Why January to March is the best time to purchase a vehicle?

The beginning of a year is considered as the best time to buy a car or two-wheeler because of reasons more than one. To begin with, car manufacturers and dealerships offer decent discounts to bump up their sales to meet financial year sales targets. 

The sales target pressure also pushes car manufacturers to ramp up manufacturing just before this period to ensure that they provide timely delivery of vehicles to the buyers, making January to March the best time to buy automobiles. 

Moreover, carmakers usually launch new models when entering a new financial year. As a result, car manufacturers offer additional discounts, better financing options and other offers to clear their stock. Therefore, January to March is seen as the best time to purchase a vehicle. 

Should you avail a 24x7 Car Loan or Two-Wheeler Loan? 

Getting a 24x7 Car Loan or Two-Wheeler Loan depends on your financial situation and needs. If you want to purchase a vehicle during optimal car buying times, a 24x7 Car Loan or Two-Wheeler Loan could be the perfect option. It not only offers convenience but also comes with fast approval and disbursal so that you can get your hands on your dream car or two-wheeler on time. 

Applying for a 24x7 Car Loan or Two-Wheeler Loan is also simple and the whole process can be completed online. It is also completely transparent as you get to know the interest rate as well as monthly EMIs based on the loan amount and tenure. 

Benefits of Car Loan and Two-Wheeler Loan

Car Loans and Two-Wheeler Loans offer several benefits. Here are the top benefits of car or Two-Wheeler Loans:

• Get ownership of the car or Two-Wheeler without full upfront payment
• Borrowers have options to customise loan terms based on their preferences and financial goals
• Can avail fixed interest rates which means your monthly payment amount is predictable
• Interest paid on car loans also offers tax benefits in certain situations 
• Allows buyers to upgrade to a better vehicle and mode of transport without full upfront payment
• Some lenders like Axis Bank offer fast approval and processing times 
• Responsible repayment of a car or two-wheeler loan can positively impact the borrower's credit score

How to apply for Car Loan and Two-Wheeler Loan?

If you’re planning to buy a new car, you can consider applying for a vehicle loan. Applying for a Car or Two-Wheeler Loan is a simple process and is mentioned here:

1. After finalising the vehicle, search for a lender that offers the lowest interest rate on a car or a two-wheeler loan. 

2. Apply for a car or two-wheeler loan by visiting the lender’s website or visiting a nearby branch. Borrowers can fill out the form either online or offline. 

3. In the next step, a borrower will need to submit the documents required to take the loan. These documents usually help the lenders in knowing the credit score and identity and address verification. 

4. Borrowers will receive the approval from the lender after it verifies the documents. 

5. The money is disbursed to the bank account of the car or two-wheeler dealer after the borrower makes the downpayment, if any. 

Also Read: Apply for an instant car loan online anywhere, anytime

Conclusion

By now, you would have understood that the best time to purchase a car is around January to March. If you also want to use this good time to purchase a car, you can consider taking a car loan. Otherwise, you may have to wait for a year for this best time to buy a vehicle to come again and to get behind the steering wheel.

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.