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Complete guide to buying your first car in India
Purchasing your first car is a significant milestone that mixes excitement with a fair share of nerves. Whether you're looking at a shiny new vehicle with the latest features or a reliable used car that promises great value, knowing how to buy your first car can transform into an enjoyable journey.
Understanding your needs and budget
When you're buying your first car, some planning can go a long way. Keep these tips in mind, and you'll be on track to finding a car that fits just right.
Think about what you want from your car. If saving money on petrol is important, look for a car that uses less fuel. You might want a car with lots of room and top-notch safety features if you have a family.
The price tag on the car is only part of the story. You'll also need to budget for other costs like insurance, regular services, and filling up at the petrol station. Consider all these things to find an affordable car in the long run.
This is sound advice for first-time car buyers: take a little time to sort out what you need and how much you can spend, and you'll be all set for a smooth ride to your perfect first car.
Choosing between a new and a used car
Deciding whether to purchase a new or used car involves weighing up the advantages of each to find what best aligns with your financial situation and lifestyle needs.
New Car Benefits:
- Opting for a new car brings the latest technological advancements and safety features, ensuring you enjoy the newest innovations.
- New cars come with comprehensive warranties that cover major repairs and maintenance, reducing your financial burden for the initial years.
Used Car Advantages:
- Used cars are generally more affordable as the previous owner has already taken the initial depreciation hit.
- Opting for a used car typically means lower insurance and registration fees, which can add to significant savings.
Finding the right Car Loan
Axis Bank's Car Loans cater to new and used car buyers, making the process straightforward and transparent.
New Car Loan: A New Car Loan is perfect for those purchasing a brand-new car straight off the dealership lot. Axis Bank offers loans starting from ₹1 Lakh with up to 100% on-road funding, including insurance and registration costs. Also, with Axis eDGE Reward points, you can enjoy additional perks as you pay off your New Car Loan.
Used Car Loan: For those eyeing the value of a pre-owned car, Axis Bank’s Used Car Loan provides an attractive proposition. The bank offers loans starting at ₹1 Lakh. With a maximum tenure of 5 years and competitive interest rates, you can find a loan that suits your budget.
Your first car-buying guide
Here's your simple guide to easily navigate the choices and make that big decision.
- Dealerships
Dealerships offer warranties and sometimes special deals, which can be great for first-time buyers. They also might help you sort out a Car Loan more easily. - Private sellers
Buying from a private seller could be less expensive and allow room to negotiate. Just get the car checked by a mechanic first. - Test drives
Before you decide, take the car for a test drive to ensure it feels right.
Also Read: How to get a Car Loan to buy your dream car?
Finally, the paperwork. It's not just about signing your name; it’s about understanding your agreement. Ensure all documents, especially those concerning your Car Loan, are clear and correct.
Follow these steps, and you'll not only pick out the right car but also confidently navigate the buying process. Your first car is not just a vehicle; it starts a new journey. Enjoy every mile!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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