Hassle-free car purchase with online platforms

The internet has revolutionized the automobile industry in India. Before, buying a car was a long-drawn-out process with visits to multiple dealerships to compare cars and test drive them, etc. The process of getting financing for the car was also a hassle with having to go through mountains of paperwork and trudging from one bank to the next comparing and applying for loans. Today, all that has changed with the internet.

The advantage of online platforms for buying cars

A fast-paced lifestyle has left most people with very little time to spend visiting different car dealerships or banks looking for the perfect car and ideal car loan. This is where online platforms make a difference. There are different web portals today where you can compare cars as well as car loan products, making life easier for you. So,you can sit in the comfort of your home, office, or anywhere and take the right decision without wasting any time and without any hassle.

The influence of millennials

Statistics show that by the year 2020, millennials will constitute nearly 40% of the automotive market globally. This is also the generation that makes the most out of the internet, often having multiple gadgets which they use with ease to find any information under the sun. Getting online to purchase a car or to find the best car loan to finance the car comes naturally to the average millennial. Social media is another channel that they use to scope out information on cars and loans, often asking friends and family for suggestions. They also do this by following the latest trends in the automobile industry through the latest updates on the social media pages of car companies and banks. This is an important way that millennials in India get the information they need.

Buying a car online

There are dozens of online platforms in India where you can buy cars. A recent survey showed that 53% of people are open to buying a car online. If you have made up your mind to buy your first car or your next car on an online platform, here are some tips that will ensure you make the right decision and have a hassle-free experience in the process:

1.     Research cars: Do a thorough research on the prices and what they entail before you zero in on that one car that’s going to be with you for the next couple of years. Don’t stick to just one online platform but compare prices on three to five different and reliable websites before making your decision. Understand all the extras, such as warranties, service charges, taxes, etc., that make up the price.

2.       Research car loans: If you are buying the car with a car loan, that too needs to be researched with the same meticulousness. There are several reliable online car loan aggregators that provide you with information on the latest car loan products, interest rates, processing fees, eligibility criteria, documentation required, etc., such as BankBazaar. This will save you valuable time that would otherwise be spent visiting one bank after another for the same information.
3.     Understand your requirements: Different cars have different features for specific target groups. For example, the features that are important for a person who is single would not be the same for a person who has children. Making a list of your negotiable and non-negotiable features will help you make a better choice and save you time when comparing cars. Whether it is mileage or a sporty design that is on your mind, or perhaps both, you are sure to find a car that fits your specifications and your budget. Compare not just the features but also go through reviews from users and experts that give you a first-hand account of how the car feels like. Also find out if there are any additional features that the dealer is willing to add on for free.

4.     Make use of discounts: There are certain times of the year when cars are heavily discounted not just by car manufacturers but by car dealerships as well. Banks also offer special schemes or discounts during this time of the year. In India, this is often during the many festive seasons that dot the calendar, such as Diwali, Christmas or other regional festivals. Purchasing your car online during this time can inflict much less of a damage to your budget by helping you save money.

5.     Calculate your budget: It makes for smarter financial management to first determine how much you can comfortably afford to give as Equated Monthly Instalments (EMIs) rather than just blindly purchase a car and then struggle with the EMIs later. Since car loans are secured loans, with the car being hypothecated to the bank until the entire loan amount is paid off, defaulting on your car loan payments can result in either your car being seized by the bank or your credit score going down. The latter will result in more difficulty to get loan approved when you apply for it in future. That’s why it is important to determine how much you can realistically afford to pay on a monthly basis and choose a car loan or a car that fits that budget. Make use of the free online tools that most websites offer these days for calculating your EMI for this purpose. Also find out about the processing fees, pre-payment penalty charges, etc., so that should you choose to pay off your loan with a lump-sum amount in future, you will not be taken by surprise.

6.     Explore used cars:Used cars are as much in demand as new cars in the market today. With people changing their cars every year or two, you can expect to buy a car that is just one or two years old at just 60% of the value of a new car (because of the15% price depreciation that happens within a year). With online purchases, you can be sure that the cars are properly inspected and serviced and all the documentation is in order as well.

Buying car online can be a truly hassle-free & Car loans are advances made by banks and other auto-finance companies to financially enable borrowers to purchase a car for private or commercial use.experience if you follow the tips given above so enjoy your car shopping.

Hassle-free car purchase with online platforms Hassle-free car purchase with online platforms Reviewed by Durgesh Thakur on February 27, 2019 Rating: 5

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