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!
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.
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