Buying Your First Car? Here Is How You Can Lower Your Cost with a Car Loan

Posted on Thursday, November 23rd, 2023 | By IndusInd Bank

Buying your first car is a significant milestone. The smartest way to reduce the cost of your new car loan is to maintain a good credit score, make a substantial down payment, and utilise festive offers. IndusInd Bank car loans come with numerous benefits such as higher loan amount, attractive interest rates, and flexible repayment tenure. You can apply for a car loan with IndusInd Bank either online or offline.

Buying your first car can be an exhilarating yet exhausting experience. You must narrow your options, choose the right model, evaluate your savings, and then arrange for the necessary funds. When embarking on the journey of purchasing your first car, you naturally want to secure the best deal while bringing your preferred model home. While you can dip into your savings to fund this exciting purchase, it’s always a good idea to leave some cash for a rainy day.

Here’s how you can reduce your costs with a new car loan.

How to Reduce Your Cost with a New Car Loan

Be it for daily commute, travel with loved ones, or simply a matter of aspirational value, purchasing your first car is a significant milestone in your life. While paying the full price of the vehicle can leave a large hole in your savings, financing this purchase means you pay for your dream car over a period of time without jeopardising your financial condition.

Here is how you can reduce your overall cost when you apply for a car loan for your first car purchase:

1. Maintain a good credit score

Banks consider borrowers with a good score more creditworthy, which translates to a lower probability of loan default or missed EMIs. Since lenders view higher scores positively, you can get the loan on favourable terms and at a lower car loan interest rate which will automatically reduce your overall costs.

2. Make a bigger down payment

Another way to reduce your new car loan cost is to make a sizable down payment. As your borrowed amount goes down, so does the monthly EMI amount you have to pay. By contrast, if you make a lower down payment and finance most of the vehicle’s purchase price, your monthly payments climb up, increasing your total costs.

3. Leverage festive season discounts

Another smart way of lowering the cost of your first car is to keep an eye out for festive discounts and deals. Automobile companies typically offer cash benefits and discounts in the last quarter of the year to entice buyers. Even lenders run attractive festive deals and offer reduced processing fees during and before Deepavali.

Why Choose an IndusInd Bank New Car Loan

IndusInd Bank brings you the best car loan offers while helping you research and find the perfect car. Get a convenient new car loan at an attractive interest rate, with a repayment tenure of your choice, and up to 100% financing. Unlock a suite of benefits when you apply for a car loan at IndusInd Bank:

•  High loan amounts: IndusInd Bank offers up to 100% financing, up to INR 25 lakhs, on new car loans, with easy EMI options.
• Flexible repayment: Choose from wide-ranging repayment tenures of up to 60 months.
• Attractive interest rates: Enjoy the most competitive car loan interest rates to bring your overall cost down.
•  End-to-end Assistance: IndusInd Bank is by your side through the entire process, from helping you with research to quick loan processing including speedy access to finance with simple documentation and doorstep assistance.

To understand the total cost of the loan over its term, use IndusInd Bank’s free online car loan EMI calculator and make an informed financial decision.

Bring Home Your First Car with IndusInd Bank

Securing the best deal on your first car purchase begins with choosing the right new car loan.

Apply for a car loan at IndusInd Bank in any of the following ways:

1. Visit the IndusInd Bank website and provide basic personal information. Once you submit these details, an IndusInd Bank agent will contact you and take you through the next steps.

2. Call on 18001023333

3. Walk into your nearest IndusInd Bank branch

4. Email us at reach4loan@indusind.com

So, why wait?Apply for a car loan with IndusInd Bank today and bring home your first car!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.