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Published on: 13 Dec 2016 by chenscarlett
Whether you are buying a brand new shining set of wheels or a used car, a loan can delay the purchase. So, the first smart financial strategy is to figure out if you need to apply for a Lowest Interest Loan Singapore http://loantoday.com.sg/ before finalizing the car and accessories. If you do need a loan, you need to get certain financial strategies in place for the next 5 to 7 years. Though it is an easy process to get an auto loan, you must make smart choices to keep it simple for the term of the loan.
Calculate EMI correctly
This is the first step. Most people assume it is all about visiting the web page of the car loan EMI calculator. No, it's not. You need to understand that the principal amount for Lowest Interest Loan Singapore have select elements. You need to consider all the factors before EMI calculations. Most people ignore this. No wonder, then that their actual EMI is much higher than anticipated. So, consider:* Cost of the car
* Cost of all accessories
* Cost of car insurance
* Road tax
1:Keep the down payment ready.
Though quite a few banks and mortgage companies claim to offer 100% of car value on the loan, you can get the lowest interest rates on a car loan, if you keep 15 to 20% of the car value ready for down payment as you can qualify for the loan more easily. The number of interested banks and finance companies will increase substantially if your down payment is ready.
2:Get rid of bad credit
For car loans, very few people prepare their finances in-depth. The fact is that it is easy to improve your CIBIL score, rather than taking a car loan with higher interest rates that weigh heavily on your monthly cash flow. There are sufficient financial strategies available to reduce bad credit. Pay off pending credit card debt. Prepay personal loans. This will significantly lower the interest rates and ease the potential pressure on your monthly earnings.
There are other strategies that you can use. However, these are the most important ones. You can compare car loans on third party websites to choose the best finance company available. You can pay for accessories or car insurance from your pocket. Thus, you lower your principal amount. If the amount of the loan you need can be equal to a number of stock options or gold investment you hold, you can offer them as security. But, these are not alternatives to the strategies above. These are just useful tactics built on the right foundation.