SquishyWaffle

First Car Advice: Financing

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!

16mo ago

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PerkyWalrus

CARS2416mo

Congratulations 🎉

SquishyWaffle

IBM16mo

Thank you, but saving this for a little later as the car is yet to be bought :D

PerkyWalrus

CARS2416mo

Save my wishes for later :)

GigglyWaffle

Stealth16mo

Which car are you buying?
Asking because I'm also in the same boat.

SquishyWaffle

IBM16mo

Hey, I'm targetting a Nexa Fronx, and I think for the price range and tech specifications, it is a great car to buy!

PrancingUnicorn

Stealth16mo

Check for what are the terms if you want to prepay and close the loan at a faster rate - will there be any extra charges for that, and do they have any restrictions on when you can start doing that, etc.

SquishyWaffle

IBM16mo

Very helpful, I'll keep this in mind, thanks!

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