tips on how to negotiate with banks to get the best rates on auto loan in an online chat between 3 pm and 4 pm, January 20.  « less
26 posts so far
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HC

Harshala C

Today a car is not mere luxury but a necessity for working professionals as well as entrepreneurs. With the variety of automobiles available in the market we can choose the vehicle that best suits our requirements. Also to finance our auto purchase we now have several loan options available. It was a pleasure to participate in the Rediff Zarabol.

Today a car is not mere luxury but a necessity for working professionals as well as entrepreneurs. With the variety of automobiles available in the market we can choose the vehicle that best suits our requirements. Also to finance our auto purchase we now have several loan options available. It was a pleasure to participate in the Rediff Zarabol. #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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ZK

Zeel Kappor

How is the final amount payoff determined?

How is the final amount payoff determined? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CThe 'payoff amount' is generally the current loan balance, plus interest due from the last received payment/EMI from you

 
The 'payoff amount' is generally the current loan balance, plus interest due from the last received payment/EMI from you
3 months ago  
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ZP

zubeda-pawaskar

How will I be charged to any damages to my vehicle?

How will I be charged to any damages to my vehicle? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CThe bank will not charge you for any damages to the vehicle. You would have taken insurance and if the damanges are covered you may get them recovered from the insurance company.

 
The bank will not charge you for any damages to the vehicle. You would have taken insurance and if the damanges are covered you may get them recovered from the insurance company.
3 months ago  
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J

jinny

Can I return the vehicle prior to its scheduled termination date?

Can I return the vehicle prior to its scheduled termination date? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CCan you please elaborate on what do you mean by the scheduled termination date and to whom would you return the vehicle

 
Can you please elaborate on what do you mean by the scheduled termination date and to whom would you return the vehicle
3 months ago  
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SS

sumeet salgaonkar

What is the cumulative interest payout?

What is the cumulative interest payout? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CThe sum of all interest payments made on a loan over a certain time period is the cummulative interest.

 
The sum of all interest payments made on a loan over a certain time period is the cummulative interest.
3 months ago  
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sheetal

How do I access my auto loan account online?

How do I access my auto loan account online? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CYour bank would have given you a User login and password. You may use that to access your account online

 
Your bank would have given you a User login and password. You may use that to access your account online
3 months ago  
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V

Venkatesh

Why is it that I got offered a different rate than my neighbor did for the exact same car from the exact same dealership?

Why is it that I got offered a different rate than my neighbor did for the exact same car from the exact same dealership? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CThere could be various reasons why your neighbour got offered a different rate of interest than you. - Your neighbour may have had an existing relation with that bank. - Banks check borrowers CIBIL Report and Score before sanctioning a loan. It is possible that your neighbour had a higher score and was hence offered a better rate.

 
There could be various reasons why your neighbour got offered a different rate of interest than you. - Your neighbour may have had an existing relation with that bank. - Banks check borrowers CIBIL Report and Score before sanctioning a loan. It is possible that your neighbour had a higher score and was hence offered a better rate.
3 months ago  
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AS

Amit srivastav

Is there a balloon payment required at the end of this loan?

Is there a balloon payment required at the end of this loan? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CThere are varied repayment options that banks offer - step up scheme - increase in EMI after 3.6. we months, low EMI and Balloon scheme - low EMI and balloon payment at the end, Advance EMI, etc. So it depends on what time of repayment option you choose for your loan.

 
There are varied repayment options that banks offer - step up scheme - increase in EMI after 3.6. we months, low EMI and Balloon scheme - low EMI and balloon payment at the end, Advance EMI, etc. So it depends on what time of repayment option you choose for your loan.
3 months ago  
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V

vaishali

I understand that my credit history will have an impact on what APR I get? What other factors will affect my rate?

I understand that my credit history will have an impact on what APR I get? What other factors will affect my rate? #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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DR

debajyoti roychoudhury

Should one go for fixed rate or floating rate of interest. SBI charges floating rate of interest unlike private sector banks which charge on fixed rate of interest

Should one go for fixed rate or floating rate of interest. SBI charges floating rate of interest unlike private sector banks which charge on fixed rate of interest #How-To-Get-Best-Auto-Loan
Posted : 3 months ago
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HC

Harshala CYes, most of the private sector banks charge fixed rate of interest for auto loans. If in your judgement the rate of interest is likely to go down during the tenure of the loan you should opt for a floating rate of interest else go for a fixed rate. But also keep in mind that the car loan is typically a 3 year loan and you should consider interest fluctuations for a period of 3 years

 
Yes, most of the private sector banks charge fixed rate of interest for auto loans. If in your judgement the rate of interest is likely to go down during the tenure of the loan you should opt for a floating rate of interest else go for a fixed rate. But also keep in mind that the car loan is typically a 3 year loan and you should consider interest fluctuations for a period of 3 years
3 months ago  
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