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First
Step
Buying
a vehicle was never this easy.
Organized and institutional auto finance has come into its own with the
coming in age of the 90s. Their services are being marketed aggressively and
imaginatively, loans sanctioned quickly and formalities completed within a
day or two.
In a recent research it was found that 60% of car sales of Rs. 64 crore
billion were supported by auto loans of Rs.40 billion. By 2000, the demand
for auto loans is estimated to increase to about 120 billion.
For the average loan seeker, however, deciding on which loan to take, on
what terms, whether to go to the financier or the bank, the marketing
jargons, the dealers to choose -afford a veritable dilemma. In such a
scenario, it would be much better if you were a well - informed customer and
knew what was in store for you. We hope this page will go a long way in
clearing those cobwebs that had you flummoxed.
You want a loan... you don't want a loan ...but... well... Whatever
your decision, we present either sides of the coin
Taking a loan amounts to your committing yourself to regular payments for a
while, till you pay off your the amount you have loaned that is.
On the plus side, loans offer you the chance of buying a vehicle when you
cannot afford to buy it upfront.
Financially too, it is a viable offer. Generally the financiers offer 80% of
the total amount of the vehicle as loan. Keeping this in mind, if a vehicle
costs Rs. 2.25 lakh today, you will receive a loan of Rs. 1.80 lakh. At the
current rate of interest at 16%, you will have to repay Rs. 6,330 for the
next 36 months.
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