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.
How does Volkswagen Financial Services stand out?
Being a captive finance company, Volkswagen Financial Services provides financial assistance to buy the products manufactured by the group companies. In common terms, we provide customers the financial help they need to buy Volkswagen Group cars. Our finance solutions are innovative and designed exclusively for our group cars because we know them the best. The term innovative finance mostly refers to Flexible Repayment Options offered to our customers. Every payment option is unique and can be tailored to suit the customer’s needs.
Flexible Repayment Options – What are they?
Every individual opting for a car loan has a budget. Our flexible repayment options ensure that whatever an individual’s budget is, any of the following options will suit their convenience:
1. Classic Option
A simple structured plan where you pay fixed monthly payments (EMIs), decided by you, throughout the tenure.
2. Balloon Option
Balloon Option is a loan that eventually gets paid off with one large payment (as opposed to continuously making the same payment until the balance is paid off). You’ll make relatively small monthly payments throughout your tenure and pay off the balloon loan before your tenure ends. This is perfect for those who foresee financial gain in the coming years.
3. Bullet Option
Bullet Option allows you to pay a lump sum payment at the end of every year, along with EMIs that help you repay the car loans faster. It is ideal for working professionals who receive periodic incentives and can manage periodic payments, thereby reducing EMI payments by a huge margin.
4. EMI Holiday Option
The EMI Holiday Option offers you the freedom to skip your EMI payments for a period of 12 months! In simpler terms, you start paying off your car loans from next year, if you buy your car today. All you need to do is pay INR 1 for the first year!
5. Step-up Option
Step-up Option lets you pay lower EMIs initially, and then the amount increases every year. So, you pay lower EMI in the beginning and higher ones at the end. Step-up Option is ideal for people who expect their income to increase after regular intervals.
6. Step-down Option
Unlike Step-up Option, the Step-down Option allows you to pay higher EMIs initially and the amount decreases after a defined period. Step-down Option is ideal for people with high disposable income.
7. Upgrade program option
The best option if you are looking to move up the status ladder. Upgrade Option offers you an easy option to upgrade from your existing Volkswagen group car to a brand new group car with absolute ease!
When you choose an exceptional vehicle, it makes sense to choose an exceptional finance product to match. Volkswagen Financial Services believes in convenience and therefore makes it easy for you to buy your dream car through flexible repayment options. Not only financial help, you can also avail of motor insurance and extended warranty for all group cars, essentially making Volkswagen Financial Services a one stop solution for all mobility needs!