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. With the rapidly increasing population and developing the economy of India, the demand for private automobiles has continued to rise. India’s busy streets are home to more than 40 million vehicles, a number which continues to rise at a rapid speed.
For a potential buyer, the variety of brands to choose from ensures that there’s a car out there to suit every need. It is quite common to see that when making a purchase for a new car, there are certain details that can be a cause for concern. Factors such as payment options, on-road/off-road pricing, after sales service, loan repayment and motor insurance are just some of the many points to keep in mind when making the purchase, and this can be quite a lot to consider carefully.
Automobile services offer financial aid to help the customer choose the right payment plan and even assist in setting up the car loan if required. These services educate customers about all the factors that can impact their judgement and aid their understanding of loan procedures, insurance schemes and repayment terms.
If buyers are concerned about the amount of the EMI payments to be made, they can rejoice in the fact that recently there has been a decline in auto loan rates*. The interest rates now range between 8.75% and 13% per annum. Buyers are also provided with various plans: while one plan allows low initial EMIs in the first year, another gives the option to make an additional payment at the end of one’s tenure.
The flexibility of options enable the buyer to browse through a host of plans and choose the one that suits their needs. They can also estimate the impact it will have on future expenses. Automobile services understand that they need to cater to a large sector of people, all of whom have different expectations.
Another factor which often seems to be an issue when purchasing a new car is insuring the vehicle. Insurance plans can often take a heavy toll on the purchase budget. For this very purpose, services offer attractive add-on benefits to placing the customer’s mind at ease. These include options such as a depreciation shield to assure a better resale value and heighten customer satisfaction.
In a market with a competitive atmosphere such as ours, industry leaders are going toe-to-toe to capture a significant share of the market.Each individual customer’s satisfaction has become a priority in order to maintain a foothold in the market, andthus many finance services prioritize the provision of quick service, low service charges, and competitive interest rates. Ultimately, this competitive environment is proving to be beneficial for the buyer. Financing the purchase of a new vehicle is no longer a hassle, it is now a convenience.
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