Comparison of balloon financing offered by Volkswagen Financial Services with regular car financing, and benefits of balloon financing.
We are in the last months of 2019, in an exciting year for the auto industry, with its ups and
downs. It’s time to look forward to 2020, and what trends may dominate in the year. As
always, Volkswagen Financial Services will be ready to not just pick up trends, but also set
So, here’s what you can expect in the coming year in the auto and auto finance sectors:
In line with Volkswagen’s India 2.0 strategy focused to offer better value to the consumer, VWFPL has formed a strategic alliance with Kuwy Technology, picking up 25% stake in the company. VWFPL will now have access to Kuwy’s PAN India network on car financing.
The problem lies in the fact that many car dealers believe that women are uninformed when it comes to car buying decisions. As a result they take advantage of this fact and give women buyers a tough time during the negotiation.
However, buying a used car is not a cakewalk. One has to be sensible and smart in their choice. Here is a list of things which should be on your check-list before you venture out to buy a used car.
Pre-approval surely makes things easier for car buyers. However, getting pre-approved in itself is quite a task. Here is how you can get pre-approved for the car you’ve been planning to buy for a long time.
The fact that the air pollution has been responsible for causing about a million death every year, introducing electric vehicles in the Indian market is becoming the need of the hour.
With political parties campaigning heavily on every news platform and media channels, the upcoming 2019 General Elections is the current talk of the town.
Thanks to easy access to internet and social media, people are aware about the backgrounds of their representatives as much as they are about their dream car.
This financial year, car buyers are all smiles. The 2019 budget aims towards increasing the purchasing power of the middle class sector. The beginning of the fiscal year promises new hope and optimism to automobile customers.
Auto Insurance largely depends on a number of factors like location, reparability, loss history and deductibility.
Before opting for auto insurance, it is always better to understand your vehicle type, keeping in mind its value and the amount of coverage it will require.
From increase in rebate for taxpayers with annual income of ₹ 5 lakhs, to small businesses getting the leverage to file quarterly returns, things are beginning to look better after the budget.
Repayment on car loan requires a lot of planning, like the way it happens when we shop for anything that requires a huge investment. Although a lot of finance providers may give you the liberty to skip your payment for a month or two, it is better to repay your debt as early as possible.
The increasing digital trend shows how savvy shoppers are getting in the car-buying process. Auto shopping has increasingly become an online adventure.
If you are confused about car finance, Volkswagen Financial Services can help; as we decode the most common car finance myths for you.
Buying your first car always seems like a milestone. The sense of excitement, the curtailing of impulsive behaviour, the data-mining and research and the eventual decision, all build up to the moment you have been waiting for. Maybe it is a moment that defines your success.
As a joint contribution towards Swachh Bharat Abhiyaan and Swachh Vidyalaya campaign, Volkswagen Finance Private Limited and NGO, Habitat for Humanity India, have built a sanitation complex for CSI Higher Secondary School for the Deaf in Mylapore, Chennai.
Car manufacturers are busy each year in December, promoting year-end vehicle specials to try to capture their share of the holiday spending frenzy. But while December may be a popular vehicle-buying month, there are some reasons you may want to wait until January to sign on the dotted line.
Volkswagen Secure – a flexible finance solution that provides you with the assurance of knowing exactly what the future value of your vehicle will be after 3 years. With Volkswagen Secure, you can enjoy everything your vehicle offers, without worrying about what the future will bring.
2018 was an exceptional year for Volkswagen Finance Pvt. Ltd., as the company took major strides forward, not only in the auto-finance industry, but also finance as a whole. From launching a new finance solution, to introducing a new finance services arm, let’s take a look at a few key moments from the past year.
Buying a car through a car loan is the easiest way today, since it arranges the upfront money you need for it and then divides it into easily payable instalments. However, the loan eligibility criteria have become tougher than it was before. Banks and financial institutions determine a borrower’s loan repaying ability on different basis and then finalise the loan amount and interest rate.
Car loans in India have become extremely popular in the past few years with financiers creating more innovative loan products each year in an attempt to attract more and more customers. In addition to the various types of car loans one can avail of today, also available are several options to repay a loan. Most of us are not aware of a variety of ways in which one can wrap up a car loan.
If you’re trying to find the best time to buy a car, you’ve probably heard that the end of the year is a great window of opportunity to cash in on some perks. Consumers who do a bit of homework can save money as dealers become increasingly committed to moving old inventory in order to make room for the newer models. This puts car buyers in the driver’s seat when it comes to getting a good deal. Let’s take a look at a few benefits of buying a car at the end of the year.
Even if you’ve been driving for a little while, taking the step of buying your first car is likely to throw out some terminology you haven’t come across before. Decoding the meaning of a few acronyms and phrases can help create a positive experience around your next auto purchase.
If your car loan application is denied, you might not know where to turn or what to do next. You can start by finding out why you were denied, how long you need to wait before applying again, and what steps you can take, right now and in the future, to prevent it from happening again.
After comparing prices and going on more than a few test-drives you’ve finally picked out the perfect vehicle for you. All that’s left is signing on the dotted line. But wait, there’s a problem. You’re in need of a car loan, but you have no credit history. Are you at a dead end, or can you buy a car without a well-established credit score?
Say you’re interested in getting a new car, but you still haven’t paid off your old one. This is a common problem. Can you exchange your old car and upgrade to a new car before you’ve paid off the loan? And if so, how can you do it? We have some answers to help you understand how it’s done.
Several banks and non-banking financial companies (NBFCs) offer a variety of car loans. With the wide range of options available it’s common for the average user to feel overwhelmed. Where and How to apply? How not to end up messing up the loan approval process? These are a few questions that arise in the mind of a borrower.
In India, festivals are not only about having a good time, but are also auspicious periods during which new ventures are started or expensive purchases made. Property and cars often figure at the top of a buyer’s wish list.
On September 11th 2018, I had the pleasure of visiting three villages located near Aurangabad, that benefit from our CSR initiatives in association with our NGO partner, Watershed Organisation Trust (WOTR). Our independent board director, Mrs. Rupa Vora, members from the CSR team and the Head of WOTR, Mr. Crispino Lobo also participated.
In today’s era the car an individual owns tends to define their social standing, and buying the car of choice remains a dream for many. But nowadays, a number of financial institutions provide car loans to help them realise that very dream. There are of course a number of things that one needs to consider before they select their car loan.
Getting a new car requires that you make good decisions about your vehicle and your finances. Fortunately, there’s a way to make the financial part much easier: get pre-approved for your car loan before you start shopping for cars. Learn how pre-approval works so that you can focus on your new vehicle’s features, benefits, and price – instead of worrying about financing.
A Car – an essential commodity for many and status symbol for others – has become a critical part of our lives now. Enabling transport from point A to point B at any given time, a car is now a staple of all sections of the Indian populace.
When you purchase a car, you buy the convenience, the comfort, the ease and a big investment. When you don’t have enough money in your bank account to buy a car, you’d only go for car loans. The less widely known option is taking out a personal loan.
India has emerged as one of the fastest growing auto finance markets in Asia. With majority of its population opting to use a private mode of transport, there is a significant growth in the number of people who own cars. Also, 80%* of all cars bought in India are financed. This is because getting a car loan has become easier with increase in number of loan providers. Banks, private finance institutions and captive finance companies all offer new and attractive products to those in need of a car loan.
Safeguarding the value of your car is the primary role of car insurance. But most car buyers don’t put in enough research when opting for car insurance. Getting proper insurance cover for your car is crucial, so as to protect it from any unforeseen circumstances. Liability Cover, Collision Insurance, Comprehensive Insurance, Zero Depreciation Cover are a few options offered by insurance companies. It is important to do your bit of research on what a particular insurance policy covers or doesn’t. Take a Zero Depreciation Insurance Cover as an example, while it would protect you against depreciation, other insurance policies wouldn’t.
Consider a scenario; you embark on a family outing in your car. In a matter of few minutes, it starts raining pretty heavily. We all know how difficult it is to drive in the rain. To make matters worse, your car breaks down. With your rudimentary knowledge of cars, it’s a mammoth task to fix your car on your own in the rain. So basically, you are stranded in the downpour.
If only, there was something like a GPS when it came to finding the way around an insurance policy! Choosing the right insurance policy can be quite a labyrinthine process – where you have to negotiate through so many things. Let’s try to make things easier for you.
Imagine this common scenario: a meeting has been scheduled and you are waiting for the other person to join. And this person arrives late is very casual about it. Think about it, there are times you might have also been late for a meeting and not given any thought about it. We unfortunately tend to think that a little delay is permissible; but that is so wrong.
And if you think, it is okay to delay car EMI payments, you are sadly mistaken!
Rains are fun, but they can come with their own share of griefs! And submerge you under their weight.
We all look forward to the rains after the torrid bout of summer, and become keen to head out for long drives. That is all great, but driving in the city roads regularly during the monsoons can be quite a nightmare – not just for you but for your car too!
For a car owner nothing gets the heart racing quicker than being on the roads. Long drives, romantic getaways – every season comes with its own set of charms. Especially the rains, when the countryside gets flooded with green.
But then, the rain also plays spoilsport: playing havoc with the working of your car. Hence, you need to take special care of your car during the rains.
The present or the future: in either case you will be in the driver’s seat. While, in the present, the Audi lets you lord over the roads very comfortably; it can help you stay on top of the future too. Own the future with the amazing benefits offered by Audi Choice.
A Ducati is every bike-lover’s ultimate fantasy. The brand with the famous logo in red! But, owning one is often a distant dream. Now, buying a Ducati will not leave your wallet in the red!
Summer is here, and with its arrival, maps have been unfurled in homes around the country. Plans are eagerly being hatched to come up with the best possible road-trips this season. For most city dwellers, summer brings with it a desire to simply get away from it all. To leave the sweltering heat of the concrete jungle and make way to cooler climes is always on the back of the mind.
IPL offers various learning for businesses of all shapes and sizes, and the car finance market is not exempt from it. Here is some stellar learning that you can imbibe from IPL, and apply to your hunt for the perfect car loan.
The superbike market in India has seen a significant growth over the last couple of years. Just three years back in 2015, this market was growing at 50%, and these figures have only grown since. The understanding that each bike is not just a vehicle, but a lifestyle choice, has seeped into the Indian mentality. More and more people today are looking at flexible financing options to buy the bike of their dreams.
In a world that’s always on the move, we all look forward to getting to our destinations quickly. We look to avoid the hassle of stopping at long queues at gas stations for refuelling. You may ask, “How is that possible?” Well, in today’s world anything is possible with the changing technology and with a new outlook at life. There is a miraculous upgrade brought to the vehicular world, simply called ‘Electric Vehicle.
The arrival of the new fiscal year brings in new policies and new hopes towards a better future. The increase in the funding rates by the leading banks from 0.10% to 0.20% has made it easier for customers to go in for car loan.
India is a vast country with an ever-increasing population, which results in an equally alarming rate of cars being introduced on the road each day. This is due to the fact that the buying potential of the masses has increased three-fold, in turn bringing in the need for substantial car insurance in our country.
The Indian auto market is on the cusp of a revolution. The Indian government has lined out its focus for the coming decade and it takes special notice about the fact that cars need to go electric. The Indian government set out a plan called FAME - Faster Adoption and Manufacturing of Electric and Hybrid Vehicles, which essentially lines out the policies for promoting eco-friendly vehicles in the country.
As Arun Jaitley began his momentous 2018 Indian Union Budget speech, auto industry mavens around the country listened intently. The first budget, post the landmark Goods and Service Tax implementation was much anticipated by auto manufacturers around the country. While many were expecting a certain easing of the GST rates for certain models, there were others who were looking for a greater push for electric cars. Unfortunately, these were not addressed by the finance minister with the depth that was anticipated by most.
Employees are the biggest assets that an organisation has and ensuring their welfare should be one of the organisation’s top priorities. Mr. Kirti Maheshwari, Head of Sales & Distribution, Volkswagen Financial Services, shares his insights on the importance of keeping the employees satisfied and the various initiatives and programmes for the benefit of the employee.
The automobile market in India is at a developing stage and shows signs of significant growth. With the leaders of the automobile industry experiencing a welcome demand for their products, they have taken superior customer experience a notch further – by means of in-house financing. Mr. Kirti Maheshwari, Head of Sales & Distribution, Volkswagen Financial Services, gives a detailed insight on the current situation of the Indian car finance market and the importance of Captive Financing.
Buying a new car is one of the most significant financial decisions we make, second only to buying a home. The new-year brings with it a number of tempting offers by manufacturers and dealers alike. It is important to keep your eyes peeled for the fine print and not get swayed by an offer that seems too good to be true. Even things like the insuring your car can be something that can leave you stumped because of the sheer amount of choices available.
This is the time of the year is when most of us are desirous of buying a new car are battling out the choices at hand. It is important to know that there may be factors to the purchase that can end up making it more costly than it is supposed to be.
Chances are that refinancing your car loan has already crossed your mind. With interest rates falling, and more importantly looking to settle there, car loan refinancing can be a huge money saver for you.
There are, however, chances that you might be rushing into making a decision on refinancing without adequate research. Here are a few scenarios where refinancing can be a good option for you:
In light of changing lifestyles of the Indian masses, owning a car no longer remains a luxury but becomes a necessity. With the new millennia investing in their own mode of transport even during the financial crunch, it is important to understand the financial situation of the present market before taking the big leap. The luxury and convenience of your own car is compared to none, and picking the perfect variant that gives you a sizeable mileage for the hefty investment is ideal. But, with the increasing number of vehicles on the road, and the number of individuals applying for financial aid, banks are getting stricter in their policies and dealers pickier in the offers they put on the table. This article offers you a detailed look at surviving the financial hurdles to make your way through the credit crunch.
Buying a car in India is a familial decision and since it is a hefty financial investment for most people, they want to ensure that their selection is flawless. But, when it comes to car insurance in India, most car-owners don’t spare a thought. Getting the right car insurance policy is crucial for making successful claims. The Insurance Head of Volkswagen Financial Services, Abhai Mirakhur, gave us an insight about Volkswagen Financial Services Insurance and its comprehensive structure.
The auto finance market in India has matured over time, making it one of the most developed markets in Asian region. The growth in the automotive market is expected to be driven by India’s strong demographic, socio-economic fundamentals as well as well-developed industry fundamentals, such as credit infrastructure. Captives have emerged as key contenders in the Indian automotive finance landscape – 75-80 per cent finance penetration of OEMs with captives has been higher than that of the overall market, primarily driven by innovative products and campaigns.
Financing a car is one of the simplest and most effective ways of buying a car today. It is one of the main reasons why automobile sales have climbed steadily in India over the years. The introduction of Goods and Service Tax (GST) was greeted with open arms by the automobile manufacturing sector because of the obvious benefits it posed. The streamlining of the indirect taxation system, while a big boon to the industry, did raise some questions among car buyers about its impact on car financing.
Trends in Indian automobile market are changing dynamically as compared to the global market. At the helm of this changing trend is the small car segment, with its ever-increasing sales. This change directly influences consumer’s buying patterns, which in turn changes the landscape of auto-finance in India.
It takes a lot to stay ahead of the competition, and Volkswagen Financial Services does that easily, with its innovative finance solutions. But how do they do it? The answer to this question lies with Mr. Aashish Deshpande– Head of Business Development & Marketing of Volkswagen Financial Services (Volkswagen Finance Pvt. Ltd.)
Volkswagen Financial Services Pvt. Ltd. has a strong CSR policy which allows its employees to interact with a variety of causes and observe their impact first-hand. Volkswagen Financial Services HR Manager, Mr. Rahul Prasad said, “We believe and work towards two causes, community building and education.”
Creating a wholesome environment not only benefits the growth of a company, but also creates well-rounded individuals, competent enough to step up and explore avenues for themselves within the company. In conversation with Mr. Rahul Prasad, Head of Human Resources at Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services) shares insight about their training, development process, rewards and recognition programme, alongside their commitment to create a nurturing work culture.
With the idea of car-sharing and leasing coming to the fore, a recent notable trend in the automobile industry is that people no longer buy a car to own it. We approached Mr. Patrik Riese – Managing Director and CEO of Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services) to get more insight on how the consumer mindset is evolving, and its impact on the finance and leasing sector.
There are a host of differences between the automobile markets in developed countries and that of countries like India. According to Mr. Patrik Riese – Managing Director and CEO of Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services), the changes are fundamental, in the sense that they completely change the way car financing products are approached.
If there is one thing that Volkswagen Financial Services firmly believes in, it is giving back to society. Volkswagen Financial Services has been associated with a number of causes around the country.
Buying a car is always considered a milestone in an individual’s life and is nothing short of a huge deal. However, such a purchase comes with obligations of its own.
Insuring your investments is a wise choice, well, naturally. Buying a new car is a massive milestone in an individual’s life and making sure you take good care of it is essential. As exciting and joyful as this occasion is, it also comes with the responsibility of taking a few important decisions, one of which involves getting your car insured. But does your insurance really pay you back the full value of your investment, or is there a catch? Let’s find out.
A chain is as strong as its weakest link and Volkswagen Financial Services believes in strengthening its links from the core. In conversation with Mr. Rahul Prasad, the head of Human Resources at Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services) we learned about their authentic work culture and enriching environment, alongside their commitment to create a wholesome work culture.
The Indian automobile market is growing leaps & bounds and it is no secret that the coming years will prove to be any less illustrious for the relevant companies. But newspapers and online blogs can only give so much insight so we decided to approach Mr. Aashish Deshpande – Head of Business Development & Marketing of Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services) to give us a lowdown on the potential of the domestic market and how Volkswagen Financial Services is bringing up unique and innovative solutions to enable customers to buy their favourite Volkswagen vehicle without burning a hole in their pocket.
When you set out to get finance to purchase a new car, don’t just get a car loan; get the entire breadth of allied solutions under one roof. Volkswagen Financial Services offers just that. For as soon as you step in to buy a new Volkswagen Group car, your relationship begins and it continues happily ever after.
The festive season of October to December has always seen a sharp spike in car sales. Reports indicate a double-digit jump in car sales during the festive period, and there is a very good reason for this. From discounts to freebies to special payment options, most dealers and manufacturers pull out all the stops for car buyers in this period. This, consequently, leads to an increase in the number of inquiries and overall sales.
A captive customer base isn’t developed overnight. It is created and nurtured through constant effort, hard-work and innovation. More often than not, creating awareness in the car finance industry depends on simple steps, taken over a long period of time. To get more insight on the same, we decided to approach Mr. Patrik Riese – Managing Director and CEO of Volkswagen Finance Pvt. Ltd. (Volkswagen Financial Services) to give us first-hand information on how to captivate the finance market, and how Volkswagen Financial Services develops a strong foothold in the finance industry.
Way back in 1910, when elephants were more common on the streets of India than motorcars, the Maharani of Bhavnagar took the Maharaja out for a spin in their new car. This spin signified the independence the Maharani enjoyed, which was rather rare for women in those times.
Would it surprise you to know that it was a woman, Mary Anderson, who invented the first windshield wiper? Well, it shouldn’t. Women have been associated with cars ever since they were invented. Women have been behind the wheel of cars ever since the first motored vehicle was invented.
Volkswagen Financial Services has always made an effort to create a better world, a balanced society, and a cleaner environment for the coming generations. Over the years there have been a number of CSR projects that we have been associated with. These projects, over the last couple of years, have been spread over two predominant avenues of service:
a) Community Development
It is a woman’s world out there, and it would be incorrect to call this a mere trend. Women have been making massive leaps in a variety of fields across industries. This has led to a growth in confidence among women. Increasing financial independence has contributed greatly in allowing women to take control of their mobility. This is something that has been dominantly observed in Indian metros where nuclear families are opting for higher mobility for both partners.
Car loans to women in the country have taken a leap from 69% to 76% over the last five years. A Nielsen report for car buying trends in India states that women are more likely to consult their spouses and family members before buying a car. It is important to note that the growth of women buyers in the luxury car segment is one of the highest in the industry.
Buying a car is more than just a personal decision in India. It affects the family in every way, in terms of mobility, appearances, safety and most importantly, financially. Cars are a substantial investment, and it is crucial to find the right means to support this expenditure. Volkswagen Financial Services provides you complete information and support when it comes to choosing and buying the best car for your family. Because after all, a family car is a family choice.
There is gladdening news for one and all, the GST has just made buying luxury cars relatively cheaper. While state taxes may differ, the GST has definitely made it cheaper. Luxury cars and SUVs are now more affordable than ever before. In fact, most believe that the Goods and Service Tax may drive double digit growth for the car manufacturing industry. While the change has barely been visible for small and medium segment of cars, the luxury, SUV and electric car segments have gotten a huge boost.
Volkswagen has always believed that cars need to get smarter in order to get better. For this purpose, they have been leading the charge in creating some of the most revolutionary Smart Car Technology. It has been years that the company has been researching and even adapting some of this technology to the cars on road today.
The Goods and Service Tax (GST), the revolutionary taxation regime has now replaced the many state and central taxes. These would include infra cess, CST, VAT, NCCD or even excise. Hailing a complete change in how taxation is conducted in the country, GST will ensure that there is ‘one tax one nation’.
India offers a huge bouquet of road trip destinations for the footloose and travel minded.
While petrol engines were once considered to be the best for the segment, diesel engines have made strong inroads over the last couple of decades. Diesel engines were once considered as parts only worthy of trucks and taxis, this mentality has changed and fast. Available in almost every variant, diesel engines have made massive leaps in technology. Increased refinement and increased cubic capacity (cc) makes them ideal when coupled with the variety of benefits they provide.
Refinancing is a term commonly used in the automobile industry. However, few individuals truly understand the process. It is the transfer of the car’s official ownership from one creditor to another. In other words, you are changing the loan on your car. There are many car owners that try to cut down the cost of car ownership by refinancing them. This process not only helps in lowering the payments you need to make on it monthly and helps you avail lower interest rates.
Every one of us, at a certain point of time, has dreamt of cruising off into the sunset in a fine crafted automobile. The sound of a well-tuned engine and the sheer opulence of a luxury car is something that is aspirational across the board. Brilliant engineering, combined with some of the finest technology out there, and loaded with comfort and amenities, luxury cars are certainly a luxury.
Volkswagen Financial Services (VWFS) has a long standing history of providing the best possible financial support to those who wants to a buy a car of their choice. Volkswagen Financial Services first financed a Volkswagen vehicle over 50 years ago. Since then, the company has only been growing in terms of the number of services and products on offer.
Car loan payments are second only to home loan payments in the pecking order for major monthly expenses.
Buying a car is usually a once or twice in a decade expense for most people. With the many complicated terms and jargon that abound in the car loan industry, it is understandable to find yourself out of your depth.
As the financial year end approaches, there is a sudden spurt of offers and deals that are available in the market. It is almost as if everyone is out there to make a sale. Finding the best deal in such a market is a difficult proposition, but hardly an impossible one.
Buying your very own luxury sedan feels a lot like the underlining coup on your financial status.
With the constantly changing customer mind-set, more and more car manufacturers are plying their wares in the Indian market. Experts suggest that upwards of 80% of all cars bought are bought on loans.
Cars have become a necessity in today’s age. Having your own little cocoon of mobility to transport you where you may, is something we have all aspired for since childhood.
Opting for a car loan is one of the easiest ways to get the car you desire; it’s the ideal approach for getting your dream vehicle in your driveway. Ideally, a car loan must have a quick and hassle-free approval as well as documentation process, along with an adjustable tenure and low-interest rate.
In India, the automobile industry is always operating at full speed. It is one of the largest automobile industries across the globe. In fact, it accounts for roughly 7% of the country’s Gross Domestic Product.
Getting a new car can often be a lengthy process. It’s a purchase which requires one to evaluate and choose from a variety of vehicles, all of which appeal to different criteria and budgets. There are a hundred things to take into consideration.
Buying a brand-new car is a big expense. It is essential to carefully organize your finances before you make such a significant investment.Making use of various payment options can help ease the process. EMI payments help break down the total sum and spread the funds over a long term.