If you are deciding on buying a used car, try getting it through a Hero Fincorp Used Car Loan. This way you would be able to avoid paying the entire amount at once and bear your regular expenses without any burden. You can get used car loans on almost all models. Want to save a bit more on the total expenses? Read on to know how you can save on the EMI (Equated monthly instalment) by getting the loan at a low-interest rate.
Certain ways to help you get a used car loan at a lower interest rate:
Â·Â Â Â Â Â Â Â Â Increase the down payment amount
Try making a down payment of at least 50% of the carâ€™s price. The balance amount you can take as a loan. This would ultimately lead to a reduction in the total amount of interest that you have to pay because you are taking a lesser amount as a loan. So, one of the ways you can get a lower interest rate would be that you pay a bigger amount of down payment.
Â·Â Â Â Â Â Â Â Â A high credit score
Your credit score provides information about your loan repayment, defaults, payment details, etc. The lender would check your credit score before approving the loan and also decide on the interest rate that they would offer. A CIBIL score of more than 750, is considered good by most lenders. If you have a high score, you can also bargain for a lower interest rate on the Hero Fincorp Used Car Loan.
Â·Â Â Â Â Â Â Â Â The loan repayment period
The loan repayment period would impact the interest rate on a used car loan. A longer loan tenure would raise the interest rate. This is because the lender assumes a longer loan repayment period to be associated with higher risk. He thinks that it may cause defaults or non-repayment of EMIs. To avoid this, the lender may fix a high-interest rate. You should plan your expenses in a way, so that it shortens up the loan tenure. The EMI amount may rise, but you can save on the total interest amount.
Â·Â Â Â Â Â Â Â Â EMI calculator
You will see the EMI calculator on the Hero Fincorp website. It is a convenient tool and gives accurate results related to EMI, loan tenure, and interest rate. It would help you to make decisions related to your loan application. Increase or decrease the loan term, total loan amount, and other variables to arrive at an interest rate that would be at a low level.
Â·Â Â Â Â Â Â Â Â Discounts
One attractive factor is the discount from the lender on interest rates. For example, seasonal discounts, different schemes, festive offers, etc during the year. Take advantage of these offers to save more.
With a Hero Fincorp Used Car Loan, save on your total expenses while buying an old car. Also, follow the tips mentioned above to lower the interest rate as well. Â This way you can save a significant amount and let go of some of the financial stress.
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Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi â€“ 110057
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/
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