{"id":6548,"date":"2021-09-28T18:43:41","date_gmt":"2021-09-28T13:13:41","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=6548"},"modified":"2021-09-28T18:43:41","modified_gmt":"2021-09-28T13:13:41","slug":"how-to-pic-best-car-loan","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/how-to-pic-best-car-loan\/","title":{"rendered":"How do you pick the Best Car Loan"},"content":{"rendered":"<p>Owning a car is no longer considered a privilege, it is more of a necessity today. With the market flooded with a plethora of car financing options, consumers in India generally have a tough time selecting the right kind of loan for themselves. An ideal car loan deal would include benefits like low-interest rates, flexible tenure options, flexible monthly instalments options and the feature to choose either a fixed or floating interest rate, as per the need of the customer.<\/p>\n<p>Picking the right type of&nbsp;<strong>car loan<\/strong>&nbsp;can be a difficult task. But knowing what is required according to the type of car purchased will always help a borrower make the correct decision. Here are a few tips to help borrowers zero in on the best deal.<\/p>\n<ul>\n<li><strong>Select a Car that you can buy:<br \/>\n<\/strong>As a thumb rule, borrowers should choose a&nbsp;<em style=\"font-size: inherit;\">car loan<\/em><span style=\"font-size: inherit;\"> that suits the model of the car purchased and also according to the repayment capability of the individual.<\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Higher loan value for salaried employees:<br \/>\n<\/strong>Salaried employees can get higher loan amounts based on their annual income, with banks approving loans based on that amount. So, individuals should choose a loan that offers them the maximum quantum of loans.<\/li>\n<\/ul>\n<ul>\n<li><strong>Loan Margin:<\/strong> Certain factors like down payment amount and loan margin also should be considered. A higher down payment amount would help a borrower save on interest rates and also complete his debt sooner than expected.<\/li>\n<\/ul>\n<ul>\n<li><strong>Interest rate type:<\/strong> As far as interest rates are concerned, floating interest rates work well for a borrower, as market fluctuations and rate reductions might be beneficial in the long run.<\/li>\n<\/ul>\n<ul>\n<li><strong>Loan Coverage:<\/strong> Banks generally offer loans up to 80% or 90% of the vehicle value. This might vary on an individual basis and also on the type of car buying.<\/li>\n<\/ul>\n<ul>\n<li><strong>Flexible tenures:<\/strong> While choosing the tenure of the car loan, borrowers must ensure that the bank offers flexible tenures, which can be altered if part payments are done.<\/li>\n<\/ul>\n<ul>\n<li><strong>Other Charges:<\/strong> Other types of charges that are levied along with a car loan like processing fees, documentation fees, prepayment fees, etc., should also be evaluated before confirming the required deal.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Owning a car is no longer considered a privilege, it  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":6567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[67],"tags":[],"class_list":["post-6548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loan"],"rttpg_featured_image_url":{"full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"landscape":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"portraits":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-150x150.jpg",150,150,true],"medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-300x169.jpg",300,169,true],"large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"2048x2048":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"blog-large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-669x272.jpg",669,272,true],"blog-medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-320x202.jpg",320,202,true],"recent-posts":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-700x441.jpg",700,441,true],"recent-works-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-66x66.jpg",66,66,true],"fusion-200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-200x113.jpg",200,113,true],"fusion-400":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-400x225.jpg",400,225,true],"fusion-600":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-600x338.jpg",600,338,true],"fusion-800":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-800x450.jpg",800,450,true],"fusion-1200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",1200,675,false],"portfolio-full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-940x400.jpg",940,400,true],"portfolio-one":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-540x272.jpg",540,272,true],"portfolio-two":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-460x295.jpg",460,295,true],"portfolio-three":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-300x214.jpg",300,214,true],"portfolio-five":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1-177x142.jpg",177,142,true],"menu-24x24":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",24,14,false],"menu-36x36":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",36,20,false],"menu-48x48":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",48,27,false],"web-stories-poster-portrait":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",640,360,false],"web-stories-publisher-logo":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",96,54,false],"web-stories-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2021\/09\/how-to-pic-best-car-loan-1200x675-1.jpg",150,84,false]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/www.ruloans.com\/blog\/author\/admin\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/www.ruloans.com\/blog\/car-loan\/\" rel=\"category tag\">Car Loan<\/a>","rttpg_excerpt":"Owning a car is no longer considered a privilege, it 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