Car Tuning,Car Finance,Auto Loans

Archive for August, 2010

With the purchasing power of numbers of people in India increasing rapidly, purchasing a car has become almost a priority for them. This leads them to car loans, which enable in buying the vehicle of their dreams. However, it would be wise to take all the aspects of these loans into account before you finally make the application.

When deciding on the loan amount, note that banks in India provide 2 to 3 times the annual salary of the applicant or 6 times the annual income of self-employed people for buying a car. To purchase a new car you can get 90-100 percent amount of its ex-showroom price. As for used car, the loan amount is kept 80-90 percent of the car price. Your relative’s or spouse’s income also can be included in the assessing your repayment capability, if your income is not sufficient.

The banks will take the car as security against the loan. This means that while you own and drive the vehicle, it is actually being used by the lenders for the purpose of security. In turn it implies that some crucial papers of the car will be returned to you only when you have completely paid back the loan.

As far as interest rate is concerned, it depends on your past good or bad record of paying past loans. However, irrespective of the record, you can assure a low rate on the loan once you have made a good amount of down payment to the lender. Repayment of the loan can be made in 5-7 years.

The documents required for Car Loans India include identity proof, proof of residence and income proof. Salaried people should submit their latest salary slip, form 16 and bank statements of last six months. If you are a self employed one then bank statements of last two years will serve the purpose of income proof.

While searching for a suitable loan, you should also see that the bank or the company is not charging prepayment penalties or charges minimum amount. With no or less prepayment penalties, you have the advantage of getting rid of the loan early whenever you are able to do so or you can shift the existing car loan to another lender for the benefit of lowering the interest rate.

You should also be prepared to pay processing fee on the car loans. The fee varies from bank to bank and has to be paid up front. The lender will give you a loan amount minus the fee. So the fee will reduce the actual amount you receive in your hands.

It is crucial for the borrowers that they search for ideal car loans in India. Study various banks’ rates and other terms-conditions, keeping your requirements and circumstances in mind to find a suitable deal.

It sounds silly, I know. Pre-approved car loans for people whose credit is tanked. But there are several good reasons for pre-approval – especially if your credit isn’t that great.

As a car salesperson in Phoenix I dealt with a wide range of people with bad credit. The worst ones were the ones with the sense of “entitlement.” Strolling onto a lot as if they were millionaires and picking out a vehicle that was obviously outside their price range based on their credit history and/or their current income.

The second type came on the lot meek and mild and wanted to buy a car “under $5,000” and finance it. They knew they had bad credit and thought they were “thinking like the bank.” In other words, lending them just enough to get a car, but not enough for a new or newer model.

Both of these types had the potential to be completely ripped off by the wrong dealership. Why? Because they really had no understanding of how credit and financing works in the car business.

So what are the benefits of getting a pre-approved car loan? How does this benefit you the most?

When you have bad credit often you can’t negotiate for the best price on a car. Or pick out the exact car you want for that matter. Why? Because what most people don’t know is that when you have bad credit lenders “charge” the dealership a fee for the risk they are taking on you.

What does this mean? The charge is usually a percentage of the car’s value – for instance 5%. So if you’re buying a $10,000 car and the fee is 5% then that’s $500 the dealership WON’T take off the price of the car! Not only that, the $500 is part of the amount you’re financing so you are actually paying the bank to assume the loan. I’ve seen charges as high as $2,000 because of a person’s credit!

What’s the difference between pre-approved car loans and getting a loan at the dealership? The bank loans you a “fixed amount” of money and it’s your job to go out and find the vehicle you want and then negotiate the price down. This guarantees you the best price on the vehicle of your choice because you’re not paying the bank to assume the loan.

Getting a pre-approved car loan also means you can pick the vehicle YOU want. On the lot I worked at we often had 3 or 4 vehicles (usually the same models) that we knew would “fit” the banks parameters for people with bad credit. So when a person with bad credit came on the lot we would try to steer them to one of these cars. Not necessarily to make more money in OUR pockets, but because we knew that the buyer had the best chance of getting approved on one of those models because they would fit the banks parameters and had enough markup to absorb the fees without losing money on the vehicle.

Getting a pre-approved car loan also keeps you from looking at vehicles that you won’t get financing for. If you are pre-approved for $15,000 then you won’t be out looking at vehicles that cost $22,000, wasting your time, and having your credit pulled multiple times by the car dealerships. Once you know how much you’re approved for you can find the best vehicle in that price range and negotiate with the dealership for it.

Bottom line – Being pre-approved for car loan a vehicle loan gives you more options and puts you in the drivers seat. You can negotiate for a good car deal and get the vehicle YOU want. So if you’re credit challenged and need a vehicle get pre-approved for the loan.

Impound cars for sale are the result of cars that have been impounded (confiscated) by for example the police or by government agencies. Since the cars have been impounded it is more likely that a bargain will be able to be obtained for two reasons. The first is that goods that are impounded must be sold to the general public and that usually means at a public auction which ‘has’ to be advertised. The second reason is that the general public is often suspicious of these auctions believing that the goods are both ‘inferior’ and ‘tainted’ in some way.

A study was done in in 2002 by a well respected academic establishment that was looking into the purchase motivation that buyers had and one of the findings of the study was that many would be purchasers who could benefit from picking up bargains at public auctions felt in some way ‘guilty’ about the prospect of buying goods from auctions where the previous owner was forced into a distressed sale.

What this means is that bidders at auctions are fewer than what they could have been which means that ‘You’ have got a better chance of picking up ‘that’ bargain you’re looking for!

What will the quality of the cars be like?

To be honest there is a huge range of cars available and yes most of the cars there won’t be worth looking at but that doesn’t mean to say that there won’t be good ones there either. The fact is that many of the cars for sale at the auction will be there because parking fines or speeding tickets will not have been paid and the car has been impounded to cover those debts and usually the value of the car is very little anyway so the previous owner is not motivated to keep the car.

However, many cars are impounded by order of the courts where a large legal bill or fine has not been paid. In this case the cars often are of better quality. Most people would rather have their car confiscated rather than their house repossessed!

It is not unusual to see good marks like BMW’s, Mercedes, even Jaguars for sale in this way and ironically the better the marque the ‘less’ people feel inclined to bid because of the ‘inferiority and tainted’ complex which I mentioned before!

The 3 tips then to secure that bargain!!

#1 Do your homework – Search for an auction.

Search the net for your nearest auction and see when it is and if there is an impound auction there. Check out their website and see if they have listing details for the cars that will be there before you go. If you see a car you like then:

#2 Do more Homework – Check the market.

Look at the Blue Book, check the classified ads get a feel for the ‘normal’ retail level for the car. This way you will get a feel as to whether or not you will be able to bag a potential bargain. Go to the next step:

#3 See the car(s)

Always see what you are going to bid on – check out the interior the engine – see if it has a service history. If you don’t know a lot about cars bring a friend who does. If you’re then satisfied start bidding on the lot when it comes up. Don’t go over your budget. You may end up with a smile on your face at the end of the day.

Where can I get information where these impound cars for sale are?

The easiest way is to join a membership site, usually no more than $35 and it can save a lot of time. Many of these sites list the major auctions, the type of auctions i.e. impound auctions, repossession auctions and give location, time and website details so as you can see what’s being offered!

Garden statues are one of the traditional arts in modern world. Many gardens in the world are built in memory of some event or some great person. Dozens of garden statues are designed by world class designers. Statues in the garden vary from angels and fairies, flowering plants, animals, religious symbols, abstract arts, etc. Garden may depend upon any particular theme so statues are also very helpful in representing the theme. Statues in the garden may be of saints or gods. In many gardens, statues of Buddha, Christ, Lord Ganesha, or of any saint are also traced.

Many people visit gardens for the sake of peace, which they do not receive at their home. To be relaxed and freshen up their mind, some people spend time in the garden. Statues in the garden are made of cement, concrete, marble, bronze or any other solid material that cannot be carried off easily. Garden is one of the places, which humans of all castes and tribes visit. So there shouldn�t be any statue that represent any particular tribe or caste and is against any caste. Presently there are millions of Garden statues all over the world which are observed by people. Gardens and statues in it should be preserved for the future generations and should be maintained properly so that it can be famous and representative worldwide.