Best Car Loan Rate For New Car

Getting a car can be so exciting. What about paying for it? Not so exciting. The car buyer had to have enough cash in the pocket to buy one. Thanks to the car loan lenders, these days we can all afford a new car. This article tells you how to get the best car loan rate on your new car.

Do you have any loan that is still pending repayment? It's better to pay it off first. You will not want your new car loan application to be rejected or the loan rate affected badly because of the previous loan. If there's more than one such loan and you are not able to repay it immediately, consolidate it. Try to fix all financial issues that can affect the car loan.

See how much you can afford on your new automobile. The remaining goes as the loan amount. So, plan accordingly. Use the car loan calculators or EMI calculators that are available on most web sites. Fill out the form for online car loan quotes available on these web sites. Collect as many such quotes as possible. Go in for the lender offering the lowest loan rate and the lowest monthly EMI. Do not forget to consider your bank as an option to get the loan.

There are certain loan types that allow you to make low monthly payments in the beginning but gradually increase the amount. A low cost in the beginning need not necessarily mean that the loan is a low-cost loan. Before finalizing the new automobile loan deal, calculate and discuss in detail with the lender the interest you are going to pay. Think of the whole term of the loan and not just the first few months where the interest may be low.

There are times when new car buyers have more cash than what they pay as down payment. Remember, a low down payment means a higher loan amount. This leads to a higher interest. Also, the interest rates in some cases vary with the loan amount. So, do not take additional amount of loan unnecessarily. Borrow just the right amount.

At times, car loan lenders want to know about the fate of payment in case something happens to you. In case you have life insurance, have the details handy. It may help. As mentioned earlier, do not stick to a single lender. Look for as many lenders as you can. Do it all online from the comfort of your home. The more you research, the more you may benefit.

It is best if you find a lender who is flexible with the terms and conditions of the car loan. During the loan lender research process, see if you can find someone who will let you make extra payments or make the entire loan payment without any penalties. There may be a time when you can pay off your car loan at once. But, this option would be good only in case the interest or at least a part of it gets waived off.

How to Import a Car Into India

The most popular way of importing a car to India is via the "Transfer of residence" clause, where any Indian (settled abroad) who is relocating to India can get his car along. He should have owned the car for atleast 12 months in the foreign country. Upon import, the car cannot be sold for 2 years (from the date of import). The NRI importing the car should have lived overseas for at least two year duration. The payment for the car should have been made abroad. The car must be imported within 6 months of the NRIs arrival into India. Under this scheme, the customs duty must be paid in foreign exchange. If a handicapped person is importing the car, then the customs duty may be paid in Indian rupees. Official permission is required before selling the car in India.

On who can import:
Any individual can import a car whose value is more than USD 40000. There are no restrictions on the imports of these cars. So as most of the exotics are above that value, they can be imported freely and not necessarily on T.R. The methodology adopted by Customs authorities in assessing duty on a motor vehicle is based on the ex-factory price on the date of original purchase.

Adjustments are made for:
Foreign nationals (including persons of Indian origin) married to Indian nationals, foreign nationals working in India, branch/offices of foreign firms, companies and institutions established in India, companies incorporated in India having foreign/NRI equity, accredited journalists/correspondents of foreign news agencies, Indian firms executing contracts abroad, charitable and missionary institutions, physically handicapped persons and honorary Consuls of Foreign Governments.

On Paperwork and Documentation required:
Cars costing more than $40,000 do not have to undergo homologation from the ARAI. If the cars value is less than $40,000, the vehicle has to be submitted for testing to the VRDE (Vehicle Research and Development Establishment), Ahmednagar, of the Ministry of Defence or the ARAI (Automotive Research Association of India), Pune or the Central Farm and Machinery Training and Testing Institute, Madhya Pradesh or any other notified testing agency by the Government.

The importing agency is expected, at the time of importation, to submit a certificate issued by a testing agency (notified by the Central Government) that the second hand vehicle being imported has been tested immediately before shipment and that the vehicle conforms to all the regulations specified in the Motor Vehicles Act, 1988. The second hand or used vehicle imported into India should have a minimum roadworthiness for a period of 5 years from the date of importation into India with assurance for providing service facilities within the country during the five year period. For this purpose, the importer shall, at the time of importation, submit a declaration indicating the period of roadworthiness in respect of every individual vehicle being imported, supported by a certificate issued by any of the testing agencies, which the Central Government may notify in this regard.

Miscellany:
1) What's listed above is what the rules say. Please don't state that you saw a LHD (or something similar) since these rules are broken consistently. Bribing is rampant and some of the rules you read above may have been bypassed (unfortunately).
2) Beware of dealer rackets - There have been several well-documented cases of an imported car dealer manipulating the import documentation. In case the long arms of law catch up, it is the owner (and not the dealer) who is liable to pay duties, taxes and fines.
3) The rebadging racket is rampant in order to qualify for lower custom duties. For e.g. a BMW M5 may be rebadged to a BMW 525 and thus show a lower invoice price.
4) It's best to hire the services of a competent and reputable clearing agent who is well familiar with the process of importing a car. This can save you a lot of running around and headaches.

Excellent Performance of Skoda Superb Car

Skoda cars give you the special feeling of luxury and comfort. Skoda Auto is the part of the Volkswagen group. The company Skoda has spread its dealership network in only selected regions of India like Delhi and Mumbai. The brand Skoda cars are well known for its astonishing looks, well built exteriors and its stable effort to launch contemporary technologies. In Indian auto market you found twelve lavish models including Skoda Superb, Octavia, Laura, and superb are named of few most demanded Skoda cars in India. Within 5-6 years the Skoda cars have made the sophisticated position in the Indian market.

Skoda cars in India has received some awards also like Skoda Laura got 'Most Technologically Advanced Car' award in the year of 2006 and Skoda Superb for 'Best Variant' from CNBC-TV18 AUTOCAR AUTO. These awards will make you clear about the performance of the Skoda cars. Let's discuss the Skoda Superb car features and specifications.

The new Skoda Superb car has been launched in the mid of 2009. The car has designed according to the demand of rich Indian consumers. The car is associated with the engine of Turbocharged Fuel Stratified Injection. The new Skoda Superb cars have spacious interiors which will gives you the delightful riding. The interiors used in Superb cars are so appealing to the eyes and comfortable that will make you feel like you are sitting on the soft luxurious sofa of your drawing room.