You’ve been wanting to get your hands on your first steering wheel and is planning to avail a loan to cover the cost of getting your dream car. But with hundreds of car loan packages available, how would you choose the one that best suits you?
In order to make the right decision, you must educate yourself first with the ins and outs of the auto loan you’re applying for to make sure that you get the best deal possible with your hard-earned money.
PSBank equips you with these easy yet helpful tips on how to get the best auto loan for you:
1. Ask questions
Asking questions won’t do any harm. In fact, the more you ask, the more you’ll learn.
Begin by asking yourself and the lender what would be the most fitting down payment plan for your situation, what would be the base interest rate of the loan you’re planning on getting, and if it’s the best rate that they can give you.
Ask if there are any charges, penalties, or ground rules you need to be aware of. Plus, inquire about the exact amount of the loan you’re getting and how much interest you would end up paying.
2. Be honest
Being honest about your financial standing will help you get the car loan package that best suits your needs.
Provide the bank with your correct financial information, such as income and debts. Be honest about anything you can think of that might affect your credit rating or score so that they’d be able to accurately assess your capacity to borrow.
3. Know your budget
Take a look at your finances and determine what you can afford. Be realistic.
Calculate what you can pay every month while still being able to answer for your basic necessities. Know what amount of money you’ll have left and evaluate if you’d be able to live with it. Decide on a feasible term and determine the amount of down payment you plan to make.
PSBank Auto Loan with Prime Rebate has an Online Loan Application facility that can guide you in getting your car loan. With its Find the Car of Your Dreams module, you can choose the best car that will fit your lifestyle by selecting from a list of vehicles with photos and specifications. It also lets you compare prices of up to three car models.
Also, included in the facility is a Loan Calculator that can compute the monthly amortization that will fit your budget.
4. Narrow your options for the Best Car Loan Deal
After exploring all of your options and evaluating your financial standing, narrow your search to car loan packages that can best cater to your needs.
Don’t let the excitement of buying your dream car distort your perspective on things and cloud your judgment. Arm yourself with good information and know what your options are to make better financial decisions.
Remember: a great car loan package has low and attractive interest rates, easy application processes, and accessible and convenient payment terms.
5. Check out PSBank Auto Loan with Prime Rebate
With the PSBank Auto Loan with Prime Rebate, you can get an approval via SMS on your loan application in as fast as twenty four hours. It also has competitive interest rates and flexible payment options that can cater to your auto financing needs. Enjoy their Prime Rebate feature and get an interest discount when you pay in advance or in excess of your monthly dues.