Car Financing Companies
Having a new car is one of the biggest achievements that most people can have. Other than financing education and buying a home, there is really nothing else that can compare to the huge expenditure that comes with purchasing a new car.
Therefore, only a few people can really afford to pay for a car outright. Most people rely on car financing in order to purchase a new car. But with the many car financing options available nowadays, it is wise to research thoroughly for a car financing company that offers the best rates.
Car finance companies let you take a secured or an unsecured loan. If at all your plan is to buy a really expensive car, then secured car finance is your best option. Longer repayment periods and lower rate of interest are the main highlights of a secured loan. Your property will do for the collateral. The features of an unsecured loan are just opposite to these, that of a secured loan- shorter duration, higher rates of interest and no collateral.
A local car dealer may be approachable, but you are bound to get a better deal from a car finance company. If you have decided to hang on with a car finance company for your car purchase deal, naturally you are supposed to make a good deal of research regarding the best available rates. Reasonable rates of interest and convenient payment options are the main factors that attract a potential buyer to car finance companies.
Few Car Finance Companies
Citicorp Maruti
Citicorp Maruti is a joint venture between Citibank and Maruti Udyog Limited. The company is engaged in the finance of both new and second hand cars. It is located in 29 cities throughout the country and offers a wide range of flexible and customized financing options for the purchase of a Maruti car.
HDFC Bank Ltd.
The Housing Development and Finance Corporation (HDFC) is one of the most sought after banks as far as personal finance is concerned. It has achieved this in a large measure by simplifying the procedures associated with taking a loan. It involves easy documentation, accelerated approvals, easy EMI etc. The HDFC Bank finances a range of passenger cars manufactured by India’s leading automobile companies.
Fiat Sundaram Auto Finance Limited
Fiat Auto Sundaram Finance Limited is formed as a result of a tie-up between Sundaram Finance Limited and the financing arm of FIAT, the Financial Services Company of FIAT that aids in the purchase of about 1 million cars each year
ICICI
The Industrial Credit and Investment Corporation of India has some of the best schemes if you are thinking of buying a car. It offers loans at competitive prices, without complex procedures to follow, and gives you a variety of payment schemes to choose from. ICICI finances a whole range of cars that include all from the Maruti stable, those from Fiat, the Santro, Contessa, Honda City, Nexia, Lancer, Opel, Ford etc.
The Saraswat Co-Op. Bank Ltd.
(SCHEDULED BANK)
The Saraswat Bank is a premier Urban Co-operative Banking Institution and was conferred with Scheduled Status by the Reserve Bank of India on September 1, 1988. It has a network of 64 fully computerized branches spread over in the state of Maharashtra.
Times Bank
The Times Bank offers quick loan processing for any and every model that you have to buy. It has customized schemes to suit its clients’ interests. Minimum paperwork, easy to fill documents and no hidden costs insure an easy time once you decide to take a loan.
Most car financing companies offer better deals compared to local car dealers. While it is convenient to have your car dealer provide you with the loan and plan, it is still better to get pre-approval from a car financing company because they offer more reasonable interest rates and payment options. To choose the car financing company with which to conduct your transactions, you have to consider two things: their rates and reliability.
Car financing companies vary on the interest rates they offer to customers. If they have seen that you have good credit history, the interest rate on your car financing loan may not be as high compared to a person with bad credit history. And if you really want to secure car financing with low interest rates, you should try looking for an online car financing company. By applying for your loan online, you save the company time and money, thus the savings from the cost of doing business are passed on to you.
