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SquishyWaffle
SquishyWaffle
IBM

First Car Advice: Financing

Hi everyone, I am a new professional in the workplace (~2 years), and for my own independence and various other factors, I need to buy my own car. I already know the basic specifics of my car choice; I know which car model + variant to buy, along with the Showroom dealer and approximate on-road price of my choice of car.

As this will be my first car, I need to buy this with a loan. If it helps, my loan financing should be from SBI and I am choosing a Maruti Suzuki Nexa car.

I am looking for advice on how to go about financing this car payment via loan, i.e. what are the things I need to keep in mind in terms of the technical details of opting for a loan, whether I can directly opt for a loan with the help of the car dealer or keep the car purchase and loan sanctioning from the bank separate, down payment, etc.

Any advice is greatly appreciated!

12mo ago
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9 min AI interview5 questions
Round 1 by Grapevine
FluffyCupcake
FluffyCupcake
Amazon12mo

Loan with car dealer will reduce legwork for you. You can choose any bank, dealer would be able to work with them. It’s everyday business for them. Dealer will enable loan sanction in the fastest possible time as they have to sell the inventory.

SquishyWaffle
SquishyWaffle
IBM12mo

Thank you, this is an important confirmation I needed. Are there any specifications for the down payment as well?

FluffyCupcake
FluffyCupcake
Amazon12mo

Pay max whatever you can

PerkyWalrus
PerkyWalrus
CARS2412mo

Congratulations 🎉

SquishyWaffle
SquishyWaffle
IBM12mo

Thank you, but saving this for a little later as the car is yet to be bought :D

PerkyWalrus
PerkyWalrus
CARS2412mo

Save my wishes for later :)

GigglyWaffle
GigglyWaffle
Stealth12mo

Which car are you buying?
Asking because I'm also in the same boat.

SquishyWaffle
SquishyWaffle
IBM12mo

Hey, I'm targetting a Nexa Fronx, and I think for the price range and tech specifications, it is a great car to buy!

PrancingUnicorn
PrancingUnicorn
Stealth12mo

Check for what are the terms if you want to prepay and close the loan at a faster rate - will there be any extra charges for that, and do they have any restrictions on when you can start doing that, etc.

SquishyWaffle
SquishyWaffle
IBM12mo

Very helpful, I'll keep this in mind, thanks!

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