25th September 2020


10 Tips for Financing a Car

  1. Decide on your budget-

The first step is to determine how much you can spend on a car. You’re the best judge when it comes to an understanding of your capability to handle expenses. Therefore, always go for an affordable car that you can maintain. Saving for a second-hand premium car is the wisest idea. Every car lover starts to save money for a luxury car from beforehand based on their dream car. Maintenance of a car is not a joke, so understand the additional expenses of a vehicle before buying it. Choose a car that serves your requirement and budget. If required you can also sell your second-hand cars with ABE since they purchase second-hand cars as well.

  1. Know the market value of the car you want to buy-

Research the current cost of the car you want to buy. Then decide whether you wish to opt for a used car or a new car. Having an idea about the market value of the model you are interested in will help you negotiate with the dealers. To buy a second-hand car, one must make a list of their requirements.

  1. Compare deals offered by various dealers-      

After deciding on which pre-used model you want to purchase, you can approach dealers who deal with it. The used cars are either certified or non-certified. Always opt for certified used cars because;

  • It has transparent paperwork

  • It sells thoroughly inspected cars.

  • It can be trusted.

ABE offers best-used cars, which are both certified and verified.

  1. Check the credibility of the dealer-

Take other buyers’ reviews seriously. Both good and bad reviews will help you decide as to which dealer is the best in its business. The positive feedback gives a sense of confidence to pursue that particular dealer. A happy customer is a sign of a profitable business. Therefore, to determine the credibility of the dealer, the relationship between him and his customers is of the utmost importance.

  1. Check all relevant documents-

A thorough check of all the papers, namely; the blue book, insurance certificate, pollution certificate and no objection certificate is necessary before buying a car. All the tax papers from the owner should be handed over too. Do not be impulsive. The transfer of ownership should be made after the purchase has been made.

  1. Take a test drive-

Inspect the car before buying it. For that, take a test drive to check the engine. It should be a smooth ride. Check if all the electrical components are working correctly. A car should be in good condition internally as well as externally. Bring an independent mechanic if needed. Self-satisfaction before purchasing should be a priority.

  1. Know your credit score before going to the dealership-

            A good credit score will get you a lower interest rate on your purchase.

Therefore, know your credit score before getting in a dealership. A bad credit score will raise your interest rate automatically.

  1. Keep the term short-

Get a clear understanding of the exact amount you have to pay every month with a specified rate of interest. Keep the loan term short. Paying off the loan in fewer months means paying less interest over time. In the long run, you’ll end up saving more money if the loan term is shorter.

  1. Always ask for written promises/warranty-

Dealers offer different deals on full and limited warranties. The limited warranty is typical in most car deals and offers other coverage policies. A person buying a used car should get a copy of the warranty document and review it carefully. The warranty document states all the components that are covered. It also clearly states who is liable for the fulfilment of the terms mentioned in the warranty. A written form is enforceable by law; therefore, no verbal promise matters in a deal. One must always rely on documents and not on spoken words while purchasing a car.

  1. Know about the premium loans-

In India, there are several car loans available for new and pre-owned cars with reasonable interest rates. The premium car loan in India varies from model to model due to different reasons. For example, sports cars have more expensive car insurance premiums. Insurance costs affect the total price of the vehicle. There are many EMI for luxury car loans available in India.

If you’re looking to buy premium cars online, then visit the AutoBest online car selling website for the best-used cars.

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