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Make sure that all deals and offers agreed upon are supported by relevant papers. You should always ask for a letter in a banks letter-head mentioning the likes of, exact rate of interests, processing fees, pre-payment charges along with interest-schedule.
If you trade old car for a new one and old car's resale value isn't enough to pay off the loan, a car dealer may offer you a "stacking loan" that pays off your old loan and finances your new car. This loan may seem helpful, but in the end, you are actually paying more than what your new car is worth.
Ensure that the rate which is being offered to you is linked to the base rate of the bank and not the promotional rate which is used to lure the customers. Banks which lure the customers with lower rates increase the rates later
When the interest rate of your loan is lowered, do not reduce your EMI rather cut the tenure as having a lower EMI will increase the tenure period with higher interest rates
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All rights reserved. Disclaimer: This information has been compiled and provided by CreditVidya.com as a service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.
