Investing in a big, new purchase always promises to be an experience of a lifetime, and is a decision that needs to be made with caution. There are a million things that you could do completely right or completely wrong.
Similar to buying a new home, the plan of getting a new vehicle can come with a lot of choices. These choices can determine the amount of money you spend on the purchase of the vehicle and the type of financial burden you could have to bear for the coming time period. So, of course, you should be acquainted with all the money-saving tips to keep in mind before you purchase your new ride.
For instance, did you know that motor insurance is mandatory by law? So, if you’re planning on purchasing a new ride, it is prudent that you follow the law and not spend your money on avoidable fines. So, buy the right car insurance or two wheeler insurance for your new valuable vehicle at a trusted platform like Finserv MARKETS and start your journey with the new vehicle, the smart way.
Along with all the excitement that comes with a new purchase, let’s discuss all the important points that need to be considered before investing into an asset as important as a vehicle:
1. Mode of payment – This is the method through which you save money or plan for the long term to be able to buy the vehicle of your dreams. So, you can either pay the entire amount in cash or opt for other funding methods like a vehicle loan.
Lenders can often finance from 70% to even 100% in some cases, on the vehicle’s ex-showroom cost. In recent times, opting for vehicle loans as an alternate option has significantly increased and become quite popular in the market. Vehicle loans are easy to take and provide a great amount of convenience to the customer. Even the loan period, loan interest rates, and down payments can be customized on the basis of an individual’s payment capacity.
A prime example of this is the two wheeler loan found on Finserv MARKETS. You can determine the loan details according to your convenience and can even make use of their easy cash payment and early foreclosure features. Since the entire loan application process is online, it is quick and hassle-free and you can get the funding you need for your dream two wheeler in no time. You can also get loan approvals from within 3 minutes and regularly track your loan account using the Finserv MARKETS App.
2. Which vehicle to buy, new or second hand? – Anyone looking to buy a new vehicle would want to enjoy as much discount on it as possible. Since vehicle values depreciate very fast with time, many people prefer going for a second hand vehicle instead of a brand new one. This is one of the primary ways people choose to save money on vehicle purchases.
Further, since second hand vehicles are cheaper, the loan amount required for them is lower as well. This lower amount, combined with a vehicle loan plan that provides affordable loan interest rates, such as the ones on Finserv MARKETS, can end up saving you a good amount of money.
3. Trading of vehicles – As the name suggests, whether you are buying a new vehicle or opting for a second hand one, you can always trade an old vehicle to save costs. Both used vehicle dealers as well as showroom dealers for new vehicles, often offer attractive exchange values against an old vehicle that is being replaced by the new one. Many dealers would accept the exchange amount as a down payment as well.
4. Different kinds of models – It goes without saying that before purchasing a new vehicle, it is important to do a thorough research of the vehicle models available in the market. These should then be filtered according to factors like purpose, value for money, specifications and most importantly, budget.
Depending on your budget, you may consider going for high-end, more premium models that come loaded with the latest accessories and features. On the other hand, if your budget is more modest, going with a base model is not a bad choice either. It could even be that your budget is modest, but your requirements for the vehicle would compel you to buy a more expensive model.
This is where a vehicle loan can come in handy. With the simple, straightforward vehicle loans available on Finserv MARKETS, you won’t have to compromise on owning the vehicle of your choice. It is a transparent, convenient platform trusted by more than 100 million customers in India where you can avail the vehicle loan of your choice quickly and with minimal documentation. And what’s more, do it as seamlessly as possible with the Finserv MARKETS App! The Finserv MARKETS App provides you the option of getting instant loan approvals in 3 minutes. In addition to that, you also have the ability to make your loan EMI payments swiftly and smoothly using their UPI platform, known specifically for its flexibility and convenience. With the Finserv MARKETS App, time is money – you can get money in your bank account within 24 hours! Download the Finserv MARKETS App now, and take your pick of the litter of loan options available.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.